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Travel insurance: protecting your belongings from theft

Published on August 8, 2023


When travelling, people tend to carry their cameras, phones and other high-value equipment on them or in their luggage. What happens when your phone or suitcase is stolen while you're abroad? Does your insurance cover that?

Protecting your belongings

Home insurance as its name suggests protects your home and its contents, like furniture, clothing, sports equipment and electronics. Your personal property is also covered when you take it with you. So if you lose your suitcase while travelling, you'll be compensated up to the limit stipulated in your policy.

However, when it comes to theft, your policy sets limits on high-value items, such as cash, artwork and jewelry. For example, if your jewelry limit is $8,000, and a $12,000 ring was stolen, you’ll only be reimbursed $8,000. Do you feel at risk because you travel regularly? Consider increasing the limit on certain items to give you peace of mind.

Goods purchased while travelling

Shopping abroad is fun. It’s like you’re on a quest to find the perfect souvenirs. Unfortunately, thieves will steal anything they can get their hands on. It’s important to know that these purchases are also covered by your home insurance policy. A refund equal to the object's value won't replace it, but at least you get your money back.

Preparing for a trip

Petty crime happens around the world, but there are ways to protect yourself both here and at your destination.

  1. Keep your receipts. Regardless of where you buy, never throw away the receipt. When submitting a claim for stolen property, providing receipts will make processing your claim faster and easier.
  2. Update your coverage. Whenever you buy a high-value item, you should consider increasing your coverage limit accordingly.
  3. Take out travel insurance. In addition to reimbursing stolen property, this insurance covers medical expenses and unexpected trip cancellation. Your broker will suggest the right coverage for your budget. Some credit cards offer travel insurance, so be sure to ask the issuer about that.
  4. Don’t take unnecessary risks. Don't carry large amounts of cash on you. Don't wear your nicest jewelry or keep your phone in your back pocket. In restaurants, keep your purse on your lap and don't leave anything lying on the table. Use the hotel safe for your valuables and other important items.
  5. Manage your luggage. Keep valuable items in your carry-on and put a lock on your luggage.

Protecting your belongings at home when you're away!

There's no point in taking all these precautionary measures if you don’t make efforts to secure your home. Make your presence known, even while away. Ask Canada Post to hold your mail so your mailbox doesn’t overflow. Ask someone you trust to visit regularly and maintain the property as though you were there. Store your valuables out of sight and install a timer on a lamp or two. Finally, wait until you're back before posting your photos on social media!

Travelling, discovering, exploring and lounging on the beach are all great ways to reward your hard work. However, to make the most of your trip, get insurance. With the right coverage and by being careful with your belongings, you’ll save yourself a lot of trouble.

Note: This article is for information purposes only and is not intended to replace professional advice.