It’s that time of year again: time to commit to a resolution in search of a fresh start. If you haven’t set a resolution yet, here’s one: take stock of what you have. If you received valuable gifts over the holidays – electronics and jewelry, for example – your home or tenant’s insurance policy should include the value of these items.
Most policies operate on an annual basis. Before renewing your policy, speak with a licensed insurance broker in our office to make sure your coverage reflects the value of what you have.
How much insurance is enough?
To find out how much insurance is enough, make an inventory of all your possessions:
- Note the approximate replacement value of each item, along with makes, models, serial numbers and other identifying marks.
- Keep receipts for major items, if possible.
- Draw up a list of all the items in each room and remember to update it as needed. You can also photograph or videotape your belongings.
- Store your inventory records in a safety deposit box or other secure location away from your home. This will simplify things should you need to file a claim.
Courtesy – Insurance Bureau of Canada (http://getintheknow.ibc.ca)
As always, if you are unsure or have questions about your coverage, please feel free to contact our office to review your coverage with one of our licensed insurance brokers.