On June 28, Canadians are encouraged to check their insurance policies for adequate disaster coverage
June 28 marks National Insurance Awareness Day in Canada, an initiative recognized by the Canadian Insurance Services Regulatory Organizations (CISRO).
On this day, Canadians are encouraged to review their insurance policies and consult with licensed insurance professionals to ensure they have adequate coverage for their homes and properties.
Canada faced over $3.1 billion in insured losses last year due to catastrophic events. Although 2023 has also seen significant losses from natural disasters, these losses are not dominated by a single event.
With the increasing impact of climate change, natural disasters, and extreme weather events, it is essential for Canadians to understand their current policies and ensure they include coverage for regional risks.
“With National Insurance Awareness Day on June 28, we want to prompt Canadians to think critically about their insurance: if a disaster happens, will they have the right coverage in place that can support their resilient recovery?” says Patrick Ballantyne, CISRO chair.
“We want that answer to be 'yes,' so we're asking all Canadians to take this opportunity to check that they have sufficient insurance for their needs.”
When reviewing policies, Canadians should consider the following:
- Have lifestyle changes occurred that might require a review of your insurance policy?
- Do you know what your property insurance covers in the case of various types of natural disasters? What perils or risks does it address? Are there exclusions?
- Have there been changes in value, a sale, or accumulation of items since the last policy review?
- Are current replacement or rebuilding costs accurate? Have any renovations or economic changes occurred that could increase the cost to rebuild or replace your property?
Insurance sales in Canada are regulated, and professionals such as insurance salespersons, agents, brokers, and adjusters must be licensed. Consulting with a licensed insurance professional ensures you receive expert advice and adequate risk protection for your most valuable assets.
