Make sure you’re not
under-insured this holiday season
The holidays are a time of giving and, for many
lucky Canadians, that means big ticket items, such as electronic
gadgets or expensive jewellery. Just remember, holiday gifts can
add up to an increase in the value of your home’s
contents. The holiday season is a good time to ensure you are
adequately covered for this increase.
“Anytime the value of your
home’s content changes you should review your insurance
policy. With all of the gift giving during the holidays, content
values typically spike significantly at this time of
year,” says Henry Blumenthal, Vice President and Chief
Underwriter, TD Insurance. “You may not want to think
about it while you’re sipping eggnog, but the reality is
that claims don’t take a vacation – even during
the holiday season.”
Standard home insurance protects your home and
contents from fire, theft and water damage, but there are
limitations to the coverage. For example, your home and contents
may only be covered for their actual cash value at the time of
loss, not the cost to replace them. There are additional coverage
options depending your needs, including protection for jewellery,
sporting goods, art, or even a unique collector’s
item.
The accidents of life aren’t always a
result of fire, theft or water damage, so it is also important to
determine whether your policy covers you for specific perils or for
all perils. A specific perils policy covers you for all losses
listed on the policy, whereas an all perils policy covers all
losses unless they are specifically excluded on the policy.
“We all know how unpredictable Canadian
weather can be. With an all perils policy you know you’re
covered no matter what Mother Nature throws our way,”
added Blumenthal. “Determining what policy best suits
your needs is like purchasing art– it’s
personal and worth something different to everyone.”
More information is available online at www.tdinsurance.com, or
toll-free at 1-888-788-0839.
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