{"id":17801,"date":"2019-12-11T09:40:20","date_gmt":"2019-12-11T14:40:20","guid":{"rendered":"https:\/\/www.insurance-canada.ca\/?p=63066"},"modified":"2019-12-11T09:40:20","modified_gmt":"2019-12-11T14:40:20","slug":"how-to-protect-your-new-holiday-presents-with-contents-insurance","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/12\/11\/how-to-protect-your-new-holiday-presents-with-contents-insurance\/","title":{"rendered":"How to Protect Your New Holiday Presents With Contents Insurance"},"content":{"rendered":"

By Jason MacDonald, FoxQuilt \u2014<\/span><\/h4>\n

Whether or not you wanted them to, family and friends often use the holiday season as a way to express their care for you with gifts and presents! And although it\u2019s really the thought that counts when it comes to gifts, sometimes you may receive an expensive and special item as a present \u2013 let\u2019s say, the vintage fur coat you\u2019ve had your eye on since the beginning of the year, or a brand-new, lightweight, top-of-the-line bicycle. It\u2019s easy to forget this important next step during the holidays when there\u2019s so many plans and events but you should look into contents insurance and the special limits in your policy.<\/p>\n

Contents Insurance<\/h3>\n

Chances are, you probably already have contents insurance as part of your home insurance policy package \u2013 especially if you\u2019re renting as a tenant or own a condo as this is the main property coverage in those policies \u2013 since it covers your belongings that aren\u2019t part of the actual home. Think: clothing, TVs, furniture and so on.<\/p>\n

However, a common home insurance myth is that your contents insurance will cover and fully pay out for everything you own if something were to happen. That\u2019s not necessarily the case as policies often have unique, lower sub-limits on special items such as jewellery, furs, collectibles, and bicycles, depending on the claim. If you receive a special, high-value item as a gift this holiday season, be sure to talk to your broker about what your special limits are and how to proceed in covering it.<\/p>\n

There are several options, such as increasing the sub-limit or insuring the object on its own policy. Usually you can increase special limits across the board. You can also add a floater for specific items which can have the benefit of enhancing the coverage to anywhere outside your home and can remove the deductible.<\/p>\n

Consider looking into contents insurance and their special limits for these items:<\/p>\n