When most people think “property insurance,” we generally just think of the home itself, and what coverage would be for repairs. But what about everything inside your home? Personal contents coverage protects your belongings. It ensures they are repaired or replaced if you have a covered loss.

Personal contents coverage is automatically included in most Home, Condo, and Tenant’s policies, with the limit for replacement being based on a percentage of your home’s value. While insurers include this coverage to protect your personal belongings, they often include special limits on certain categories of high-value items. If what you own exceeds these special limits, you may need additional coverage through a personal articles floater or by scheduling unique or high-value items individually on your policy.

Whether you’re a cyclist with multiple high-end bikes, an avid collector of hockey or Pokémon cards, or you’ve recently inherited some unique jewellery and art, it’s crucial to ensure your prized possessions are adequately protected as part of your Homeowner’s Tenant’s, or Condo policy.

In this blog, we’ll outline how you can make sure your belongings are properly protected, along with tips for keeping an inventory of your unique and valuable property that may be subject to special limits.

Make sure your contents are covered to value

While personal contents coverage ensures that your belongings will be replaced if they are damaged or lost in the event of a claim, it’s crucial to understand which items are subject to special limits and might require a personal articles floater, scheduled item endorsement, or an additional policy to cover.

It’s also important to remember that sentimental value does not mean the same thing as monetary value. Insurance companies use the term replacement cost, meaning the value is determined by the cost of replacing an item with one of a similar kind and quality. Make sure you have this protection on your policy.

Items typically subject to special limits:

• • Bicycles – Whether you do most of your riding on paved roads, gravel roads, or mountain bike trails, if you’re a cyclist, you know how quickly the costs of a bike can add up, with high-end bikes easily reaching costs of $10,000 or more.
    Most insurance companies impose a limit on how much they will cover for each bicycle, sometimes as low as $1000 per bike. For those with high-end or multiple bikes, additional protection can be purchased to ensure your entire fleet is protected to its proper value.
  • Jewellery, Watches, and Furs – These items tend to be unique and have high values to replace, meaning they very often have special limits applied to their value. Many insurance companies provide up to $10,000 of total coverage for these items, though depending on your insurer, it can vary higher or lower. For any high-value or unique items or large collections, we recommend speaking with your broker to ensure all your belongings are properly protected and appraised to their proper value.
  • Collectibles and Trading Cards – Collections of sports memorabilia, trading cards (such as Hockey, Baseball, or Pokémon), historical items, and other collectibles can often be subject to a special limit and may need appraisals to be properly insured to value.
  • Guitars and Musical Instruments – If music is your passion, we recommend checking to see if your policy includes special limits on musical instruments, as we know how quickly the costs of a guitar collection can add up. If you make a living playing music or even make a few bucks playing shows on the weekend, you may need a commercial policy to ensure your instruments are covered correctly as a tool used for work.
  • Fine Art – Unique pieces of art, such as paintings, sculptures, and antique furniture, often have special limits of coverage imposed on them by insurance companies. In addition, appraisals are always recommended for unique items to ensure the value is agreed upon in the event of a loss.
    Depending on your insurer, some companies will cover a maximum of $3000 per item, while others will cover much more – it’s important to check with your broker to ensure your works of art are properly protected.
  • Garden Tractors & Golf Carts – Whether used for work around the property or recreation, tractors and golf carts are valuable assets that may not be automatically covered under your standard home insurance policy.
    These vehicles often require specific coverage, especially if used off your property or on public roads. Depending on your insurer, there may be limits or exclusions that apply. Some policies may offer limited protection, while others require you to schedule them separately. Be sure to speak with your broker to confirm how your tractors and golf carts are insured, so there are no surprises in the event of damage, theft, or liability.

Creating a Home Inventory for Your Valuable Collections

In addition to ensuring your belongings are insured up to their value, having a detailed inventory of your valuables is critical for a smooth claims process.

Here are some recommended ways to document your collection:

1. 1. Itemized Lists – Create a spreadsheet detailing each item’s description, purchase date, price, and estimated value. Include serial numbers or unique identifiers if applicable.
   2. Photographic Evidence – Take clear photos of each item from multiple angles, ensuring you capture any distinguishing marks or features.
   3. Video Documentation – Record a video walkthrough of your collection, describing each item and its significance. This can serve as strong proof of ownership and condition.
   4. Keep Receipts & Appraisals – Store purchase receipts, professional appraisals, and any related documentation in both digital and physical formats.
   5. Use Digital Storage – Back up your inventory list, photos, and videos in a secure cloud service or external hard drive to prevent data loss.

Create and maintain a home inventory list of your belongings. Use IBC’s home inventory spreadsheet to get started. ➧

How can you prove the value of what you own?

If you make an insurance claim, you will need to inform your insurance company about what was lost. After coverage is confirmed, you’ll be asked to detail the items. For example, if your mountain bike was stolen, you might simply find the purchase invoice and send it to a Claims Examiner as proof to replace the bike.

