Contents insurance limits & exclusions
Your home insurance policy will set out specific contents insurance limits and exclusions.
Generally, exclusions include things like glassware, china, collectibles, antiques, or fine arts. Still, you can always insure these items by "scheduling" them with your home insurance provider. Scheduling means you're listing a specific item for a predetermined amount of money, and they'll tell you how much it will add to your premium.
There are also items with special limits, meaning they are covered, but maybe not to the full extent of their value. They include things like bicycles, golf carts, watercraft, jewellery and watches, fur items, silverware, or a wine collection. Again, you can buy extra insurance for these, either with your primary insurer or a third-party insurer. If you do opt for a third-party insurer for one particular item, or set of items, make sure to understand all of the applicable exclusions.
Each insurer will set different limits on each item or collection, so be sure to understand yours, especially if they are valuable to you.
Here is an example from RBC insurance of how they handle content limits.
Property type |
Maximum coverage limits |
Animals, birds, or fish. |
$2,500 (for a Specified Peril other than Impact)
|
Business property on-premises (excluding other property used for business such as samples and goods held for sale). |
$2,500
|
Collectibles, such as sports cards, sports memorabilia and comic books. |
$5,000*
|
Each bicycle, tricycle, unicycle or e-bike and its equipment and accessories. |
$1,000*
|
Garden type tractors and snow removal equipment including attachments and accessories. |
$10,000
|
Golf carts |
$5,000
|
Golfing equipment and accessories, except golf carts, while the golfing equipment is away from your premises. |
$3,000*
|
Jewellery, watches, gems, fur garments and garments trimmed with fur. |
$6,000 (extension available to $10,000)*
|
Manuscripts, stamps and philatelic property, (such as stamp collections). |
$2,000*
|
Money, including cash cards or bullion. |
$500
|
Numismatic property (such as coin collections). |
$500*
|
Personal property contained in a safety deposit box in a Bank or Trust Company |
$10,000
|
Personal property of a student who is temporarily residing away from home to attend a school, college or university. |
$10,000
|
Personal property of physically or mentally challenged persons who are legally in your custody, while residing in a care facility for such persons. |
$5,000
|
Personal property of your spouse, father or mother (or spouse's father or mother) who is living in a nursing home or home for the aged, but who are in your legal custody. |
$5,000
|
Renewable energy equipment. |
$5,000
|
Securities |
$5,000
|
Spare automobile parts |
$250 per item; $1,000 maximum
|
Watercraft, their trailers, furnishings, equipment, accessories and motors (we do not insure personal watercraft powered by a jet-pump propulsion system). |
$2,500
|
Wine and spirits on-premises |
10% of Contents Coverage as shown on the Certificate of Property Insurance
|
Wine and spirits off-premises |
1% of Contents Coverage as shown on the Certificate of Property Insurance
Note: Limit does not apply when the wine is stored in the cellars of a wine club or similar location.
|
Works of art, such as paintings, photographs, drawings etchings, prints and lithographs, including their frames, sculptures, statuary and antiques, and hand-made rugs and tapestries |
$15,000 per item; up to a maximum of 15% of Contents Coverage as shown on the Certificate of Property Insurance for all item
|