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Home, Condo & Tenants Insurance Special Limits

We purchase personal property insurance to protect our assets like our home and contents and also to defend us should we be pursued legally for our alleged personal negligence. Most of us are somewhat familiar with the coverage's included in a home or tenant's insurance policy. Coverage will respond if a loss occurs as a result of an insured peril which could include fire & lightning, explosion, windstorm or hail, smoke, vandalism etc subject to the policy exclusions. Recovery for a loss is reduced by the deductible if applicable.

What may not be readily known is that some items have special limits of coverage. Items with special limits may include but are not limited to Jewelry, Coin collections, business tools, Furs, Bicycles, Spare automobile parts, Camera Equipment, Stamp collections, Musical Instruments, Firearms and Garden tractors. Insurers may limit the amount payable for certain articles when an insured loss occurs. These limits may not be sufficient and such items may be individually listed and "scheduled" for an additional premium to increase the amount of coverage extended by the insurance policy.

A common example is Jewelry. One insurance company we represent limits the amount of Jewelry coverage to $3,000 when a loss occurs from certain insured perils. In order to add additional coverage for Jewelry your insurance provider may require an appraisal completed by a jeweler and include such specifics as cut, clarity, colour, carat and a picture. An up to date appraisal can help to ensure a prompt and fair settlement in the event of a loss. Appraisals and photos of the item should be stored away from the client's home.

This article is for information purposes only. Please check with your insurance provider to verify that you are properly insured as policy wordings & limits may differ from one company to another.

Bev Bales, Registered Insurance Broker, Aim Insurance Brokers Ltd. 705-432-5622

General insurance brokers with offices in Iinnisfil and Angus. We will provide material from within our office and other members of the industry to hopefully help you have a greater understanding of home, auto & business insurance products.