Showing proof of ownership becomes more complicated with significant losses, like a kitchen fire. The emotional toll can be heavy, and listing items and proving ownership may seem burdensome. However, detailed documentation is necessary for your insurer to make a fair payment.

You can show proof of ownership in many ways. If you have experienced a total loss, you may not have physical proof like receipts, but digital proof, such as emails and photos, can also be presented. Here are common ways to show ownership:

• • Receipts and Invoices: Provide a receipt or invoice, whether printed, emailed, or downloaded from an online store.
  • Bank and Credit Card Statements: Review statements to confirm the value of items you own.
  • Shipping Notices: Submit shipping notices with product details, descriptions, and prices.
  • Appraisals: High-value items like jewellery and antiques may be appraised to confirm their value.
  • Photos: Digital or printed photos can help prove ownership. Check social media profiles, photo albums, and cloud storage.
  • Warranty and Product Manuals: Use warranties or product manuals for home appliances, tools, electronics, and other items.

Why You Have to Provide Proof

Proof helps the Claims Adjuster determine a fair payment for the lost item and confirms ownership. Some items are harder to verify, especially if purchased years ago. Insurance companies use common sense and consider many factors during the claim process.

Consider making an inventory to keep a record of your belongings. If a loss occurs, you’ll have a pre-drafted list to help with your claim. A home inventory can also help you and your insurance broker choose the right limits for your insurance needs.

While everyone can benefit from an inventory list, it can be invaluable if you are a:

• • Hobbyist with special items like paints and tools for miniatures and models
  • A woodworker or handyman with a shop, barn, and garage full of hand tools, pneumatic tools, and power tools
  • At-home chef with top-of-the-line cookware and appliances like a pizza oven, sub-zero fridge, and stand mixer

References:
5 Steps to evaluate your belongings for your home insurance ➧
Know your risks and responsibilities ➧
Proving Ownership for Insurance Coverage ➧

What happens if your contents are stolen or damaged?

Your treasured collections and valuable items often carry more than just financial worth—they hold memories, meaning, and passion that cannot be replaced. Whether it’s jewellery passed down through generations, rare trading cards, fine art, or vintage guitars, protecting what matters most starts with being proactive.

Here are some practical ways to safeguard your valuables from theft:

• • Invest in a High-Quality Safe or Vault: Secure small but valuable items like jewellery, documents, and collectibles in a fire-resistant, tamper-proof safe. For larger items, consider a professionally installed vault or secure room.
  • Install a Home Security System: A modern security system with motion detectors, cameras, alarms, and smart alerts can help deter break-ins and provide real-time monitoring, even when you’re away.
  • Limit Public Display or Sharing: Avoid showcasing high-value items on social media or in easily visible areas from outside your home. Thieves may be more likely to target a home when they know what’s inside.
  • Use Lockable Display Cases: For collectors who enjoy displaying their items, use secure, lockable cabinets with reinforced glass to reduce risk while still enjoying your collection.
  • Schedule High-Value Items on Your Insurance Policy: Talk to your broker about listing valuables individually on your policy to ensure they’re properly protected with accurate replacement values.

Implementing these measures can significantly lower risks and offer reassurance that your most treasured possessions are secure. It is essential to keep in mind that the harder it is for someone to reach your valuables, the less inclined they will be to attempt it.

While it may not be possible to protect your property from unexpected events completely, you can take proactive steps to reduce costs associated with loss or damage. Our Client Account Managers are available to assist you in selecting a policy that includes optional coverages designed to protect you and your family from financial vulnerability.

If your valuables are stolen, here’s what you should do:

• • Report the Theft Immediately – Contact the police and file a report. Provide them with your documented inventory, photos, and receipts to assist with the investigation.
  • Notify Northern Insurance Brokers – Submit a claim with all relevant documentation, including proof of ownership and valuation details.
  • Assess Your Protection – Work with our expert advisors to determine if additional riders or policy adjustments are necessary to avoid gaps in protection for future losses.

References:
Learn more about theft prevention for valuable collections ➧
5 Tips to Protect Your Possessions with Valuable Items Insurance Coverage ➧

Protect What Matters Most

Don’t risk being underinsured—review your property insurance policy and ensure your collections are properly protected. If you’re unsure about your protection limits or need specialized solutions, talk to our expert advisors at Northern Insurance Brokers today.

Taking proactive steps to inventory and properly insure your valuables ensures peace of mind, knowing that if the unexpected happens, you’re financially protected.

Need help reviewing your coverage or scheduling your valuables? Let’s talk—we’ll make sure everything important to you is properly insured.

Contact Us to review your protection

Know the Risks. Know the Solutions. No More Maybes.

Read more about understanding home insurance protection:
Most Frequently Asked Personal Insurance Questions ➧
Know The Difference Between Replacement & Market Value of Your Home ➧
The Most Common Changes People Forget to Inform Their Insurance Broker Of ➧