If you live in an area that’s susceptible to flooding or other natural disasters, it’s a smart idea to double-check that your home insurance policy covers your home’s full replacement cost.
Morgan Roberts, director of RH Insurance in Ontario, explains the replacement value of your home refers to how much it would cost to rebuild your home from the ground up in the event of a total loss.
When shopping for home insurance, you can add extra coverage — or endorsements — to your policy, like flood coverage., according to a 2022 Leger survey conducted on behalf of RATESDOTCA and BNN Bloomberg. You can also opt for guaranteed replacement cost coverage, an endorsement that allows you to rebuild the property even if the damage to your home exceeds your policy limit — especially handy to have in your policy during periods of red-hot inflation.
“A lot of these costs don’t make a huge difference in your premium,” she explains. “And even if it does make a difference, you’re going to want to ensure that’s covered in the event of a loss.”
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