Are you an avid collector? Do you have a special hobby? Have you built a music studio in your home? Did you buy the sailboat of your dreams? Or perhaps you turned your basement into a mini museum dedicated to your favourite sports team?
Your home insurance policy pays out a maximum amount, or limit, when it comes to certain property. In case of a loss, your indemnity will never exceed the amount stated under the policy.
The maximum amount you’ll receive for a given item in case of loss.