OIP News - Are Your Home Contents Adequately Insured?

Underinsurance of home contents is a chronic problem – one that often comes to light when it’s to late – when a claim is filed.

It’s estimated that 70% of contents is undervalued by 40%. Less than 1% of homeowners actually have an inventory.* In the absence of an inventory, insurance companies typically use a pre-determined percentage of the building valuation for contents. These estimates are often inadequate.

Some tips to ensure that you are properly covered:

If you’ve added any items of value (furnishings, jewellery, electronic equipment, art, etc) since your last –in-depth discussion with your insurance Broker, give them a call to update your policy
Review your policy with your insurance Account Manager who may even recommend changes to your current policy or a different type of policy to better match your needs
Complete an inventory and forward a copy to your Account Manager for review

Ask your Broker for an inventory form called PS Count Me – an ideal starting point for evaluating what you have at stake. Or go to www.pottruffsmith.com/inventory for PS Count Me in an excel version that will automatically tally your value as you enter the amounts into the pre-built form.

Want to Know More?

Contact the OVMA Insurance Program at 1.888.681.2862 and speak with your Account Manager or a New Business Executive. The OVMA Insurance Program is administered by Pottruff & Smith Insurance Brokers Inc.

* Canadian Underwriter, December 2006