Update Your Insurance You are obligated to report home renovations or additions to your property insurer that may materially change the nature of the risk accepted by the insurer. It is important that you inform your insurance representative or insurer of any changes which may impact your insurance requirements. One in three Canadians believe insurance pays whatever it costs to rebuild a home. However, many factors determine what your property insurer will pay in the event of a loss.With severe weather on the rise, it's more important than ever to review your current property insurance coverage. All homeowners should insure their home according to what it would cost to rebuild it in the event that it is destroyed. This amount is called the replacement cost, and it differs from the market value of your home and even from your tax assessment value. An accurate assessment of your home's replacement cost is essential to making sure you have enough coverage.Know Your HomeWhat year was your house built? What type of foundation does it have? How old is your roof? These are the types of details your insurance provider will need in order to calculate the replacement cost of your home and make sure you have adequate coverage. Watch IBC's Home Replacement Cost video to learn more about the importance of an accurate replacement cost calculation for your home.IBC's home assessment checklist can help you and your broker or agent ensure you have the correct information.Consult a ProYour insurance professional can help you calculate an accurate rebuilding value based on the details you provide about your home. You may also wish to hire a professional appraiser.Take Stock of Your StuffA complete inventory of your belongings will help you get the right coverage and make it easier to file a claim. Use IBC's Know Your Stuff online or Excel form to complete a room-by-room inventory of your possessions. Our Home Inventory application can also help you take stock of your personal property. Filing an Insurance ClaimSometimes life happens. If you’ve been in a collision or if your home has been burglarized or damaged in some way, you’ll want to get your life back to normal as quickly as possible.Personal Property InventoryDo you know how much your possessions are worth?Home Insurance: Is Yours Up to Date?Protect your most valuable asset. Make sure your home insurance is up to date with the checklist and tips in this brochure.Home Insurance – Q&AQuestion to ask your insurance representative. Related ServicesMitigation TechniquesFlooded basements can happen all too easily and often without warning. Learn how to prevent or limit water damage and what to do if water floods your home.Home InventoryA current inventory of your belongings makes it easier to file a claim. Keeping your records off-site is wise in case a fire or flood damages your property. Consider updating your home inventory each spring and advise your insurer of any major purchases.LiabilityIf you host a party at your home and serve liquor to a guest who causes an auto collision, you could be sued. If a courier slips, trips and falls while on your property, you could be liable. Risk management tips can help you prevent worst-case scenarios. Useful LinksBuying Home InsuranceAs a homeowner, you need to insure your house for replacement costs so that in the event of serious damage or destruction you have adequate coverage. Be sure to keep your home insurance current by reporting material changes or upgrades.Home Inventory ApplicationA current inventory of your belongings makes it easier to file a claim. Keeping your records off-site is wise in case a fire or flood damages your property. Consider updating your home inventory each spring and advise your insurer of any major purchases.DisasterAm I covered? When can I start to rebuild? In the wake of a disaster, there are many questions to consider. ICLRThe Institute for Catastrophic Loss Reduction (ICLR) is a world-class centre for multi-disciplinary disaster prevention research and communications.