{"id":199,"date":"2010-10-06T15:27:05","date_gmt":"2010-10-06T15:27:05","guid":{"rendered":"http:\/\/stg.lareau.ca\/en\/?p=199"},"modified":"2018-05-14T19:33:46","modified_gmt":"2018-05-14T19:33:46","slug":"aunt-beas-change-jar","status":"publish","type":"post","link":"https:\/\/lareau.ca\/en\/article\/aunt-beas-change-jar\/","title":{"rendered":"Aunt Bea\u2019s Change Jar"},"content":{"rendered":"<p>Aunt Bea has always had the odd habit of collecting money and putting it in an antique milk jug. And she\u2019s not the only one. Many people have a change jar somewhere in their home that they use to dump all their spare change. Whether it is their only form of savings or just a habit, they believe their money is safe if they put it in a home safe, or maybe even under an old mattress. Am I exaggerating? Not really\u2026 but, in any case, these people are responsible and are insured, so they can sleep safe and sound\u2026 or can they?<\/p>\n<p>Well, not really. Insurance contracts have what are called \u201climitations in coverage\u201d. These limitations \u201climit\u201d the amount the insurance company has to pay for a specific set of goods based on the type of claim.<\/p>\n<p>Let\u2019s do a simple exercise. Which of the following people do you think would be affected by these limitations in coverage?<\/p>\n<ul>\n<li>Hector, a retired arts merchant<\/li>\n<li>Peter, a cyclist<\/li>\n<li>Lucy, who is constantly ordering CDs from mail-order music companies<\/li>\n<li>Andy, with his fine palate for wine<\/li>\n<li>Gilbert, who owns the complete collection of Star Wars figures<\/li>\n<li>Lastly, Bea and her change jar<\/li>\n<\/ul>\n<p>Answer: All of them.<br \/>\n All of them?<br \/>\n Yes. All of them.<\/p>\n<p>The Insurance Bureau of Canada recently studied this problem and more clearly defined a term that was often a contentious issue when it came to claims: limitations in coverage. These limitations are divided into two parts in your contract:<\/p>\n<ol>\n<li><strong>For any one loss caused by an insured peril<\/strong><\/li>\n<li><strong>In case of theft only<\/strong><\/li>\n<\/ol>\n<p>And why is this so?<\/p>\n<p>Because insurance companies establish estimates based on which an insured has largely the same property as another insured. In this way, insurance companies can provide a standard rate for nearly everyone without having to look at every miniature spoon collection or every new bicycle, as long as everything has a relatively low value. So make sure you check your contract.<\/p>\n<p>Ask yourself the following question: At home, do you have property in quantity or in quality that perhaps sets you apart from other people? If so, there is a way of dealing with this.<\/p>\n<p>There is a policy available that will insure specific property. These policies are generally very affordable and easy to combine with your home insurance contract. For a few dollars a month, you can have peace of mind\u2026 but if you decide not to take this policy, you should at least take the necessary precautions to reduce your risk.<\/p>\n<h3>Limitations in coverage generally affect the following (a non-exhaustive list):<\/h3>\n<h3>Type 1: For any one loss caused by an insured peril<\/h3>\n<ol>\n<li>Change and dollar bills<\/li>\n<li>Boats, sailboats and windsurfing boards<\/li>\n<li>Software<\/li>\n<li>Pets, including birds and fish<\/li>\n<li>Professional property<\/li>\n<li>Wine and spirits<\/li>\n<li>Lawnmowers, tractors and snow blowers<\/li>\n<\/ol>\n<h3><strong>Type 2: In case of theft only<\/strong><\/h3>\n<ol>\n<li>Stamp and coin collections, sports cards collections, etc.<\/li>\n<li>Jewellery, precious stones, watches<\/li>\n<li>Furs<\/li>\n<li>CDs, DVDs, video games, etc.<\/li>\n<li>Bicycles<\/li>\n<li>Gold or pewter items<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Aunt Bea has always had the odd habit of collecting money and putting it in an antique milk jug. And she\u2019s not the only one. Many people have a change jar somewhere in their home that they use to dump all their spare change. Whether it is their only form of savings or just a [&hellip;]<\/p>\n","protected":false},"author":23,"featured_media":200,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[40,38,37,36,35,39],"class_list":["post-199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-coverage","tag-insurance","tag-insurance-company","tag-limit","tag-limitations-in-coverage","tag-rate","sector-home","sector-personal"],"acf":[],"_links":{"self":[{"href":"https:\/\/lareau.ca\/en\/wp-json\/wp\/v2\/posts\/199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lareau.ca\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lareau.ca\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lareau.ca\/en\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/lareau.ca\/en\/wp-json\/wp\/v2\/comments?post=199"}],"version-history":[{"count":0,"href":"https:\/\/lareau.ca\/en\/wp-json\/wp\/v2\/posts\/199\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lareau.ca\/en\/wp-json\/wp\/v2\/media\/200"}],"wp:attachment":[{"href":"https:\/\/lareau.ca\/en\/wp-json\/wp\/v2\/media?parent=199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lareau.ca\/en\/wp-json\/wp\/v2\/categories?post=199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lareau.ca\/en\/wp-json\/wp\/v2\/tags?post=199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}