From jewellery to snow blowers – 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 your belongings are properly insured.

For example, an average home insurance policy may provide up to $5,000 in coverage for the theft of jewelry, but a diamond engagement ring alone can easily exceed that amount. Although covered if stolen, your policy may not cover unexplained losses like the diamond falling out of your ring.

Other items that typically have a maximum on insurance coverage can include: jewellery, watches, precious or semi-precious jewels, memorabilia even tractors and equipment like snow blowers, and riding lawn mowers.

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.

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.

This article was provided by RBC Insurance. For more information visit rbcinsurance.com or call your licensed insurance advisor to discuss your specific options.