Home insurance typically covers a maximum value of around $5,000 TOTAL for ALL jewellery and watches. If the value of your timepiece exceeds that, it is important to purchase an additional coverage (also called a rider) that covers the entire value of your collection. Otherwise, in the event you have to make a claim, the insurance company will only pay you the maximum coverage. with the additional rider, the insurance company will either, pay you the equivalent in cash to the market value, or, replace the timepiece with one of similar value.
In Canada, insurance products must be purchased from a licensed agent. Different provinces have different requirements, and not all products are available in every province. This differs from jurisdictions like the United States where insurance like watch and jewelry insurance can be purchased online or via an app like Hodinkee.