Take the time to read through your policy in detail to ensure you understand which of your belongings are covered and how much coverage is provided. Most typical household items are included in a standard homeowners policy, but more expensive items like jewelry, art, or furs may not be covered at all.
Even if your policy includes high-end valuables, make sure the coverage limits are high enough to replace your personal items at their current value. You should also keep in mind that any lost items will be covered up to the allowed limit, and after the deductible has been satisfied.
To ensure your valuables are sufficiently protected, you may want to consider an insurance rider, which provides extra coverage beyond the usual provisions of a standard policy. This will allow you to increase the coverage limits for specified items, such as expensive jewelry, sports equipment, or musical instruments. Having highly valuable items appraised is also a smart step that will make sure you’re getting the extra protection you need.
Does It Only Cover Theft From My House?
A bonus that is likely already included in your policy is off-premises coverage for theft. That means if your possessions are stolen from your car or a place like a hotel room, chances are good the loss will be covered by your homeowners insurance policy. Most policies even cover lost luggage. If items are stolen from your car, they may be covered by comprehensive coverage on your auto policy. Again, the policy limits, exclusions, and deductible will all apply, so make sure you understand the details of your homeowners and auto insurance coverage.
Homeowners insurance is in place to give you peace of mind in case your home or belongings suffer damage or loss due to a catastrophic event…
Off-premises coverage can even extend to college-age children who are living in campus housing. If something is stolen from your child’s dorm room, the replacement could be covered by your home insurance policy. And if your student is living at home, you can usually file a theft claim if their personal property is taken while they are studying at the library. Keep in mind, your provider will likely ask for a police report at some point in the claims process, so you should call law enforcement right away after a theft.
Nobody wants to deal with the devastating fall-out of a break-in. There is enough to worry about without having to fight about the cost of replacing your possessions. If you’re not sure that your insurance company is providing the coverage you need, or if you’ve already had an unsatisfactory experience after a break-in, talk to an insurance agent. Licensed agents are available to help you find a policy that will take care of you and your belongings without adding extra stress at a time when that’s the last thing you need.
If you’re shopping for homeowners insurance coverage now, make sure to get quotes from multiple homeowners insurance companies to see who can give you the financial protection you need at a price you can afford.