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Limits and Floaters and Schedules, Oh My! The 411 on Contents Insurance and Insuring Your Stuff.

Contents Insurance, otherwise known as insurance for your stuff, is super important. 

But most people can agree that getting the right insurance for your belongings can be confusing. Don’t despair. The Home Insurance People are here to help. Today, we’re going to wade through the confusing world of insuring your stuff correctly, and we promise it won’t hurt at all.

Contents Insurance and Special Limits

All standard insurance policies will have something called Special Limits showing somewhere on the paperwork. Those limits reference the agreed amounts that the Insurance Company will pay for the coverage showing. Most of the time, the items that show under the Special Limits are items with either a higher value associated with them or a higher risk of a claim. An item with both (like bikes) will almost always show under the Special Limits.

What if you DON’T have anything on that list?

Then you don’t need to worry. Often people think that they are paying more for those Special Limits. In truth, those limits are really restrictions to what your policy will pay. They’re “Limiting” the Contents Insurance payout for those specific items (see what we did there?). If you don’t see anything on the Special Limits you need coverage for, you can go along your merry way.

What if you DO have items on that list?

Look at the amount of Contents Insurance that is showing for that item. If what you have in your home is under that limit, you’re doing great. If you have more than the limit, we need to talk.

How do you increase those amounts?

There are a few options for you. Some Insurance Markets will allow you to increase the Special Limits themselves. This may mean you buy one of their ‘Preferred’ package policies or you pay a little extra to increase all the limits. In some cases, we suggest you add a floater or schedule.

Insurance Floaters and Insurance Schedules

Essentially a floater and a schedule are the same things. In non-insurance terms, you buy extra insurance to protect a specific item. You pay a little more, but that item is guaranteed to be replaced with like kind and quality if you have a claim, even if the item is typically limited on your Contents Insurance. An added benefit is that most schedules will lower the deductible you pay if you claim that item.

What do we need to add a floater?

We usually don’t require too many details about your belongings when setting up your Contents Insurance. When we add a Floater to your policy, we do need more information. Take a Bike Schedule. Often we will ask for a copy of the receipt from when you purchased the bike. We will also ask for the description of the bike (make, model, serial number). Those details will then show on the floater so that you know you are fully insured. Some scheduled items will also need an appraisal, especially items that fluctuate in value, such as jewelry.

You can find more details about calculating the amount of the proper contents here. Remember that if you ever wonder whether your Contents Insurance covers something, you only need to call us. We love to talk about insurance and can help you make the right decisions about ensuring that your stuff stays insured.

Contact Us!

If you live in Alberta or British Columbia and are looking for Home Insurance, we are here to answer any questions you may have about our range of home insurance products and services. Contact us at 1.844.544.4663 and see for yourself what makes us Harbord – The Home Insurance People™!

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