Are My Valuables Insured Properly?

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Did you know that most property insurance policies, including homeowners, tenants and condo owners, have “Special Limits” on the amount that will be paid if certain items are lost or damaged?

A “Special Limit” is the most that your insurance company will pay for insured loss or damage in one occurrence for certain types of personal property.

One of the more common limitations and the one most likely to affect most people is the limitation on jewellery. Keeping in mind that all companies and polices carry different limits, the basic homeowners policy in Ontario limits the amount of coverage to $2,000 in total for all jewellery items. Using this as an 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 other items that fall into this category and the limits that can be in place are:

Every insurance company’s “Special Limits” can be different so it is very important that you take the time to carefully review your property insurance policy wording. If you find that any of the limits might not provide enough coverage to replace your valuable belongings be sure to contact our office so the items can scheduled separately.

There are also packages available from some companies that increase the special limits as well as add additional coverages.

If you do not have your insurance companies policy wording, have any questions, or have any valuables you wish to ensure are covered adequately, please call our office right away at 1-877-941-2266 or email us.

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