‘Tis the season for splurging on our loved ones (or even ourselves) with fancy new toys and gifts we’ve been eyeing throughout the year. Whether taking advantage of Black Friday or Boxing Day sales, many of us become the proud owners of big screen TVs, the latest smartphones, jewelry or even a new car.
When acquiring these newly-cherished gifts, it’s important to consider whether your current insurance policy covers them against loss or damage. belairdirect has provided some considerations to help consumers protect the things they care about this holiday season.
The gift of new wheels
While cars are insured under auto insurance, other vehicles such as snowmobiles, motorcycles and ATVs are not covered under your existing insurance and would be something you would need to add to your policy.
While there are a few items that are covered under standard home insurance policies, including boats, riding lawn mowers, bicycles and e-bikes, they are often subject to a special, limited amount of insurance based on valuation. The amount of the special limit can vary based on your policy type so it’s important to set aside time to speak with your insurance provider to ensure you have the correct limit for these big-ticket items.
The gift of something shiny and sparkly
Moving from the large to the small, jewelry is always a popular gift during the glittering holiday season. If you are giving or have received jewelry as a gift, you should take note of the insurance considerations. All policies contain special limits surrounding theft and mysterious disappearance. These limits vary depending on the policy type and factor in that the one jewelry limit applies to all members of the household. When receiving jewelry, it’s good practice to evaluate if additional coverage is required to ensure your cherished pieces are protected.
The gift of the latest electronics
Virtually all consumer electronics, appliances, housewares and clothes are covered, so gift givers and receivers should have existing coverage for these new items. What many are unfamiliar with about insurance policies is that belongings are not insured based on sales cost, but on the replacement cost, which factors in the retail value at the time of loss including possible inflation. So that television you bought on sale for $400 dollars reduced from $800 would be insured for the full $800. Overall, care should be taken to ensure the policy limit is still adequate after making a major purchase.
Take an inventory of your possessions
After the busy holiday season is over and all gifts have been exchanged, it’s important to take a personal inventory of everything you own. Make a list that includes items like jewelry, money, collections and/or electronics to reference in the event that you need to replace or repair anything damaged or stolen. Most Canadians estimate the value of their belongings at $15,000, which is often less than the real value. Taking an inventory of your possessions is important and the period right after the holidays is a great time to do so.
To download the belairdirect inventory list and to learn more about belairdirect’s insurance policies, visit belairdirect.com. To get the latest updates and stay in the know, check out belairdirect on Twitter, Facebook and Instagram.
belairdirect is a leading Canadian insurance provider offering comprehensive home and auto insurance solutions. Committed to simplifying insurance for its customers, belairdirect helps people protect the things they care about. Available 24/7 on the phone, online or through the app, belairdirect also offers a wide range of options and flexible payment methods to suit varying needs. With more than 60 years of experience in home and auto insurance, belairdirect is proud to provide policies for Canadians’ insurance needs.