TORONTO, May 27, 2008 – What’s the make and model of your television? When did you buy it? How much did it cost?
Most people couldn’t answer these questions easily. However, those who keep a home inventory could. In fact, 93% of Canadians surveyed agreed that having an up-to-date inventory of their possessions is a good idea. Unfortunately, only 35% actually say they have one.
One way you can better prepare for an emergency is to take the time now to make a record of your possessions — and minimize the worry later. Insurance Bureau of Canada (IBC) wants all Canadians to have a complete inventory of their possessions, and is encouraging consumers to visit www.ibc.ca to download, free of charge, Know Your Stuff home inventory software.
Know Your Stuff makes creating a home inventory fun and easy, and it’s tailored specifically for the Canadian market.
“The fact that so few Canadians have an inventory tells us that most people don’t have a clear idea of how much it would cost to replace everything they own,” says IBC president and CEO Mark Yakabuski. “We want to help Canadians understand how many possessions they actually have, so they can take steps to protect them. In the end, this kind of inventory will speed up the claims process and ensure that policyholders do not shortchange themselves by relying on memory during an emotional and stressful time.”
The software isn’t just for people who own their homes. IBC is also encouraging tenants to create an up-to-date inventory of their possessions. Many tenants don’t bother with a personal inventory, but most would be very surprised to learn how much it would cost to replace everything they own.
Tenants are also strongly encouraged to purchase tenants’ insurance. Landlords have relatively few legal obligations to compensate tenants for damage to, or loss of, their personal possessions. Tenants, on the other hand, are responsible for the harm they may cause to any part of the building in which they live or to others who live or visit there.
Talk to your insurance representative for more information, and visit ibc.ca to download your free copy of the Know Your Stuff home inventory software.
About Insurance Bureau of Canada:
Insurance Bureau of Canada is the national industry association representing Canada’s private home, car and business insurers. Its member companies represent nearly 95% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 104,000 Canadians, pays more than $6 billion in taxes to the federal and provincial governments, and has a total premium base of $35 billion. For more information, visit www.ibc.ca.