Life Insurance in Canada

Stand up anybody who has ever collected anything in their lives. Most of people at some point started a collection of different things like toy cars, match boxes or bottle tops. Usually, after a certain period of time, these valued treasures have been put away or just disposed of.

For sure, there are those among us that have never given up this sometimes strange habit and have turned it into a lifelong passion There is, however, a certain kind of collectors, who have taken this passion to a higher level and have diversified their portfolios by investing in valuable coins or stamps.

So, who is the special insurance cover for? Consider this: normal household insurance is quite good enough if you just need to cover everyday items such as TV’s, computers and so on. However, collections of higher value need to be approached differently. In some situations, collections of low value might be covered, but if you need to claim from your insurer, more often than not this will end in failure. Most household policies normally only cover the material cost of lost or damaged property. It is relatively easy to claim for a damaged front door or smashed window, but try claiming for a priceless Blue Mauritius stamp.

Therefore, fellow collectors, what is the best approach to insurance if you collection is more valuable than your new car? Do you have nightmares, visualizing it being stolen? Fortunately, you won’t need to worry anymore. There are now special policies tailor made for these collections. AIG and Allianz are but two of many insurance companies that have specialist policies for valuable collections.

If you are a serious collector, then an ‘all risk’ policy would be your choice securing your collection against most imaginable risks, even nuke attack or ‘mysterious disappearance’. Mysterious disappearance cover is offered for in the Fireman’s Fund policy. Transportation and travelling shouldn’t be a worry as both are covered in all specialist policies.

Collections naturally increase in size and value over time and insurance companies tend to offer this in their policies as a way of appearing more customer friendly. New additions to your collection can be insured easily with a simple phonecall to your policy provider. If you are nervous about going to pick up a new addition, then a simple phone call to your insurer prior to going and your new investment is insured.

Obviously nothing can replace your cherished collection, should it be destroyed by fire or stolen by some hard-hearted thief.

Nevertheless, if you can be compensated financially for the full value of your investment, then the pain should be more bearable.