One in four Canadians admit they’re unsure or have no idea what they’re covered for in their property & casualty insurance policies, according to poll results released Thursday by TD Insurance.

“Don’t confuse the peace of mind of having insurance with a false sense of security,” says Henry Blumenthal, vice president and chief underwriter, TD Insurance. “While it’s unrealistic to know your insurance policy line by line, the basics of what you’re covered for shouldn’t be a mystery. Understanding your policies can help avoid costly issues in the event the unexpected happens.”

Although the majority of Canadians (77%) say that they think they understand what is included in their insurance policies, most don’t take the proper steps to protect themselves. Nearly 6 in 10 (57%) don’t bother to keep a detailed inventory of their home’s valuables and less than a third of Canadians (29%) update their insurance policy when they acquire something of major value.

The top three things Canadians believe a standard home insurance policy covers include damaged or stolen property (82%), protection from liability if someone hurts themselves on their property (78%) and roof damage from tree branches (73%).

Twenty per cent of Canadians also believe damage to lawns and gardens is covered by a standard home insurance policy, however coverage in these cases is typically limited.

Results for the TD Insurance Poll were collected through an Environics Research Group telephone omnibus, conducted between September 2-10. A total of 1,503 completed surveys were collected with Canadian adults.

IE