Hi there! It’s Daryl, your Regina Home Insurance Expert at Campbell & Haliburton, myCH and today I want to talk about building costs.
Home Insurance and Lumber Costs
Homebuilding prices are seeing huge increases from this time last year until now. For anyone who has done renovations recently or has built a new home, this comes as no surprise. A trip to Home Depot, Rona, or any other lumber store will give us eye-popping evidence of where prices are at. Building materials are more expensive than last year.
In the past year:
- Plywood has gone up by over 30%
- 2 x 4 lumber has increased by over 60%
So, what does this have to do with your home insurance? A lot! Quite simply, this is a good time to review your home insurance policy. If you had a loss would you have enough insurance to rebuild at today’s prices? At myCH, Campbell & Haliburton Insurance we typically review this each year at renewal for our clients. However, with prices skyrocketing, now is a good time to have this conversation, even before your policy renews.
Here are a few ‘what if’ scenarios to consider:
#1 – What If Your Home is Insured on a Replacement Cost basis?
Most owner-occupied homes are insured on a Replacement Cost basis. We should talk to ensure that you have a sufficient amount to rebuild your home, taking the new costs into account.
#2 – What If Your Home Insurance Has Guaranteed Replacement Cost?
Many owner-occupied homes have this and we should still talk. Even with a guaranteed replacement cost coverage, there may still be situations where you need to increase the amount of insurance that you have.
For example, if you have done renovations to your home, and many of us have, you should review the value. If you have any detached garages or outbuildings you should ensure that the amount of insurance that you have on them is still adequate.
#3 – What If You Have a Rental Home or Seasonal Dwelling?
If you have a rental home or a seasonal dwelling that is insured on an Actual Cash Value or Depreciated Value Basis, we should talk to ensure that in today’s market the value is still adequate.
What Are Your Next Steps? Contact Campbell & Haliburton Insurance
- Give Campbell & Haliburton a call at 306-757-0621
- Send us an email or contact Campbell & Haliburton online
- If you are unsure who you usually speak with, or if you would like to speak to one of our team of experts email us at hello@mych.ca and we’ll get in touch with you as soon as possible.
- If you are comfortable, please stop by our office and we can talk in person. We have safety procedures in place, hand sanitizer readily available, Plexiglas in place, and home insurance experts waiting to answer any questions you have. We are here for you.
As you walk out of our door, you can do so with the assurance that you are covered with the home insurance that best meets your needs. If you don’t have an insurance broker and want to talk to someone who is truly passionate about your insurance, contact us at Campbell & Haliburton Insurance. We would love to talk to you.
Office Manager & Licensed Insurance Broker
Our Trusted Regina Insurance Agents at Campbell & Haliburton have your best interests and safety in mind and our commitment to customer service is one of the pillars of our business. We also know insurance inside and out, so please contact us for all of your insurance needs and we will be more than happy to help ensure what you value most is protected.
