Like most Canadian homeowners, you’ve probably purchased insurance to protect your home and its belongings. But the coverage that comes with home insurance policies for personal items generally feature limits on the amounts that can be covered. Do you own any high-value items, such as precious jewelry? If so, you may need to purchase additional insurance to adequately protect these items.
What is a high value item?
Some of the most common items that require extra insurance coverage include:
- Luxury watches
- Rare coins
- Silverware and gold/gold-plated items
- Heirloom jewellery
- Bullion (gold or silver in bars or ingots)
- Business property (in some instances)
The first step to properly insure your belongings is to create an inventory of your home’s contents. You must write a brief description of valuable items, take photos, and if possible, estimate the replacement value for each item. You might find that it’s most efficient to make a video of the contents of certain closets or drawers. Remember to store the video off-site. Alternatively, if you’re comfortable with technology, you may want to use an online form, such as the IBAC home inventory form. Once you’ve completed these tasks, review your photos and documents with your insurance broker.
How do you know if you need extra coverage?
If it looks like your belongings exceed the limits of your personal property coverage, your broker may recommend that you hire an appraiser. Take your time choosing an appraiser. Make sure that he/she has plenty of experience, professional accreditation and that their fee includes the creation of a written report that’s acceptable to the insurance industry. An appraiser can estimate the market value or full replacement cost for high-value items. Your insurance broker relies on the appraiser’s report to determine whether you need to insure certain items separately. If so, your broker will prepare an additional policy.
A Trusted and Reputable Insurance Brokerage
As you are researching your options for insurance in Edmonton, remember that MBS Insurance Brokers is one of the largest and most reputable insurance brokerages in the province. We guarantee that we’ll find you the best rates from Alberta’s top insurance companies. We take pride in protecting your home, your business and your peace of mind.