Insuring an Ugly Christmas Sweater

Who doesn’t love an ugly Christmas sweater? Whether yours is homemade, bought with intention, or found in the back of a closet, these sweaters are a great way to celebrate the holidays. But what happens if that ugly Christmas sweater is stolen or damaged? It all depends on how it’s insured.  

Insuring an Ugly Christmas Sweater Under Property Insurance 

Whether you own or rent a house, condo or apartment, your property insurance includes contents coverage. This covers your personal belongings up to a specified limit if they’re damaged by an insured peril such as fire or theft. If your policy covers you for all risks, make sure you review the exclusions. 

There can be a per item limit ($1,000 to $2,000) and an overall maximum limit for more valuable items. You determine the overall limit when you purchase your tenant’s, condo or home insurance with your broker.  

For example, if a Grinch slides down your chimney and steals your gifts, household gadgets and favourite ugly Christmas sweater, your property insurance would respond. You would receive payment of the value of the stolen items, less your policy deductible, up to the policy limit.  

Insuring an Ugly Christmas Sweater as a Scheduled Article 

Scheduled articles are part of your property insurance. It raises the maximum per item limit to ensure more valuable items are adequately insured. Now, an ugly Christmas sweater would not normally be insured as a scheduled article as it wouldn’t be more valuable than the item limit. This is usually reserved for sports equipment, electronics, jewellery, art and other high-value collectables. That said, you could always have a super valuable sweater or even a collection of ugly Christmas sweaters you may want to protect!  

Generally, you would need an appraisal of your sweater (or collection). Make sure you understand the requirements – do you need to get an appraisal periodically? Is there a separate deductible? Are the same perils covered or are there changes to what’s covered? Your broker should explain the ins and outs of this coverage. 

Protect Your Ugly Christmas Sweater 

While insurance may cover the financial value of your ugly Christmas sweater, it may not be able to truly replace it – especially if it’s a handmade sweater or one you discovered in a relative’s closet. It’s important to do what you can to protect your belongings to keep prospective Grinches out, such as: 

Installing a monitored security system  
Ensuring your windows and doors are secured  
Storing your sweater out of sight when you’re not wearing it  
Installing deterrents such as security cameras, lighting, fencing and locks 

Remember to keep receipts and appraisals in the event of a claim!  

Speak to your broker about your coverage for insuring any valuable items and what you need to do in the event of a claim. 

(Note: You probably won’t be insuring your ugly Christmas sweater specifically – this article is meant for fun!)