Updating Your Insurance Coverage After Holiday Purchases: What Renters Need to Know

The holiday season often brings new valuables into your home, items like jewelry, electronics, designer accessories, or a new TV you finally picked up during a sale. These items can increase the total value of what you own, which means your existing insurance coverage may no longer be enough to fully protect everything in the event of a loss.

Many renters assume that once they have a tenant insurance policy, all their belongings are automatically covered without any further action. In reality, it’s important to review and update your coverage limits whenever you acquire new high-value items.

Why New Purchases May Require Updated Coverage

Most tenant insurance policies include a personal property limit, the maximum amount the insurer will pay to replace your belongings after events like fire, theft, or water damage. If the value of your belongings increases but your coverage stays the same, you may end up underinsured.

For example, a policy with a $20,000 limit might have been sufficient when you first purchased it. But adding a new laptop, gaming console, or high-value gift could push the total replacement cost of your belongings beyond that limit.

Certain categories (such as jewelry, watches, and collectibles) may also have sub-limits, meaning there’s a maximum amount the policy will pay for that type of item unless you increase coverage or add a rider.

Consider updating your policy if you:

• Received expensive gifts during the holidays

• Purchased new electronics, appliances, or designer items

• Added specialty items like instruments, sports equipment, or artwork

• Moved or reorganized and realized you own more than you previously thought

A quick review now can help ensure you have the right protection if something unexpected happens later.

How to Update Your Coverage with APOLLO

If you’re an APOLLO customer, reviewing your limits is straightforward:

1. Log in to the APOLLO Customer Portal.

2. Go to Manage My Policy.

3. Review Your Coverage

4. Adjust your personal property limits to include your new belongings.

Changes can typically be made at any time, and updates take effect immediately unless otherwise stated in your policy documents.

Why This Matters for Renters

Being underinsured can leave you paying out of pocket to replace damaged or stolen items. Increasing your personal property limit ensures your coverage reflects the actual value of what you own, especially after the holiday season, when many households experience the biggest jump in personal property value all year.

Reviewing your policy each year, or after major purchases, is a simple but effective way to keep your insurance aligned with your lifestyle.

Tenant Insurance Trusted by Canadians

Get the tenant insurance Canadians trust in less than 2 minutes. Fully digital, no phone calls. No credit check required. Backed by our Best Price Guarantee. Terms apply.

Get a free quote

4.6 rating