{"id":9423,"date":"2022-09-19T12:00:00","date_gmt":"2022-09-19T12:00:00","guid":{"rendered":"https:\/\/www.rbcinsurance.com\/en-ca\/2022\/03\/28\/what-is-private-insurance-and-do-you-need-it\/"},"modified":"2026-01-05T13:13:39","modified_gmt":"2026-01-05T18:13:39","slug":"what-is-private-insurance-and-do-you-need-it","status":"publish","type":"post","link":"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/private-insurance\/what-is-private-insurance-and-do-you-need-it","title":{"rendered":"What is Private Insurance, and Do You Need It?"},"content":{"rendered":"\n<div class=\"wp-block-rbc-template-selector templateSelector template__article articleSingle\" data-template=\"article\">\n<div class=\"wp-block-group articleSingle__container tabListStickyWrapper is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero__inner is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"rbc-yoast-breadcrum-span\"><span><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/\">Home<\/a><\/span><\/span>\n\n\n\n<div class=\"wp-block-group articleSingle__featuredImage__group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__title__group is-layout-flow wp-block-group-is-layout-flow\"><h1 class=\"wp-block-post-title\">What is Private Insurance, and Do You Need It?<\/h1>\n\n\n<div class=\"wp-block-group articleSingle__date__group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-post-date\"><time datetime=\"2022-09-19T12:00:00-04:00\">September 19, 2022<\/time><\/div>\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__readTime\">5 Min Read<\/span>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__author__group is-layout-flow wp-block-group-is-layout-flow\">\n<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Avatar.webp?quality=80&w=128&h=128&crop=1\" alt=\"RBC Insurance\">\n\n\n\n<div class=\"wp-block-group articleSingle__author__details is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"wp-block-rbc-html-element articleSingle__author__name\">RBC Insurance<\/span>\n\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__author__designation\"><\/span>\n<\/div>\n<\/div>\n<\/div>\n\n\n<figure class=\"articleSingle__featuredImage wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"614\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/BS-2022-09-15T125935.037.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"A couple toasting each other on a private plane\" style=\"object-fit:cover;\" srcset=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/BS-2022-09-15T125935.037.jpg 1200w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/BS-2022-09-15T125935.037.jpg?resize=300,180 300w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/BS-2022-09-15T125935.037.jpg?resize=768,461 768w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/BS-2022-09-15T125935.037.jpg?resize=1024,614 1024w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/BS-2022-09-15T125935.037.jpg?resize=420,252 420w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__container__main is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__page__nav is-layout-flow wp-block-group-is-layout-flow\">\t\t<div class=\"socials-block\">\n\t\t\t\t\t\t<p class=\"socials-block-title\">\n\t\t\tShare this article\t\t<\/p>\n\t\t<div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n\t\t\t\t\t<a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=What is Private Insurance, and Do You Need It? &#038;body=Hi, I thought you might be interested in this article from RBC Insurance: https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/private-insurance\/what-is-private-insurance-and-do-you-need-it\">\n\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n\t\t\t\talt=\"envelope icon\">\n\t\t\t\t<span>\n\t\t\t\tEmail\t\t\t\t<\/span>\n\t\t\t<\/a>\n\t\t<div class=\"social-button-wrapper sharing-copy-wrapper\">\n\t\t\t<button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/private-insurance\/what-is-private-insurance-and-do-you-need-it\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n\t\t\t\talt=\"copy icon\">\n\t\t\t<span id=\"sharing-copyUrl-Label\">\n\t\t\t\tCopy URL\t\t\t<\/span>\n\t\t\t<\/button>\n\t\t\t<input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n\t\t<\/div>\n\t<\/div>\n  \t\t<\/div>\t\n\t\t\n\n\n<div class=\"wp-block-rbc-tabs-list tabsList\" data-switch=\"lgBp\" data-target-heading=\"h4\"><p class=\"tabsList__heading\">On this page<\/p><div class=\"tabsList__wrapper\"><button class=\"selectDropdown__button\" aria-haspopup=\"listbox\" aria-expanded=\"false\"><span class=\"selectDropdown__title\">What is Private Insurance?<\/span><span class=\"selectDropdown__chevron\"><\/span><\/button><ul class=\"tabsList__items selectDropdown__list\"><li class=\"selectDropdown__list__item tabsList__item selected\"><a href=\"#h-what-is-private-insurance\">What is Private Insurance?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-do-you-need-private-insurance\">Do You Need Private Insurance?