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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, or toll-free at 1-888-788-0839.