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StateFarm Canada is now Desjardins Insurance

State Farm® Canada is now Desjardins Insurance and your local State Farm Agent will now be known as your Desjardins Agent.

Please visit desjardinsagents.com/change-from-state-farm-canada for more details.

Looking for the State Farm USA site? Visit it here: statefarm.com.

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Find out how much home insurance coverage you need

With Desjardins Insurance, you can protect one of the biggest investments you’ll ever make: your home. Here is some information you should consider when determining how much home insurance coverage you need. You can also contact your Desjardins Agent who can help find the coverage that’s right for you.

You should insure your home for at least 100% of its estimated repair or replacement cost

Determining your home's estimated repair or replacement cost is important because this will help you find out which optional coverages are available to you.

Since it is impossible to predict today what the exact cost will be to replace your home in the future, it's important to have enough coverage to account for unforeseen circumstances.

Before you purchase a new home, make sure you obtain a repair or replacement cost estimate by consulting a builder or building association. Your Desjardins Agent can also help with this process.

Keep in mind some architectural details or unique building materials may affect your estimated repair or replacement cost, such as:

  • Upgraded bathrooms or kitchen (including cabinets)
  • Finished or partially finished basement
  • Additional rooms or living space
  • Custom moulding or arched windows
  • Other unique features

Understand the difference between market value and repair or replacement cost

Market value is the amount a buyer would pay for a home, including the land, regardless of how much it would cost to rebuild the home. Repair or replacement cost is the rebuilding cost necessary to repair or replace the entire home.

Repair or replacement cost IS NOT:

  • The market value of the home
  • The home's purchase price or the cost of the land
  • The outstanding amount of any mortgage loan

Review your home insurance coverage annually

It’s important to make sure your home insurance coverage meets your needs. If you upgrade or improve your home, you may increase your home’s estimated repair or replacement cost.

Desjardins Insurance provides home insurance coverage that automatically adjusts every year to compensate for inflation and increases in construction costs in your area. However, certain conditions such as severe weather can increase the demand for labour and materials and raise costs beyond normal inflation. Market conditions can also affect what it would cost to rebuild your home in the case of a loss.

Good to know

You should update your home insurance coverage amount every year to keep up with the changing economy. Your Desjardins Agent can help you adjust your policy to meet your coverage needs.

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