It may be time to review your home insurance policy if you haven't take a look at it lately. The Insurance Bureau of Canada (IBC) suggests that during spring-cleaning or before a move are ideal times to make sure your home has enough insurance coverage. You should have enough insurance to cover rebuilding costs for your home if it is destroyed. Remember that this amount isn't the same as your home's market value or its tax assessment value.
Creating a home inventory is an important step in ensuring adequate coverage. Walk through your home room by room, documenting your possessions.
Photograph or video your belongings, including serial numbers for electronics and appliances. Store this documentation securely, such as in cloud storage or a safe deposit box.
Keep receipts for major purchases. These can help establish the value of items if you need to make a claim.
Update your inventory annually, adding new purchases and removing items you no longer own.
Review your policy limits to ensure they reflect the current value of your belongings. Consider inflation and any major purchases you've made since your last review.
Ask your insurer about scheduled personal property endorsements for high-value items like jewelry, art, or collectibles that may exceed standard coverage limits.