On June 28, National Insurance Awareness Day urges Canadians to review their policies for proper coverage
June 28 is National Insurance Awareness Day in Canada, recognized by the Canadian Insurance Services Regulatory Organizations (CISRO).
This day encourages Canadians to review their insurance policies and discuss coverage with licensed insurance professionals to ensure they have adequate protection for their homes and property.
In 2022, Canada experienced over $3.1 billion in insured losses due to catastrophic events. This year, the losses due to natural disasters have also reached record levels, though not dominated by any single event.
As Canadians encounter new types of climate change, natural disasters, and extreme weather events, it is crucial to understand what current policies include and ensure they cover regional risks.
“With National Insurance Awareness Day on June 28, we want to prompt Canadians to think critically about their insurance: if a disaster happens, will they have the right coverage in place that can support their resilient recovery?” says Patrick Ballantyne, CISRO chair.
“We want that answer to be 'yes,' so we're asking all Canadians to take this opportunity to check that they have sufficient insurance for their needs.”
Canadians should consider the following when reviewing their policies:
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Have there been any changes in your lifestyle that might require a review of your insurance policy?
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Do you know what you're covered for under your property insurance in the case of various types of natural disasters? Which perils or risks does it address? Are there exclusions?
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Has there been a change in value, a sale, or accumulation of items since the last time you looked at your policy?
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Current replacements or rebuilding costs. Has there been any work (e.g., finishing the basement) or economic realities that could lead to an increase in the cost to rebuild or replace your property?
In Canada, the sale of insurance is a regulated activity, and insurance salespersons, agents, brokers, and adjusters must be licensed to conduct insurance business. A licensed insurance professional can provide expertise and advice to ensure you have risk protection for what matters most.
