Property-specific insurance: is it for me?

Why insure specific goods? It is important to understand the purpose of property-specific insurance. When discussing property-specific insurance, many people have preconceived ideas about the types of belongings that are insured: some may believe that it only applies to expensive, exclusive assets which most people don’t own or use.

This is not always the case. These goods include high-end bicycles, luxury cars, luxury watches, etc. These are belongings for which you’ll need a separate, distinct insurance coverage. Insuring them correctly is essential to protect them against various risks such as theft, vandalism, natural causes and even devaluation over time.

Disambiguation: This insurance is not for collectibles, for which there exist other, more suitable insurance policies.

Specific property insurance in Québec is a specialized form of insurance for owners of particularly valuable or unique assets. Here are some of the items it can cover:

• Paintings, sculptures, photographs and other valuable works of art
• Precious jewelry and luxury watches
• Luxury cars as well as rare or valuable vehicles
• Top-of-the-range bikes for high-performance cycling enthusiasts
• Musical instruments such as guitars, rare pianos and other high-value instruments

If you’re wondering whether property-specific insurance is for you, consider whether you own items of considerable value, or whether your personal assets are substantial.

Property-specific insurance is designed to provide comprehensive coverage tailored to the specific needs of high-value assets.

Unlike standard insurance policies, it considers the actual value of the goods, often with specific guarantees for items such as objets d’art, jewelry or luxury cars.

It calls for a precise evaluation of the insured assets, often with the help of experts; this is essential to ensure that assets are adequately covered in the event of a claim.

In the event of loss or damage, this insurance facilitates the replacement or high-quality restoration of goods, guaranteeing that objects are repaired or replaced according to their true value.

It often offers highly personalized and responsive customer care, with advisors specialized in claims management for high-value goods.

Often, property-specific insurance includes coverage at replacement value rather than cash surrender value. This makes it possible to replace damaged or lost objects without depreciation.

Standard car insurance, for example, has its limitations when it comes to protecting high- value vehicles. That’s why it’s a good idea to opt for customized coverage that considers the actual value of a luxury vehicle and offers extended protection against theft or replacement of expensive parts, for example.

In other words, this insurance will cover the full value of a specific asset.

When dealing with a broker for property-specific insurance, take photos of the item and send them to your broker.

By the way, did you know that as soon as you purchase a new high-value item, you can immediately send the invoice to your broker?

Property-specific insurance is therefore a specialized coverage solution for people with valuable and unique possessions, offering protection tailored to the value and special nature of these items. It provides protection in the event of a claim, with a personalized approach, and coverage that is often more comprehensive than standard insurance.

Any questions? Our brokers are always happy to help out.