Canadian homeowners know a lot about their homes, but they may be dark when it comes to the cost of replacing it.
A LowestRates.ca survey found that, while 57% know the size of their home, including the basement, and 70% know the year it was built, 59% are not sure of the replacement cost.
Many owners believe that the cost of rebuilding the structure would be the same as the price you would pay for your home when you bought it or how much we could sell for now.
In addition to the additional costs of cleaning debris and other issues that tend to take place before reconstruction can begin, homeowners may not consider the additional costs of labor and materials, which may be higher now built their home.
And making a mistake can be a costly mistake when you take out insurance.
“Having the right information is crucial to getting an accurate home security quote, but the most important thing is the wrong information can invalidate your home security,” says Justin Thouin, co-founder and CEO of LowestRates.ca.
The results of the LowestRates.ca survey show that most homeowners (75.44%) currently have homeowners insurance, while just over half (50.36%) of homeowners obtained a homeowners insurance quote during the last year.
The online comparison site has recently introduced a new quoter for users in British Columbia, Alberta, Ontario, Quebec, Nova Scotia, Yukon and the Northwest Territories, and will be launched in the rest of Canada in the coming months.
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