Remember to insure gifts and valuables!

Is there a coverage limit for valuables?

Absolutely. In the event of a loss (fire, theft, vandalism, or even water damage), your home insurance will cover the replacement cost of your personal belongings, based the type of item and the allotted amount. The amounts are sufficient for most items, but not for others. For instance: 

• $3,000 for bikes may not be enough to replace a racing bike, a fatbike, or an electric bike.
• $5,000 for bottles of alcohol and $100 per bottle might not go far if you’ve just restocked your cellar.
• $5,000 for jewellery could go fast with rings and watches.
• $5,000 for CDs, DVDs, video games, vinyl records—even your insurer will find your collection impressive!
• $20,000 for artwork could be enough, depending on the artist.

If your valuables are worth including in your will, they’re worth mentioning to your insurer.

What is valuables insurance?

This type of insurance covers specific items like jewellery, rugs, antiques, valuable artwork, and more. You need to provide up-to-date documentation of the value of your items. In the event of a claim, it will help your insurer determine the amount of compensation.   

Should I make an inventory of all my belongings?

Although it may seem daunting, it’s a good idea to make a list of your belongings and their replacement cost. Include receipts and photos or videos. You want to make it easier for everyone in the event of a claim. And don’t forget to update it after Christmas, your birthday, Valentine’s Day, Mother’s Day, and Father’s Day! Basically any time you acquire a new valuable. 

Save your list in the cloud or give a copy to someone you trust (and, ideally, who’s well organized), so you can get it to the insurer quickly in the event of a claim.  

In the meantime, enjoy your gift!