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Insure to Value

Insurance to Value (ITV) brings to light the people who are under-insured

When you took out a policy on your home which insures for replacement cost, you assumed you wouldn't have to pay for anything if you ever experienced a sizable or total insured loss.  Alas, many Albertans are learning the hard way that this just isn't so – when they have no choice but to spend thousands of their own dollars to supplement the replacement or repairs of their damaged home.

Under-insured homes an epidemic

Even as construction costs increase year after year, many brokers have not been updating replacement values of homes to the detriment of the consumer.  Why does this happen?  In some instances, brokers use out of date valuation calculators or value assessment programs designed for use in other parts of North America.  In other instances, an broker may not want to run the risk of losing cost-centric clients who may only be interested in the bottom line premium.

High Value homes at higher risk

Assessing the replacement value of a house worth more than $650,000 can get quite complicated since these types of homes are anything but run of the mill.  With the various high quality finishes, non-standard features and possible renovations, the customer should know that it’s even more important that these particular homes are valued accurately.

Westland is a leader in insuring homes to value

Here at Westland Insurance, we know that good customer service means educating our clients on the importance of ensuring their home has adequate limits and coverage.  When we say “your best coverage is our only policy”, we mean it.  So, we always aim to review each policy manually to ensure our clients are not left under-insured.

Would you like to learn more about how we come up with the replacement cost of your home? Then please give one of our experts a call at (403) 259-2747 or toll-free at 1-888-259-2747 or email us at