How are my personal belongings covered?

The ins and outs of home insurance can be tough to understand and personal belongings is one part of your policy that we get a lot of questions about. What are personal belongings? How are they covered? How much are they covered for? We’ve recruited our very own licensed expert and customer service hero, Tawsif, to unpack everything you need to know about how your belongings are protected under your home policy. We figured it’s easiest to hear him explain it…

To recap, here’s what Tawsif covered:

Personal belongings are anything that you own that you could pack in a bag or take in a moving van with you. For example, your clothes, laptop, cellphone, refrigerator etc., are all things included in your personal belongings coverage.

When you set up your policy, you have the option to set your coverage limit for your personal belongings, based on approximately how much your stuff is worth.

Within this limit, some of your belongings may fall under one of two categories for coverage:

  1. Custom Limits. These items have individual limits on how much you can claim per belonging and in total. This will be outlined in your policy. These belongings include:
    • Jewellery and furs
    • Collectibles
    • Bicycles
    • Golf carts
    • Software
    • Items stored at a bank (like a safety deposit box)
    • Things kept at a nursing home
  2. Standard Limits.These items have a maximum value that you can claim, no matter what the actual worth is. Check your policy to see what these limits are. Items with standard limits include:
    • Money or cash cards
    • Business property (things you don’t own that you bring home from work)
    • Personal belongings kept at work
    • Securities (like stocks of bonds)
    • Spare auto parts (like winter tires stored in your garage)

If you have fancier items, like expensive jewellery or silverware, consider whether their cost would be within your overall personal belongings limit. If not, you can either increase your overall limit or add these items separately to your policy. They’ll be covered by their own limit(s) and have no deductible.

And, just like Tawsif mentioned, if you still have questions specific to your policy, just give us a call! That’s what we’re here for.

Protect your home and the things you love most.