Most Canadians don't know the cost of replacing their home

by Steve Randall02 Oct 2019

Canadian homeowners know a lot about their homes but may be in the dark when it comes to the cost of replacing it.

A survey from LowestRates.ca 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 they paid for their home when they bought it or how much they could sell it for now.

Apart from the additional costs of clearing debris and other matters that would need to take place before a rebuild could begin, homeowners may not consider the additional costs of labour and materials, which could be considerably higher now than when their home was built.

And getting it wrong can be a costly mistake when arranging insurance.

"Having the right information is crucial to getting an accurate home insurance quote, but more importantly, incorrect information can invalidate your home insurance," says LowestRates.ca's Co-Founder and CEO Justin Thouin.

The LowestRates.ca survey results show that most homeowners, (75.44%) currently have home insurance, while just over half (50.36%) of homeowners got a quote for home insurance during the past year.

The online comparison site has recently introduced a new quoter for users in British Columbia, Alberta, Ontario, Quebec, Nova Scotia, the Yukon and the Northwest Territories, and will go live in the rest of Canada in the coming months.

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