What is contents insurance?
How can you protect your valuable belongings? There’s a special type of insurance for that. Learn more in the MoneySense Glossary.
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Contents insurance is the part of a homeowner’s or tenant’s insurance policy that covers damage or loss/theft to the dwelling’s contents, i.e., the policyholder’s personal belongings. This can include the repair or replacement cost of furniture, jewelry, art, books, records, clothing, electronics, sports equipment, etc.
Standard policies usually set claim limits on the value of each category of contents, so it’s important to take stock of any high-value items you own to make sure you have adequate coverage. If not, you may be able to add extra coverage by “scheduling” those specific items on your policy.
Example: “My grandmother just gave me her watch. The limit for jewelry on my contents insurance is $10,000, so I’m going to schedule it just in case.”
Read more on contents insurance:
- What is contents insurance?
Whether you own a house or a condo—or even if you rent—contents insurance covers your belongings. Here, we explain what it is and why you need it. - What happens when you need additional contents insurance?
Anita Clarke set out to insure a designer dress collection under her home insurance policy. Here’s what she learned in the process. - How much is home insurance?
These are the factors that affect your home insurance costs in Canada and how to keep your premiums low. - What is home insurance? Everything you need to know about protecting your home in Canada
What is home insurance? How does home insurance work in Canada? What home insurance coverage do I need? We break down what home insurance covers, why you need it and more. - What is tenant insurance?
Tenant insurance is coverage that protects you and your personal items if you rent your home. Industry pros explain how it works and offer answers to your questions.
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