With the holiday season behind us, I’m taking some time this week to bring some sanity back to my home. In my house that means getting back to a routine and it also means a little pre-spring cleaning. Everyone has acquired so many new things over the past weeks that I’ve found the holiday season is good time to do a some clean up – out with the old, in with the new.
It is also a good time to look around and make some insurance considerations for any of the new additions to your home. In insurance speak this called being ‘insured to value’, and it’s a good idea to think about this at least once a year. You likely review your investments with your financial advisor fairly regularly; your home and its contents are no different. In fact for many, it’s their largest investment and certainly worthy of the same consideration.
Where do I start?
If you’ve never really thought about it before, a good place to start is an inventory list. I know this sounds tedious, but if you ever have the unfortunate experience of a loss, you’ll be glad you did it. Plus, once it’s done it’s just a matter of quick updates.
You can create your own spreadsheet, but why reinvent the wheel? The Insurance Bureau of Canada has already built this little gem that you can download here. You don’t need to itemize every little thing in your home, but be sure to consider all of your high value items:
- Special collections
If it was a significant investment when you first bought it, it’s probably worth mentioning. Even items that have seen better days like furniture should be noted. In the event of a loss you’ll need to purchase these items new and that value can be significantly higher than what you could get for your previously loved items.
Take photos, collect receipts and keep these items and your completed inventory list somewhere safe and off-site. Consider a safe deposit box, the home of a friend or family member you trust, or if you have digital versions of everything a cloud-based solution might be a good option.
Talk to your insurance advisor. Review your policy and your list with them; they’ll make sure you’ve got the right coverage. And, don’t forget to mention any significant home renos you’ve completed over the year, basement developments, kitchens, bathrooms, etc. These can make a big difference in your coverage.
If you’re concerned these additions will have a big impact on your premium, don’t be. The change in cost is usually negligible and, if you are doing regular reviews with your advisor you won’t be paying for coverage you don’t need. Many times, doing these reviews can be a big money saver.
Have more questions?
Let me know and I’ll do my best to address it here for you and all our readers. Better yet, contact an InsureMy advisor; these guys know their stuff. Email Info@InsureMy.ca or give them a call locally at (403) 410-1896 or toll free at 1-844-410-1896.
Everyday Insurance With Allie – Working mom, lover of the great outdoors and self-professed know-it-all, our resident blogger, Allie isn’t the insurance guru she claims to be – but she’s learning and we are happy to help guide her. All the while keeping you in the loop on the “insurancey” stuff you need to know.