Homeowner’s insurance will cover damage and theft of personal property if items are inside your home at the time of the incident. Did you know your homeowner’s policy could also have off-premises coverage as well?
Coverage for losses or thefts outside the home is often a standard inclusion in many homeowners’ policies, but you should check with your insurer to understand your specific coverage and limits. If you need to, you can then request additional riders to ensure you can replace damaged or stolen items.
Keep in mind that the standard off-premises coverage is 10% of the personal property limit shown on your policy. So, for example, if your home is covered at $100,000 and personal property is covered at half of that, or $50,000, then your total off-premises protection is $5,000.
Would you be sufficiently covered during the following incidents?
- Someone steals your child’s laptop from their college dorm room while they’re in class.
- On your wedding day, a thief steals your “something old”–grandma’s pearl necklace–from your hotel room.
- You arrive at your vacation destination…but your luggage doesn’t.
- Arriving back at your car, you discover someone stole the new TV you just bought right out of the backseat.
In each example, your deductible applies. When considering filing a claim, be certain what is missing is worth more than the cost of your deductible. Other items to note are:
- High-value property–like your grandmother’s pearls–will need additional coverage of their own if their value is above the limit, and
- Sometimes your credit card company will have coverage options for recent purchases.
As always, be sure to contact your insurance provider to understand your policy’s off-premises coverage and limits. Brunswick Companies’ personal insurance specialists are available weekdays at 800-686-8080. They can answer your questions and make sure you have the best coverage for your needs.