Do You Need Extra Insurance for High-Value Items?

Reviewed by Michelle Bragg, VP Personal Lines, RIBO Licensed | Last Reviewed: September 2026

If you own expensive jewellery, artwork, collectibles, or other valuable belongings, you may need additional insurance beyond your standard home insurance policy. While most Ontario home insurance policies include coverage for personal belongings, they often place special limits on certain categories of valuables. If an item's value exceeds those limits, additional coverage may help better protect your investment.

High-value items insurance is additional protection for belongings that exceed the limits of a standard home insurance policy. Often added as scheduled personal property insurance, sometimes called a rider or floater insurance in Canada, it allows valuable items to be insured individually based on their documented value, subject to your insurer's policy terms.

Many homeowners don't think about these limits until after they've purchased an engagement ring, inherited family jewellery, or started building a collection. Taking a few minutes to review your policy before something happens can help you understand whether your valuables are adequately protected.

Please note: This article provides general information about high-value items insurance in Ontario and should not be considered personalized insurance advice. Coverage varies by insurer and policy wording. Speak with a licensed insurance broker about your individual circumstances before making decisions about your insurance coverage.

What Counts as a High-Value Item?

A high-value item is any personal belonging that would be expensive to replace and may exceed the coverage limits in a standard home insurance policy.

Some of the most common examples include:

• Engagement and wedding rings 
• Family heirloom jewellery 
• Luxury watches 
• Fine art and sculptures 
• Antique furniture 
• Rare coins and stamp collections 
• Sports memorabilia 
• Designer handbags 
• Professional camera equipment 
• Musical instruments 
• Precious metals 
• Collectible trading cards 
• Luxury bicycles

Not every expensive item automatically needs additional insurance. The key question is whether its value exceeds the limits included in your policy.

For example, a $400 necklace is unlikely to require extra coverage. A $12,000 engagement ring or a valuable family heirloom, however, may be worth reviewing with your broker.

Does Home Insurance Already Cover Jewellery and Other Valuables?

Yes, but often only up to certain limits.

Most Ontario home insurance policies include coverage for personal belongings, including jewellery, artwork, collectibles, and other valuables. However, insurers commonly apply special limits to certain categories of property. These limits help define the maximum amount payable for covered losses involving those items.

The exact limits vary depending on your insurer and policy wording, but they commonly apply to:

• Jewellery 
• Watches 
• Fine art 
• Collectibles 
• Cash 
• Precious metals 
• Business property kept at home

Imagine you've recently purchased an engagement ring worth $10,000. Your home insurance policy may already include jewellery coverage, but if the policy's jewellery limit is lower than the ring's value, you may not have enough coverage to replace it after a covered loss.

The same idea applies to artwork, luxury watches, or valuable collections. That's why it's important to understand your policy before assuming every possession is covered for its full value.

Why Are There Limits on High-Value Items?

It's a fair question, and one many homeowners ask.

Standard home insurance is designed to protect the belongings most families own every day. Expensive items like jewellery, artwork, and collectibles are often more costly to replace, may increase in value over time, known as appreciation, and can require specialized repairs or appraisals.

Rather than automatically providing unlimited coverage for every valuable item, insurers often include reasonable limits in a standard policy while offering optional coverage for homeowners with more valuable possessions.

Think of it this way: if two homes have the same home insurance policy but one contains a $75,000 art collection and the other does not, the level of risk is very different. Additional coverage helps ensure your insurance reflects the value of the belongings in your home.

What Is Scheduled Personal Property Insurance?

If you discover that one of your valuables exceeds your policy's coverage limits, your broker may recommend scheduled personal property insurance.

This is optional coverage that can be added to your home insurance policy for specific high-value belongings. You may also hear it referred to as a personal property endorsement, a rider, or floater insurance in Canada. Although insurers may use different terminology, the purpose is generally the same: to provide additional protection for individually listed valuables.

Instead of relying on the standard limit for an entire category, such as jewellery or artwork, each scheduled item is insured based on its documented value.

