Are your Valuables and Jewelry Covered?

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What are “Special Limits”?

Did you know that most property insurance policies have “Special Limits”? This includes homeowners, tenants, and condo policies. A special limit is the most that your insurance company will pay you for lost or damaged personal property. The most common examples of this are jewelry and collectibles.

Do you have enough coverage for your jewelry and valuables?

When it comes to jewelry, the basic home owners policy in Ontario will only has coverage up to $2,000. This is for the total amount not per individual pieces. For example, if your engagement and weddings rings are worth $3,500 and they are lost or stolen you would only receive $2,000.

Some examples of the most common items that fall into this category and the average coverage’s are listed below.

Coins, banknotes, stamp collections – $500
Watercraft, equipment, and motors – $1,000
Each Bicycle and its accessories – $500
Collectibles – $1,000
Jewellery, watches, engagement and wedding rings. – $2,000
Property related to a business or profession – $2,000
Garden Tractors – $5,000
Securities – $2,000
Money or Cash Cards – $500

Every insurance company’s “Special Limits” can be different so it is very important that you carefully review your insurance policy. If you find that any of the limits might not give enough to replace your valuables be sure to contact our office. We can make sure your items can be listed separately. If you do not have a copy of your policy wording or are unsure if you have enough coverage please give us a call.

There are also packages available from some companies that can increase the limits as well and increase other coverages at the same time.
If you have any questions, or have any items you wish to make sure are covered, please call our office right away at 1-877-941-2266.

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