Coverage gaps in personal property limits.
🛋️ Coverage Gaps in Personal Property Limits: A Growing Concern for Canadian Homeowners 🇨🇦
As property values and personal possessions continue to rise across Canada, many homeowners remain underinsured—particularly when it comes to personal property limits.
Most standard home insurance policies include fixed limits for personal belongings. However, these limits often fall short when it comes to covering high-value items such as fine art, jewelry, electronics, collectibles, and luxury furnishings. The result? A critical coverage gap that many homeowners don’t discover until after a loss.
🔎 What’s Often Overlooked?
Designer wardrobes, wine collections, or home-based business equipment may not be fully protected without specific endorsements or scheduled coverage.
📉 Depreciation vs. Replacement Cost
Many policies pay based on actual cash value rather than replacement cost—leaving homeowners to cover the difference out of pocket.
🛑 Why It Matters
In the event of fire, theft, or water damage, these gaps can translate into thousands of dollars in uncovered losses.
âś… How to Protect What Matters
A thorough personal property review and policy audit with an insurance advisor can uncover potential gaps and ensure your coverage keeps pace with your lifestyle and assets.
Don’t wait until a claim reveals the shortfall. Proactive planning today can make all the difference tomorrow.
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