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-protect-yourself-from-liability\">Protect Yourself from Liability<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-protect-your-collectibles\">Protect Your Collectibles<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-protect-your-property\">Protect Your Property<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-protect-your-mental-health\">Protect Your Mental Health<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-protect-your-reputation\">Protect Your Reputation<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-explore-your-private-insurance-options-today\">Explore Your Private Insurance Options Today<\/a><\/li><\/ul><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__content__main tabListHeadings is-layout-flow wp-block-group-is-layout-flow\">\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner \" style=\"border-radius:0x\">\n<p>Standard insurance, like homeowner\u2019s insurance, may provide enough coverage for most Canadians \u2013 but not all. In fact, the majority of affluent Canadians are actually underinsured. They\u2019ve got insurance that isn\u2019t designed to cover most luxury properties and other valuable assets.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-what-is-private-insurance\">What is Private Insurance?<\/h4>\n\n\n\n<p>When your business, professional and private assets grow, so do your risks. Private insurance policies are uniquely designed to address those risks by offering specialized coverage traditional policies do not. Your dedicated specialist can easily conduct a Personal Risk Assessment to help identify gaps in your insurance coverage \u2014 especially for items like vacation properties, collectibles, and even your home wine cellar.<\/p>\n\n\n\n<p>Most Canadians don\u2019t realize they\u2019ve outgrown their insurance policies until the worst happens. Now\u2019s the time to consider your unique assets and risks \u2013 and how best to protect yourself and your family.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-do-you-need-private-insurance\">Do You Need Private Insurance?<\/h4>\n\n\n\n<p>If any of these apply to you, you may need private insurance:<\/p>\n\n\n\n<ul class=\"disc-list\">\n<li>The replacement cost of your home is greater than $1 million<\/li>\n<li>You have collections of art, jewelry, wine, or more<\/li>\n<li>You collect cars or luxury vehicles<\/li>\n<li>You have boats, motorcycles, or snowmobiles<\/li>\n<li>You volunteer on a not-for-profit board<\/li>\n<li>You have a need for increased personal liability coverage<\/li>\n<li>You employ a housekeeper, nanny, dog walker, or personal trainer<\/li>\n<li>You own a cottage or other secondary residences<\/li>\n<li>You own property outside of Canada<\/li>\n<li>You are a global traveler<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-protect-yourself-from-liability\">Protect Yourself from Liability<\/h4>\n\n\n\n<p>Even common scenarios can put you at risk. If you throw large parties or host friends at your vacation property or on your boat, you\u2019re taking on the risk someone could get hurt. Private insurance helps ensure you have the right protection to match your wealth, assets, and unique exposures that come with your lifestyle.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-protect-your-collectibles\">Protect Your Collectibles<\/h4>\n\n\n\n<p>Most traditional policies include a limited amount of coverage for collectibles and special limitations for items like art, wine, and jewelry. Private insurance makes it possible to insure individual items for their unique worth and reimbursement options. You can even temporarily insure newly acquired jewelry and other items before you have their value assessed.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-protect-your-property\">Protect Your Property<\/h4>\n\n\n\n<p>Luxury home additions, like smart-home and security systems or climate-controlled wine cellars, are not covered under typical home insurance policies. Private insurance solutions cover these. They also offer funds to upgrade damaged equipment (like a water heater, furnace, or AC system) to newer, more energy-efficient models, following a covered claim.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-protect-your-mental-health\">Protect Your Mental Health<\/h4>\n\n\n\n<p>In the unfortunate case of a break-in or theft, private insurance can cover counselling and related expenses. That means you can put the mental health of yourself and your family first.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-protect-your-reputation\">Protect Your Reputation<\/h4>\n\n\n\n<p>Affluent families are more susceptible to lawsuits. Private insurance can help pay for independent legal advice and public image consultation to help protect your name and reputation.