Family heirlooms & what they’re really worth.

As we grow older, chances are we acquire items of sentimental value that can be worth a lot of money. (Don’t all grown men claim to have once owned a single-digit issue of Fantastic Four or a Barry Bonds rookie card?) But let’s face it, sometimes these gifts or acquisitions mean more to the giver than to the recipient. You might wear a cheap Timex Triathlon watch like Bill Clinton did when he was in office, but maybe you have a vintage Rolex President (current value: $20,000 CDN) that your favourite uncle bequeathed to you. 

Life happens, we move, change jobs, get married and have kids. At some point, it’s worth doing a bit of an Antiques Roadshow evaluation of those sentimental items or coins, jewellery, art, and yes, even the odd comic book (but it must have been sealed in archival plastic to actually be worth anything; if the pages are yellowed, it’s pretty much worthless).

First, you have to know what the maximum payout is for certain items of value in your basic homeowner’s or tenant’s package. Find your valuables—of both sentimental and perceived value—and sort them. Take photographs (and back them up), and record all serial numbers and official third-party appraisals.  This can be a complex process because each item that you insure—a “special endorsement” will cost more money. While you might see a watch or diamond ring on e-Bay for $15,000, it might never sell for anywhere close to that value, your monthly payment will be based on a percentage of how much each item is valued at. (This is the same kind of coverage that you might buy for a dual-suspension mountain bike worth well into four figures).  

Insurely makes it possible for you to shop around to obtain the coverage you need at a price you can afford.

Our Insurely Guide’s are always around to answer your questions and we try to make it light and easy for you to understand. Schedule a call with us so we can answer all your questions.

May 3, 2021