IBC launches initiative to tackle insurance-to-value (ITV) issue

Insurance Bureau of Canada (IBC) has launched a two-fold initiative to improve property valuations.
One part of the initiative targets insurers, while the other is an educational campaign directed towards consumers.
For insurers, IBC released best practice guidelines. The best practices offer practical advice about the roles and responsibilities of insurers and their expectations of other principal stakeholders in the habitational valuation process, an IBC release says.
“Insurers will find precise information on the use of software tools, training issues and other topics critical to the accurate estimation of replacement value,” the release says.
For consumers, IBC has launched a Web-based campaign. The campaign highlights the importance of consumers having basic knowledge about their homes.
Animated banners on HGTV.ca, styleathome.com and metronews.ca will direct consumers to IBC’s Web site. Consumers will find FAQs about home replacement cost and an interactive home assessment checklist.
IBC member companies and insurance representatives can access a policy insert and brochure to distribute to consumers, the release adds.
“We know there is no panacea for this issue,” said Barb Sulzenko-Laurie, IBC’s vice president of policy. “But we are confident that these measures are a good starting point to improve the accuracy of home valuations.”