Why does The Co-operators do property inspections?
We want to make sure we're on top of your insurance needs. Part of this process is to visit your home periodically for an on-site review and insurance inspection. We conduct these inspections for a few reasons:
To ensure you and your family are safe.
We look for opportunities to help you prevent losses to your home and property, which also helps to keep you safe.
To update your coverage if necessary.
Any changes, such as renovations or additions to your home, can mean a change to the terms or limits of your policy. It's important to have the right coverage in place in case you have a claim.
To ensure you are receiving all available discounts.
Improvements to your home can mean you're eligible for savings, such as a protection system discount.
How we conduct inspections
All inspections at The Co-operators are conducted by our Financial Advisors or by contracted, qualified inspectors, who call in advance to arrange a mutually convenient time to visit. The inspector will look for and calculate the following:
Fire hazards and safety
We check for fire hazards or potentially unsafe conditions and offer suggestions to improve your safety.
Replacement value calculation
We calculate the replacement value of your home and personal property, so that if you ever have a claim, you will receive the most accurate amount.
We check the general condition of your heating, plumbing and electrical systems and let you know if any repairs would help prevent problems in the future.
Assessing your home's replacement value
The best way to make sure you're getting the correct insurance coverage is to get an accurate calculation of the value of your home and your personal belongings by taking an inventory of everything you would need to replace if it was lost, stolen or damaged.
As part of the inventory process, your Financial Advisor will figure out the replacement value of your home. This is how much it would cost to rebuild or replace your house and other buildings if you had to start from scratch.
Replacement value is different from the market value; it's the actual cost of the materials and labour needed to rebuild your home, not what your home would sell for on the current real estate market. Keeping in mind that this cost doesn't include your lot, the replacement value may be more or less than the real estate value.
When to review your coverage
As your home changes, so should your home insurance. Your insurance limit may increase each year to reflect inflation, but you should also let us know when you make any improvements or renovations. This will ensure your home and everything in it are protected for the full replacement value, and that you receive any available discounts. With this in mind, it's definitely a good idea to review your home insurance coverage regularly with your Financial Advisor.
Note: the term “Financial Advisor” refers to “Representative” in Quebec.