For example, you might schedule:

• A $15,000 engagement ring 
• A $9,000 luxury watch 
• A $20,000 painting 
• A vintage guitar 
• A rare coin collection 

Because these items are individually listed, your insurer has a clear record of what is being insured and its documented value.

Coverage varies depending on your insurer and policy wording, but scheduled coverage may offer broader protection than standard contents coverage for certain types of losses. Your broker can explain how the endorsement works and what documentation is required.

How Do You Know If You Need Extra Coverage?

Not every homeowner needs scheduled coverage, but there are several situations where it's worth taking a closer look at your policy.

You may want to review your coverage if you have recently:

• Purchased an engagement ring or luxury watch 
• Inherited family jewellery or antiques 
• Started collecting artwork, coins, or memorabilia 
• Bought expensive camera equipment or musical instruments 
• Received a valuable gift 
• Renovated your home and added high-end furnishings 

Even if you've owned these items for years, their value may have changed over time. Gold prices fluctuate, artwork can appreciate, and collectibles may become more valuable as they become harder to find.

Reviewing your policy every year, or after a significant purchase, is a simple way to make sure your coverage keeps pace with your belongings. You can request a quote with BIG to connect with one of our brokers and make sure your coverage is up to date.

What Happens If You Don't Update Your Coverage?

One of the biggest misconceptions about home insurance is that every possession is automatically covered for its full value.

In reality, if a valuable item exceeds the limits in your policy and isn't separately insured, the amount available for a covered claim may be limited.

For example, imagine your family heirloom ring is worth $14,000, but your policy only provides a lower limit of $5,000 for jewellery. If the ring is stolen during a covered event, your claim payment won’t reflect its full value unless you've arranged additional coverage beforehand.

How Do You Add Insurance for High-Value Items?

If you think one or more of your valuables may exceed your policy's limits, the next step is to speak with your insurance broker. They can review your existing coverage, explain any limits that apply, and help determine whether scheduled coverage is appropriate.

In many cases, the process is straightforward:

1. Review Your Current Policy

Start by understanding what your home insurance already covers. Your broker can explain any special limits that apply to jewellery, artwork, collectibles, or other valuables.

2. Make a List of Your Valuable Belongings

Create an inventory of the items you want to discuss. Include basic details such as:

A description of each item 

The approximate value 

The purchase date, if known 

Serial numbers, where applicable 

Having this information ready makes it easier to review your coverage.

3. Gather Supporting Documents

Your insurer may request documentation before adding scheduled coverage. Depending on the item, this may include:

Purchase receipts 

Professional appraisals 

Certificates of authenticity 

Warranty information 

Recent photographs 

These documents also make it easier to support a claim if you ever experience a covered loss.

4. Update Your Coverage as Needed

Your insurance should change as your belongings change. If you purchase a valuable item, receive an inheritance, or sell part of a collection, it's a good idea to let your broker know so your policy stays up to date.

Why Are Appraisals Important?

For many high-value belongings, an appraisal provides independent documentation of what the item is worth.

This can be especially important for:

• Engagement rings 
• Antique jewellery 
• Fine art 
• Collectibles 
• Luxury watches 
• Musical instruments 

According to the Insurance Bureau of Canada’s (IBC) glossary for insurance terms, an appraisal helps establish the item's value before a claim ever occurs via a professional evaluation of the condition and market value of the item. It also gives your insurer a better understanding of what is being insured.

For example, imagine you've inherited your grandmother's diamond ring. While it may have tremendous sentimental value, its current replacement cost could be very different from what it was originally purchased for decades ago. A professional appraisal helps establish today's value.

Because markets change over time, it may also be worthwhile to update appraisals periodically, particularly for jewellery, precious metals, artwork, or collectibles that may appreciate in value.

Should You Keep a Home Inventory?

Absolutely.

A home inventory is one of the simplest ways to stay organized and can make the claims process much smoother after a covered loss.

Your inventory doesn't need to be complicated. For each valuable item, try to keep:

• A clear photograph 
• A brief description 
• Purchase receipts, if available 
• Appraisal documents 
• Serial numbers 
• Certificates of authenticity 

Many homeowners store this information digitally using secure cloud storage, so it remains accessible even if their home is damaged.

