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

Want to Know More?

Call us toll free 1.888.681.2862 or email ovma@csib.org. The OIP is administered by Pottruff & Smith, operated by Cornerstone Insurance Brokers, Ltd.

* Canadian Underwriter, December 2006