Is your home insurance up to date?

TORONTO, February 1, 2012 /Canada NewsWire/ - After a disaster or burglary would you be able to replace everything, all at once? Insurance Bureau of Canada (IBC) reminds homeowners and tenants to make sure their insurance policies are up to date.

"Often, home insurance policies automatically renew each year and consumers may not even think about what their policies cover," says Doug Noble, Alberta and the North Vice-President, IBC. "But if you've done any renovations, upgraded your furniture or acquired new and expensive electronics or art, it's important to review your home insurance policy."

Homeowners should insure their house according to what it would cost to rebuild in the event that it was destroyed. This amount is called the replacement cost, and is different from the market value or tax assessment value.

"Replacement cost includes things such as debris removal, the price and availability of skilled labour, extra expense due to more demanding building codes, and more," adds Noble. "Upgrades, renovations and other improvements can also make rebuilding a home more expensive than originally estimated, affecting the final replacement cost."

And both homeowners and tenants need to think about what's inside.

"Take an inventory of your stuff," recommends Noble. "A complete inventory of your belongings will help you get the right coverage and make it easier to file a claim."

Consumers can complete a room-by-room inventory of their possessions and find a home assessment checklist here.

About Insurance Bureau of Canada

Insurance Bureau of Canada is the national industry association representing Canada's home, car and business insurers. Its member companies represent 90% of the private property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 114,000 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $40 billion.

For more information about home insurance and other insurance topics, and to view media releases, visit IBC's website at www.ibc.ca.