Taking an hour to organize these records today can save significant time and stress later. For a comprehensive checklist and guide for your home inventory, the Canadian Red Cross provides a useful checklist for you to use.

What If You Travel With Your Valuables?

Many people regularly travel with expensive belongings without giving much thought to their insurance coverage.

Some common examples include:

• Engagement rings 
• Luxury watches 
• Professional cameras 
• Musical instruments 
• Designer handbags 
• Laptops 

Coverage away from home varies depending on your insurer and policy wording. While some policies provide protection for belongings outside your home, others may have different limits or exclusions.

If you frequently travel with valuable possessions, whether within Canada or internationally, asking your broker how your policy responds in those situations is a great way to stay informed and protected.

Common Misconceptions About High-Value Items Insurance

Insurance can be confusing, and there are a few common misconceptions that often catch homeowners by surprise.

"I have comprehensive home insurance, so everything is fully covered."

Not necessarily. Comprehensive home insurance often includes special limits for categories such as jewellery, artwork, and collectibles.

"Only millionaires need high-value items insurance."

Not at all. Many everyday items, such as engagement rings, inherited jewellery, musical instruments, or camera equipment, can exceed standard coverage limits.

"I only need to think about insurance when I buy something new."

Your existing belongings may also increase in value over time. Reviewing your policy during your annual renewal helps ensure your coverage still reflects what you own.

"Adding extra coverage is complicated."

In many cases, adding scheduled personal property insurance simply involves reviewing your policy, providing documentation, and discussing your options with your broker.

Why Is It Important to Review Your Coverage Regularly?

Your insurance policy should evolve as your life changes.

You may want to review your coverage after:

• Buying expensive jewellery 
• Receiving an inheritance 
• Starting a valuable collection 
• Renovating your home 
• Purchasing high-end electronics 
• Experiencing major life events such as marriage 

According to Statistics Canada’s 2024 police-reported crime statistics article, incidents of breaking and entering exceeded 121,000 in 2024 across the country. The Insurance Bureau of Canada (IBC) also notes in their article on how extreme weather is reshaping the home insurance market, that claims costs have increased dramatically in recent years, with insurers paying an average of nearly $2 billion per year on catastrophic weather-related claims.

These statistics highlight just how important maintaining proper coverage is, especially for high-value items that may be difficult to replace after a covered loss. You can request a quote and connect with a licenced BIG broker to review your coverage. For more information regarding home insurance, families can explore BIG’s online resources or information on the Financial Services Regulatory Authority of Ontario’s (FSRA) website.

Frequently Asked Questions

Do I need extra insurance for jewellery and valuables?

Possibly. If the value of your jewellery or other valuables exceeds the limits in your home insurance policy, scheduled personal property insurance may provide additional protection.

What is scheduled personal property insurance?

Scheduled personal property insurance is optional coverage that allows specific valuables to be insured individually for their documented value, subject to your policy's terms and conditions.

Is jewellery insurance in Ontario separate from home insurance?

Usually not. In many cases, jewellery insurance in Ontario is added to an existing home insurance policy as an endorsement.

What is floater insurance in Canada?

Floater insurance is another name commonly used for scheduled personal property coverage or a personal property endorsement that provides additional insurance for valuable belongings.

How often should I update my appraisals?

It depends on the item and your insurer's requirements. Many homeowners choose to update appraisals periodically, particularly for jewellery, artwork, and collectibles whose value may change over time.

Can inherited jewellery or collectibles be insured?

Yes. Inherited valuables can often be insured once their value has been documented, typically through an appraisal or other supporting documentation.

Final Thoughts

Your home insurance policy is designed to protect your home and the belongings inside it, but some valuables may require additional attention.

If you own expensive jewellery, artwork, collectibles, luxury watches, or other high-value possessions, taking the time to review your policy can help you understand whether your existing coverage reflects their value.

Every insurer is different, so the best place to start is by reviewing your current policy and discussing your questions with a licensed insurance broker. They can explain your coverage limits, determine whether scheduled personal property insurance is appropriate, and help you make informed decisions based on your individual circumstances.

Blog Updated: Septembver 2026