news&views Winter 2022 | Page 51

From Our Partners

Laurie Bauer , CAIB | Business Development Manager , TW Insurance Brokers

How Much Are Your Belongings Worth ?

Over time , we accumulate a lot of … stuff . We ’ re gifted items , create emotional attachments to pieces and collections , hold on to items from another time in our life , and get stuck with items our kids left behind . Whether you ’ re downsizing , clearing out some old clutter , or passing on special items to loved ones , these milestones are a great opportunity to review the value of your belongings in your home . How much would it cost to replace each item ? If you ’ re like most Canadians , you would likely be surprised at the total value . When reviewing your home , condo , or tenant ’ s insurance policy , you want to make sure you have the right amount of coverage ; you don ’ t want to be underinsured or over insured and paying a higher premium than necessary .
It All Adds Up
When you start calculating the cost of your belongings , the sum might surprise you . Your kitchen includes big and small appliances , pots and pans , dishes , tools , and more . An average estimate of the items in a kitchen is around $ 4,500 .
Consider the items in your bedroom . A mattress , pillows , bedding , and furniture . Don ’ t forget clothing and jewellery ! Replacement value could cost hundreds or thousands of dollars .
Knowledge Is Power
Knowing the value of the contents is very important when determining how much insurance coverage you need . Overestimate the value of your belongings and you could pay a higher premium than necessary . Underestimate and you won ’ t have enough coverage to replace your belongings .
Most policies offer a limit on the value you can claim on individual items , such as bicycles , art , jewellery , and antiques . You may want to consider adding an item separately ( scheduling ) to your policy if its value exceeds the limit . Your insurance company may request an appraisal .
Record Keeping
If cataloguing your belongings feels overwhelming , you ’ re not alone . The Insurance Bureau of Canada has some free downloadable tools to help . Scan the QR code below for more information . If the colder weather has you spending more time indoors , take advantage and work through the process . When you ’ re done , determine a safe place to store copies of your information , both physical and digital versions .
Should you find yourself in a difficult situation , being prepared with proper documentation can relieve a lot of stress .
To discuss your contents coverage options and the impacts on your premium , or to get a free no-obligation quote on your property insurance , call a TW broker at 1-855-894-2782 or visit twinsurance . ca for more information .
Scan QR for tools to help news & views WINTER 2022 | 51