Coverage limits in your insurance contract

Coverage limits in your insurance contract


In the event of a home insurance claim, there coverage limits that generally apply to certain categories of items. In other words, there are caps on the amounts that you can claim for these items. Are you aware of them?


National Bank General Insurance
16 December 2015

Why are there coverage limits on certain items?

Often, these types of items are highly valuable or are at a greater risk of being stolen. Such items may include artwork, jewellery and bicycles.

For certain items, limits apply to the coverage of any peril, while for other items limits are only applied in the event of theft.

Which items have coverage limits?

Refer to your insurance contract to be sure. The list may change from one contract to another, and include or exclude certain item categories. Generally speaking, there are coverage limits for the following items, for all perils covered:

  • Pets
  • Boats and accessories
  • Bars of precious metal
  • Bank notes
  • Coins (not part of a collection)
  • Lawn tractors
  • Equipment trailers
  • Securities
  • Softwares
  • Goods or samples intended for sale
  • Bicycles and accessories
  • Collections

Coverage for the following items is generally limited in the event of theft:

  • Jewellery
  • Furs
  • Manuscripts
  • Stamps
  • Property related to numismatics
  • Gold and silver objects
  • Audio and video media (e.g., CDs and DVDs)
  • Art and sports cards
  • Works of art
  • Video games

What are my coverage limits?

The coverage limits vary according to the insurer and contract. The amount will not be the same for an insured homeowner with comprehensive coverage as it is for an insured renter who is covered for named perils.

Some contracts may even completely exclude these items or allow them to be insured without coverage limits (although this is rare).

If you don't find the information you need or would like further details, contact your insurer, who will be able to advise you and help you find a solution if...

Your coverage is insufficient

It is not uncommon for the amount of coverage for a particular category to be insufficient. Fortunately, in most cases, you can adjust the coverage limit amounts, either by adding an option to your contract or by taking out specific coverage.

In either case, your property and casualty insurance agent will be able to provide you with more information and help you determine the right solution.


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