Importance of a Home Inventory in Canada

What’s the make and model of your television?  When did you buy it?  How much did it cost? 

Most people couldn’t answer these questions easily.  However, those who keep a home inventory could.  In fact, 93% of Canadians surveyed agreed that having an up-to-date inventory of their possessions is a good idea.

Unfortunately, only 35% actually say they have one. 

The fact that so few Canadians have a home inventory indicates that most Canadians don’t have a clear idea of how much it would cost to replace everything they own.

The Canadian Insurance Bureau emphasizes the need for a Home Inventory to help Canadians understand how many possessions they actually have so they can take steps to protect them. In the end, a home inventory will speed up the claims process and ensure that policyholders do not shortchange themselves by relying on memory during an emotional and stressful time.

A Home Inventory isn't just for people who own their home.  Tenants are also strongly encouraged to purchase Tenant's Insurance and maintain an up-to-date inventory of their possessions. While most tenants don’t bother with a personal inventory, they would be very surprised to learn how much it would cost to replace everything they own.

Landlords have relatively few legal obligations to compensate tenants for damage to, or loss of, their personal possessions. Tenants, on the other hand, are responsible for the harm they may cause to any part of the building in which they live or to others who live or visit there. 

There are freely available software programs for homeowners and tenants to use to record their possessions and KC Home Inventory encourages their use.  We have found that most people are busy with packed schedules and multiple responsibilities, so finding the time to record a home inventory themselves is difficult.

Professional and confidential Home Inventory Services in Canada are available in some areas.  While not yet widely available, it is a growing industry.  If you are interested in providing Home Inventory Services in Canada, contact us or visit here for more information.  We provide a Home Inventory Business Start-up Kit designed specifically for Canada.

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