When travelling, are my valuables covered if they're stolen?
Whether it’s a day trip up north or a European adventure, wherever we go, we always have our phones and other high tech gadgets in our pockets. But what happens if your phone or other valuable item is stolen during your vacation? Are you covered? Before packing your bag, let’s take a moment to make sure you have the proper protection.
In all home insurance policies in Ontario, there is an amount of coverage for your personal property, i.e. anything in your home, like furniture, clothing, electronics, jewellery, etc. This clause covers these goods even when they are temporarily outside of your home, in fact, they're covered anywhere in the world. Therefore, if your phone is lost during a trip to Japan, or your watch is stolen while walking the streets of Australia, you will be reimbursed in full, based on the replacement value of all of your lost or stolen belongings and proof of ownership.
However, if you are robbed, most policies have special limits for some items, like jewellery, cash, bicycles and artwork. For example, if your jewellery, for which a jeweller has assessed the replacement value at $8000, has been stolen, and your policy has a limit of $6000, then you will receive $6000 from your insurance company.
It’s also important to note that although your home policy can cover stolen items both at home and while you’re away, if your policy’s deductible is more than the item’s value, you may be responsible for replacing it yourself. For example, if your phone is worth $600, but your deductible is $1,000, you’ll likely be paying out of pocket for a replacement. But you do have other options:
- Add extra coverage to your home policy
If you own a specialty item that you just can’t live without, such as a watch, you can add coverage for a specific item under your home policy so it’s insured up to its own set amount; subject to a per item maximum and total combined limit. As an added perk, if you ever needed to make a claim for this specialty item, no deductible applies.
- Get travel insurance
Having travel insurance is also a great way to make sure you’re prepared for unexpected events while on vacation. It can cover emergency medical expenses, a cancelled trip and stolen or lost items. Click here for more info and to purchase Manulife Travel Insurance for out of province or out of country travel.
Depending on your destination, we highly recommend you avoid walking around with a designer handbag, luxurious jewellery, or with loads of money in your wallet or purse. You will be a prime target to locals and pickpockets.
Before leaving, it is also important to make sure you check your insurance coverage with your Petley-Hare broker. Make sure your personal belongings and valuables have the proper coverage in case of robbery to ensure you’ll have a worry-free vacation!