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 Home

What 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 Pro

Your 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 Stuff

A 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.