Insuring new possessions

Your birthday just passed and your friends and family bought you many nice gifts. Or, perhaps you just celebrated an anniversary or promotion, treating yourself or someone else to a memorable new gift. Regardless of the occasion, it may be time to take a look at your home insurance, and make sure all your new possessions are covered.

Does your home insurance policy provide unlimited coverage for electronics? New cell phones, iPods, computers, game consoles and 4K televisions add up quickly, possibly exceeding the limit of coverage provided under your existing home insurance policy. If a loss were to occur, you will still be subject to the limit of coverage that your policy originally provided, leaving you out-of-pocket for any new items that you neglect to include in your coverage.

What about new jewellery? Most insurance policies have a strict limit on the total amount of coverage they will pay for jewellery, and appraisals are often required in order to be fully protected. Forgetting to add new jewellery to your home insurance policy can be a serious mistake, because strict limits on coverage may leave you partially or even completely unprotected if the item were to be lost, stolen or damaged before you add the new jewellery to your policy.

How about a new snowboard, skis, skates, or maybe a new bike? Insurance policies often impost a further strict limit on sporting equipment in general, especially bicycles. One high-end mountain or road bike can easily exceed this limit of coverage. We recommend that you add up all items, and check with your home insurance provider to find out if you’re over the sporting equipment limit. You may need to increase it in order to ensure that your coverage doesn’t fall short in the event of a loss.

If you live in a condo, or if you rent a home, you may also want to consider increasing your basic limit of personal property (Contents) coverage. It’s a good idea to complete a household inventory every once in a while to see if the amount of your insurance is keeping pace with the actual amount of property you own. Remember, insurance is intended for large, catastrophic losses that affect a great deal of your personal property; if you don’t choose a limit of coverage that can replace everything you own, you may find yourself out of pocket to repair or replace property beyond the limit of coverage that you have chosen.

To make sure all of your special possessions are properly protected, or to get a quote on your home insurance, contact Square One at 1.855.331.6933.

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