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-explore-your-private-insurance-options-today\">Explore Your Private Insurance Options Today<\/h4>\n\n\n\n<p>The best insurance policies address your precise needs and provide the exceptional customer service you deserve.<\/p>\n\n\n\n<p>Work with an RBC Private Insurance advisor for end-to-end white-glove service. The person who conducts your risk assessment will be the same one you\u2019ll contact if you need to make a claim. They\u2019ll get to know your unique situation and offer customized care you won\u2019t find elsewhere.<\/p>\n\n\n\n<p>Ready for enhanced protection? Please call our VIP service line at&nbsp;<a href=\"tel:+18007692517\" data-dig-id=\" Insurance-private-insurance-1\" data-dig-category=\" D&amp;L Private Insurance\" data-dig-action=\" Call\/Click\" data-dig-label=\" Call\/Click 1-800-769-2517\">1 800 769-2517<\/a>&nbsp;or request a private consultation&nbsp;<a href=\"https:\/\/www.rbcprivateinsurance.com\/contact\/index.html\" data-dig-id=\"LP-PrivateInsurance-9423-1af62b4f\" data-dig-category=\"LP-PrivateInsurance\" data-dig-action=\"link click\" data-dig-label=\"here\" class=\"rbc-link-format\">here<\/a>.<\/p>\n\n\n\n<div class=\"wp-block-rbc-section-inner-block  section-inner block-wpr bg-light-blue rounded-corners pos-rel pad-l pad-r mob-pad-r centered-block mob-pad-l pad-t mob-pad-t pad-b mob-pad-b\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-text-align-center mar-t mar-b-hlf mob-mar-b-hlf mob-mar-t\" id=\"h-rbc-insurance\">RBC Insurance<\/h2>\n\n\n\n<p class=\"has-text-align-center\">We make it easy to find expert advice, money-saving tips, and a range of insurance options for every moment of life.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button has-custom-font-size aligncenter btn is-style-primary primary has-text-lg-font-size\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.rbcinsurance.com\/en-ca\/personal\/\" rel=\"noreferrer noopener\" data-dig-id=\"LP-11775-476a44f4\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Learn More-https:\/\/www.rbcinsurance.com\/en-ca\/personal\/ \">Learn More<\/a><\/div>\n<\/div><\/div>\n<\/div>\n\n\n\t<style type=\"text\/css\">\n\t\t.wp-block-tk-spacer.id-512cce54-2a69-498d-8643-1a03fbf7fc0f {\n\t\theight: 30px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-512cce54-2a69-498d-8643-1a03fbf7fc0f {\n\t\t\theight: 15px;\n\t\t}\n\t}\t<\/style>\n\t<div class=\"wp-block-tk-spacer id-512cce54-2a69-498d-8643-1a03fbf7fc0f\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse2de7ba0a\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse2de7ba0a\" data-dig-id=\"LP-PrivateInsurance-9423-2de7ba0a\" data-dig-category=\"LP-PrivateInsurance\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things Our Lawyers Want You to Know\"><div>Things Our Lawyers Want You to Know<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse2de7ba0a\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p class=\"has-text-sm-font-size\">This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n\n\n\n<p class=\"has-text-sm-font-size\">Liability, home, auto, leisure and lifestyle insurance products (except for collector car insurance) are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. is registered as a damage insurance agency. As a result of government-run auto insurance plans, RBC Insurance does not offer auto insurance in Manitoba, Saskatchewan, and British Columbia. Actual coverage may vary by province. Certain conditions, limitations and exclusions may apply. For full terms and conditions, speak with your RBC Risk Assessment Insurance Specialist and refer to the insurance policy wording.<\/p>\n\n\n\n<p class=\"has-text-sm-font-size\">Collector vehicle insurance is available through Hagerty Canada, LLC and underwritten by Aviva Insurance Company of Canada, a subsidiary of Aviva Canada Inc. Some coverages are not available in all provinces. Hagerty is a registered trademark of the Hagerty Group, LLC.<\/p>\n\n\n\n<p class=\"has-text-sm-font-size\"><sup>TM<\/sup> Trademark(s) of Royal Bank of Canada. Used under license.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Is a standard insurance policy enough to cover your lifestyle? Here are some tips to help identify if you&#8217;re leaving yourself at a greater financial risk.<\/p>\n","protected":false},"author":98,"featured_media":11535,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"templates\/new-rbci-design.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[41],"tags":[21,25],"article-type":[80],"ppma_author":[],"class_list":["post-9423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-private-insurance","tag-managing-money","tag-wealth-management","article-type-advice-learning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is Private Insurance, and Do You Need It? RBC Insurance<\/title>\n<meta name=\"description\" content=\"We all want to know that we are well protected. 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