How to Add Valuable Items to Renters Insurance

In Canada, tenant insurance policies include coverage for your personal belongings. That means your furniture, electronics, clothing, and everyday items are protected if they’re damaged or stolen due to a covered event. 

However, that protection only goes up to the limit you select, typically between $20,000 and $50,000. For most renters, that’s enough. 

But what if you own high-value items such as an engagement ring, sports equipment, or rare collectibles that exceed the standard limits in your policy? 

If that’s the case, you can add valuable items to your tenant insurance policy with a floater. In this blog, we’ll explain what that is, which items are commonly added, why many renters choose to add valuables separately, and how you can add coverage online in a few simple steps.

Key takeaways

Tenant insurance covers your personal belongings, but high-value items like jewelry, electronics, or collectibles may exceed standard coverage limits. You can add valuables as a floater to insure them at their full appraised value.

Floaters protect valuable items at their appraised value

A floater is an add-on to your insurance policy that protects one high-value item at its full appraised value if it’s lost or damaged due to a covered peril. Think of it as extra, item-specific protection layered on top of your standard contents coverage.

Even if your renters’ insurance policy shows a total coverage amount, say $30,000, that total is usually split into specific categories, like furniture, electronics, and jewelry. This means that if your engagement ring is worth $10,000, or your camera gear totals more than $5,000, the standard coverage might not fully protect them. If the value of any item exceeds these sub-limits, adding a floater to your policy ensures it’s fully covered.

Here’s what you should know about floaters:

• It covers one specific item: Each floater is tied to one individual item (ex. a ring or a painting)
• You can add multiple floaters: If you have several valuable pieces, you can purchase floaters for each
• It covers loss or damage from covered perils: This typically includes events such as fire, theft, or water damage 
• It costs extra: Because it increases your coverage, a floater incurs an additional cost based on the item’s appraised value. 

When adding a floater, you’ll typically need documentation upfront, such as a receipt, an appraisal, and proof of ownership. 

Valuable items renters can add to their insurance

Not everything you own needs extra coverage, but some items are worth a second look. If you own valuable belongings that would be expensive to replace out of pocket, you may want to add them as a floater on your renters’ insurance policy. 

Here are some of the most common valuables renters choose to insure separately: 

• Jewellery
• Electronics
• Camera and photography equipment
• Musical instruments
• Sports equipment 
• Rare books and comics
• Entertainment, historical, or sports memorabilia 

Jewellery 

Jewellery is one of the most common things renters get floaters for, as individual pieces often exceed standard policy limits. This can include:

• Engagement and wedding rings
• Diamond or gemstone rings
• Gold or silver necklaces 
• Luxury watches
• Bracelets 
• Heirloom pieces 

Electronics 

Electronics can add up quickly, especially if you invest in high-end equipment. Valuable pieces can include:

• Premium sound systems or speakers
• Gaming consoles and VR systems 
• High-performance desktop computers 
• Laptops for work or creative projects 
• Custom-built PCs 

Camera and photography equipment

Commonly insured valuable camera gear can include:

• Professional lenses
• DSLR or mirrorless cameras
• Lighting kits
• Tripods and accessories
• Drone equipment 

Musical instruments

Instruments can hold significant monetary value and can cost more than you might think to replace if something happens. Some examples include:

• Pianos or keyboards 
• Acoustic or electric guitars 
• Violins, bass, and other string instruments 
• Drum sets 
• DJ equipment 

Sports equipment 

High-performance sports gear is often expensive. Common examples include:

• Skis and snowboards
• Road or mountain bikes 
• Golf clubs
• Surfboards
• Hockey equipment 

Rare books and comics

These items appreciate in value over time. Rare collectibles can include:

• First-edition books
• Signed copies
• Graded comic books
• Collector box sets

Entertainment, historical, or sports memorabilia 

Rare or authenticated memorabilia can be very valuable. Some common examples include:

• Signed jerseys
• Limited-edition prints
• Signed baseballs or hockey sticks 
• Historical collectibles 

Why renters add valuable items coverage

Most renters who add valuable items coverage to their policy do so for three main reasons: peace of mind, better financial protection, and fewer disputes in the event of a claim. 

If you own something expensive, adding a floater ensures you have enough coverage in the event that it’s damaged or stolen due to a covered peril. 

Another key reason renters choose to add valuable items coverage is for greater peace of mind and stronger financial protection. 

As Channelle Cote, AMF and RIBO licensed broker at YouSet, explains, “People add valuable item coverage because they want certainty. Without it, a single loss could eat into your overall limit and leave you underinsured when you least expect it.” By scheduling high-value items separately, renters can avoid coverage gaps and feel confident they’re fully protected.

Having valuable items appraised and listed in your policy can also help reduce disputes during a claim. When the value of an item is documented upfront, there’s less back-and-forth about what it’s worth. 

How to add valuable items to renters’ insurance online

Renters can add coverage for valuable items like jewelry, electronics, or bicycles online with YouSet when getting a tenant insurance quote. Here’s how you can do so: 

• Go to YouSet.ca and click “Get a quote”
• Select “Home” 
• When asked if you rent or own your home, select “Rent”
• Answer the remaining questions
• When your price appears on screen, scroll until you see “Add extra coverages” 
• Select or enter the type of valuable item you wish to add
• Enter the value of the item
• Click “Add coverage.”
• When you’re ready, click “Buy” to get tenant insurance that includes coverage for your valuable item

If your situation is more complex or if you own multiple valuable items, YouSet’s licensed brokers are available to guide you. They can help review your limits, explain your options, and ensure you’re fully protected.