Undervalued Buildings

When you go to buy your home insurance it is always crucial to know the rebuild cost of your house. A lot of homes and commercial buildings are undervalued every year when they renew their insurance. If someone does not get an accurate figure they could not insure the building for the right amount, and will be left with covering the difference if something does happen.
With prices of reconstruction rising it is a good idea to have an accurate value on your home. Over the last year there has been a 2.3% raise in reconstruction costs across Canada, 1% of that being in the fourth quarter alone. The cost of materials and labor has gone up in the last year as well, with roofing costs at7.7% increase and the price of drywall installers rising 8% being the highest.
It is very easy to ask your insurance broker for an evaluator for your home and they can walk you through it if you have any questions. This will help to give you an accurate value of your house, in case you do need to rebuild.