Since January of 2007, we have performed a survey among different customers such as: Intact Insurance, Groupe Estrie Richelieu, Aviva, RSA, Northbridge, etc. as well as several brokers and private customers.
This survey has led us to discover that 67% of buildings have an insufficient insurance coverage and 80% do not dispose of sufficient equipment value in order to renew their property at fair value in case of a sinister. Such a situation could complicate the insurance indemnification and end up quite costly.
SPE Valeur Assurable has noted a significant increase of approximately 42% of the average cost of reconstruction for buildings and an average increase of 120% for the insurable value of equipment. Therefore, the effect of an undervaluation of the insurance coverage could have severe consequences and an important financial impact.
Most people have difficulty understanding co-insurance and that is why SPE Valeur Assurable has introduced awareness measures such as “February, month of insurable value” and several publicities broadcast thru different medias: radio, television, newspapers, etc., in order to highlight the financial impact of an insufficient insurance coverage.