Do I need additional coverage for higher-value items?

Protecting your valuables is important. Sonnet offers two ways to protect your high-value items, whether it’s an art collection, fancy jewellery, a top-of-the-line bicycle and more.

Increase custom limits
If you’ve got several special belongings like a wine collection, collectibles, furs or bicycles, you might consider increasing your custom limits. Per item, we’ll pay to a maximum amount, up to a total limit. Our basic option is $3,000 per item, up to a total of $10,000, with options to upgrade for homeowners and condo policyholders.

For example, if you had a diamond bracelet valued at $2,500 and a bicycle valued at $4,000 and they were both stolen during a break-in, our basic limit would cover $2,500 for the ring and $3,000 for the bicycle.

Here’s how to increase your custom limits for your special belongings: 

  1. Log in to your Sonnet account and click on the policy you want to change
  2. Select Edit policy
  3. Choose Update coverage and add the date you want the change to take effect
  4. Confirm a few details about you and your property
  5. Click on the Add-Ons section
  6. Select Increase custom limits and choose desired coverage level
  7. Click Update policy to make the change

Add high-value items
Maybe you have a couple of very expensive belongings and the custom limits just aren’t enough per item. Instead, you could add extra coverage for individual items. Sometimes it’s called scheduling an item. It’s available for homeowners, condo (owner-occupied) and tenant policies.

For example, you have an engagement ring worth $20,000 but no other high-value items. With the basic custom limit, we’d only pay $3,000 for the ring if it’s lost or stolen. It would be better to add the ring as a high-value item for $20,000, then we’d cover its full value.

To add this extra coverage for a specialty belonging:

  1. Log in to your Sonnet account and click on the policy you want to change
  2. Select Edit policy
  3. Choose Update coverage and add the date you want the change to take effect
  4. Confirm a few details about you and your property
  5. Click on the Add-Ons section and pick High value items
  6. Choose Add item and fill out the details about your belonging, including what it is and its value, then click Add item one more time.
  7. Click Update policy to make the change