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Black Friday and the Insurable Value of Purchases

Lussier Dale Parizeau | November 27, 2019
Black Friday, more commonly known as Vendredi fou in Quebec, is a concept that comes from the United States and comes immediately after Thanksgiving. While many people take advantage of this time of year to make purchases for the holidays, many others decide to avoid shopping malls. Here is some information that will help you enjoy this moment and your new acquisitions.

What you Need to Know

For those who want to experience Black Friday, whether in store or online, here are some tips before you go on-site (or online!):

  • Make a list of the purchases that you need
  • Establish a budget to be respected
  • Target the stores that you want to visit

This will reduce the risk of buying items that you do not need or that you already own at home. Would you be able to name all the objects in the same room? What about their value? This can be quite difficult, especially if your items, after their purchase, have not been inventoried properly.

In addition, when you are in store, make sure that you are familiar with the refund or product exchange policies. When you return:

  • Make an inventory of your purchases
  • Note the value of these purchases
  • Test your products
  • Insure your new high-value assets
  • Keep all your invoices in one folder

Inventory your Purchases

Taking an inventory of your purchased property is useful as a preventive measure in the event of the purchase or renewal of an insurance policy or following a disaster. To do this, note your belongings and their value at the time of purchase.

What about a Property Purchased at a Discount?

For merchandise purchased at a discount, such as on Black Friday, inventory your property at its insurable value. That is, based on the cost of reproducing or replacing it. Thus, the actual values, before reduction, will preferably be retained.

Does your Insurance cover all of your New Purchases?

After several major purchases, it is essential to take an inventory of your assets by establishing their value, and then check if your current insurance premium is sufficient to protect what you own. If this is not the case, contact your broker to inform him of the change(s) to be made.

Note the real value of all your new acquisitions, even if they were purchased at a discount, in order to obtain insurance appropriate to your situation that will optimally protect what you own. Coverage not adapted to your property inventory could result in the loss of certain important items in the event of a loss.

In the end, whether you decide to take advantage of this day and the accompanying discounts online or directly at the point of sale, be sure to add items that have a high symbolic or monetary value to your insurance contract. To do so, do not hesitate to contact your broker. If you have any questions about property insurance, contact one of our experts.

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Lussier Dale Parizeau

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