Are There Limits to Your Valuables?
Some gifts are sentimental in value, while others might have a large monetary value. When an investment has been made in personal property, it is a good idea to secure proper insurance should an unfortunate event occur. While most property policies do include coverage to replace your personal items under “Contents Coverage,” certain valuables will have a set coverage limit that differs from your overall policy limit, typically referred to as “Special Limits.” Read on to find out what’s so special about them.
What is a Special Limit?
A special limit is a unique limit put in place for specific items that are easily lost, stolen, or transferable. The limit represents the maximum that the insurer will pay out. These limits are designed to help keep the cost of insurance affordable for the general public and can be found on all forms of property insurance, whether it be Homeowners, Condominium, or even Tenant’s policies.
What Are Some Common Items Impacted by Special Limits?
While it is important to note each carrier has different items listed under Special Limits, and the maximums also vary, below are some common special limits to be aware of:
- Cash & Securities: such as coins, bills, bullion, stocks, and bonds.
- Jewellery, Watches, & Furs: including precious and semi-precious stones.
- Fine Art Collections: such as prints & antiques.
- Silverware: including pewter & gold.
- Collectibles: such as comic books, sports cards, stamps, and coins.
- Watercraft: which can include their equipment, motors, and engines.
- Business Property: which will typically have separate limits for “on” and “off” premise property.
- Bicycles & Sporting Equipment
- Spare Automobile Parts
This is just to name some common items, but it is not a comprehensive list.
What Can You Do?
It is in your best interest to make a note of your valuables, keeping a detailed record, including if you inherit an item of value or receive a lavish gift.
A helpful tip is to store receipts and photographs of these items somewhere safe, along with up-to-date appraisals.
You have the option to increase your limits or reduce deductibles to provide the peace of mind you need for the lifestyle you work hard to enjoy. You may benefit by scheduling your valuables on your property policy.
The best option is different from one person to the next. So, whether you gave a gift, received a gift, or gifted yourself any time this year – make sure to discuss with your Lawrie Insurance Group Broker the valuables that are a part of your world and trust us to help keep you feeling secure!
Written by: Laura Ferri
*The content on this page is for information purposes only. The insights and insurance products described herein are subject to terms, conditions, restrictions, and exclusions, and should not be taken as a replacement for current information provided by governing authorities. Please contact your Personal Broker for any questions specific to your policy and needs.
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