Toronto, ON (Dec. 31, 2014) – If gifts of new jewellery, electronics or an expensive keepsake came your way over the holidays, Insurance Bureau of Canada (IBC) is encouraging Ontarians to update their home inventories and review their home insurance policies.
“A home inventory is an important document in case you face a theft or damage to your home’s contents,” said Ralph Palumbo, Vice-President, Ontario, IBC. “Prepare a home inventory and follow IBC’s top 10 tips to protect your personal property.”
IBC’s top 10 tips to protect your possessions this New Year:
- Review your insurance policy to ensure you have adequate coverage.
- If you are renting, remember to have tenant’s insurance. A landlord’s policy would not typically cover your personal belongings or liability.
- Shop around to find the right policy to fit your unique situation.
- Understand your policy and ask questions if you need clarification.
- Look for ways to lower your premiums. Some insurers offer discounts if you take steps to reduce risk. Speak to your insurance representative about how you can lower your premiums.
- Update your home inventory once a year or when you purchase new items.
- Note the approximate replacement value of your home’s contents, along with makes, models, serial numbers and any identifying marks on your contents. If necessary, hire an appraiser to determine the value of works of art or jewelry to avoid a possible claims misunderstanding.
- Take photos or a video of your home’s contents.
- Keep your home inventory and your content’s photos/video in a safety deposit box or in another safe place away from home.
- If you have questions, speak to your insurance representative. For further information, contact IBC’s Consumer Information Centre at 1-800-387-2880.
About Insurance Bureau of Canada
Since 1964, IBC has been working with governments across Canada to make our communities safer, championing issues that directly affect Canadians and the property and casualty (P&C) insurance industry. IBC is the national industry association representing Canada’s private home, car and business insurers.
SOURCE: Insurance Bureau of Canada