Protect your Valuables

For all of us, our home, and the belongings inside it - are special. Usually you’ve got things of sentimental value, as well as items worth a significant amount of money. With home insurance, you’re usually covered for loss or damage to most items, but often, only up to a certain amount. It’s important to understand what your coverage is and that you’re comfortable that all your special belongings are properly insured.

Items that typically have a maximum on insurance coverage include:

Jewellery, watches, precious or semi-precious jewels, even tractors and equipment like snow blowers, and riding lawn mowers usually have a maximum coverage of $5,000.

Memorabilia, like collector cards & comic books are also often capped for coverage. Typical coverage for these items is usually maxed out at $1000.

So, when it comes to protecting your valuables, insurance companies may offer additional coverage that you can add to your policy to protect these items. Ask about it and they’ll explain how to insure your belongings properly.

It’s also helpful to keep proof of purchase receipts, and appraisals of items in a safe place so if you need to make a claim, you’ve got the documentation to support their value. A safety deposit box at your local bank, or a fireproof home safe are both ideal places to store these documents.

The key to having the most suitable home insurance policy is to understand the coverage you already have, identify the coverage you need, and amend your policy to fill the gap.

Call your licensed insurance advisor to discuss your specific options.