At last, you’ve been working hard lately, and winter has crept in with its usual greyness. You really need a vacation! You had even planned to celebrate spring break with your kids under the sun this year!
Should a robbery occur while you are on vacation, how would your insurance contract help you? Are you covered?
Property stolen while on vacation – You are covered, but there might be some limitations
In all home insurance contracts, there is an amount of coverage for your personal property, i.e. anything under your roof, like furniture, clothing, sports equipment, jewellery, etc. This clause covers these goods while they are temporarily outside of your home. Therefore, if your suitcase is lost or stolen during your trip, you will be reimbursed in full, based on the replacement value of all of your lost or stolen belongings.
However, if you are robbed, most contracts have special limits for some items, like jewellery, cash, bicycles and works of art. For example, if your jewellery, for which a jeweller has assessed the replacement value at $8000, has been stolen, and your contract stipulates a limit of $6000, it is this maximum amount that you will receive from the insurer.
Purchases while on vacation
During a vacation abroad, it is not unusual to do a bit of shopping, to bring back souvenirs, clothing, or objects that are typical of the place visited; a little something to remember the place by! Should these items be stolen, what would happen?
All your belongings are covered by your insurance contract, no matter when or where you bought them. Therefore, you will be compensated for the value of the goods lost. It is still important to check if your insurance contract has specific limitations regarding jewellery or other items.
We recommend keeping your receipts. This will help you expedite the processing of your claim, if needed.
Depending on your destination, we highly recommend you avoid strolling around sporting a designer handbag or luxurious jewellery, or with loads of money in your pockets. Being a visitor, you will be recognized as such by the locals, and most likely, by pickpockets as well.
Before leaving, it is also important to make sure you check your insurance coverage with your Lareau broker. Make sure your personal belongings and valuables have adequate coverage in case of robbery to ensure you’ll have a worry-free vacation!