In 2014, over 150,000 Canadian households experienced a break-and-enter. While your home insurance provides basic coverage for items such as furniture, appliances and clothing, items of higher value like jewellery, art or musical instruments may require an added level of protection.
Your home insurance policy may not be enough
Consider a Personal Articles Floater your own insurance lifesaver. ‘Floater’ policies act as additional coverage for individual disclosed items with a limit that will cover the additional value gap between your high-value home insurance limit and the appraised value of the item.
For example, take the below engagement ring. In the event of an incident, your current home insurance policy may only cover the value of the ring for $1,000. A Personal Article Floater policy will provide coverage and reimbursement for the total value as long as an appraisal was done within the last five years. There are a variety of valuable items that qualify for protection under a Personal Articles Floater insurance, including:
- Fine arts
- Collections such as coins, stamps, sports memorabilia, collectables or wine
- Antiques and heirloom pieces and other insurance for your jewellery (depending on your jewellery value)
- Electronics like personal computers
- Musical instrument insurance
- Camera equipment and audio-visual equipment
- Sporting equipment such as bikes or skis
- Luxury handbags insurance
- Rare baseball cards
- Other valuable personal property
Getting started with personal articles floater
Before purchasing a Personal Articles Floater, you should first make a list of your most valuable possessions. Next, hire a qualified appraiser to determine the current value of the items. Their appraisal should include:
- Your name and address
- Purpose of the appraisal or its intended use, for example: donation, estate or insurance
- Type of evaluation used: replacement value or fair market value (for insurance purposes, choose replacement value)
- If the items are valued in Canadian or American dollars
- Qualifications of the appraiser
- Appraisal date
- Statement of physical inspection or method used in determining value, noting all qualifications (such as: description, cut, clarity, size or weight)
- Statement of belief in authenticity
It’s important to update your appraisal every five years to ensure that the value of your items is accurately represented, especially in the event the item appreciates in value over time.
If you already have a floater for a specific kind of item, any newly acquired item in this same category is automatically covered under this floater for up to 30 days. After that, you must add it specifically to your insurance policy.
BrokerLink tip
One of the ways you can protect your belongings, have peace of mind and save on your insurance is by installing a monitored home security system. Learn how home security systems affect your home insurance.
Whether you have high value items or not, it’s a good idea to make sure your coverage needs are being met. Our downloadable home inventory checklist can help you take regular inventory of your belongings.
Preparing a list of your possessions beforehand is much easier than creating a list from memory later. Along with photos and proof of ownership, a home inventory list will make it easier and faster to file an insurance claim.
Take preventative measures to protect your property
Your home is one of the largest investments you can make, which is why taking preventative measures to protect your property is essential. Not only will it protect your investment, it can also help reduce how often you file a personal insurance claim. Here's what you should consider:
- Install motion sensor lights on your property to ward off theft
- Preventing car theft by parking your vehicle in your garage
- Keep all jewellery and other easily moveable property that's high value in a locked safe
- Install security alarms on all doors and windows
- Purchase personal articles floater insurance on top of your homeowner's insurance policy
- Install video cameras on your property
What is the limit of personal article floater insurance?
The limit of your coverage will depend on how valuable your personal items are. For example, if you have a piece of jewellery that costs $5,000, your home insurance may only cover up to $1000, leaving you to pay the rest.
With floaters coverage, you can get reimbursed for the entirety of your stolen or damaged items, which can provide added peace of mind and protect your finances.
Contact BrokerLink to protect your valuable personal property today
Let a Personal Article Floater policy be a life raft for your most precious possessions. To learn more, talk to a BrokerLink broker today for home insurance advice.
You can contact the experienced brokers from BrokerLink directly over the phone, through email, or by visiting us in person! We've got locations across Canada. So, if we're in your neighbourhood, don't hesitate to come on in and meet with a broker one-on-one. Alternatively, you can get a free quote for this type of blanket coverage by using our online quote tool from the comfort of your own home!
Get a home insurance quote [phone]
FAQs about personal article floaters
Does personal articles floater insurance cover theft prevention for stores?
A common question we often get is: "does personal articles floater insurance cover theft prevention for stores?" Truth is, you'll need a separate policy for your business, which would fall under a commercial insurance policy. Under commercial insurance, you'll have coverage for your personal items stored on your business property and any inventory that is kept within your store.
Even if you operate your business at home, purchasing separate coverage is recommended.
Do I need wedding coverage?
If you've recently gotten engaged and have begun planning your wedding, wedding insurance may be worth the investment. This type of coverage will provide protection against cancellations, lost deposits, liquor liability, photos and videos, attire, and more, depending on the specifics of your policy. With this coverage, you can have peace of mind during the wedding planning process and on the day of your special celebration.
Is a police report required for personal theft?
If you have any questions, contact one of our local branches.
