Your car is broken into, and your briefcase, dry cleaning, golf clubs, and favorite guitar are all stolen right out of your car. You are furious, of course, and think you want to put in a claim to your auto insurance to recover your losses. But....should you claim it under your auto insurance?
The answer is NO. Personal property is not covered under your personal auto insurance policy. Only items that are permanently attached to the vehicle will be covered.
So where can you cover such items? Under your homeowners insurance policy!
Homeowners Insurance Covers Off-Premises Theft
As you know, your homeowners insurance covers damage and theft of personal property that is inside of the home. But did you know that your homeowners insurance policy also covers off-premises losses as well? Coverage for losses or thefts outside the home is now a standard inclusion in many homeowners policies. The idea is that these items are temporarily away from your house. If they were in your house at the time of theft, they would be covered.
Off-premises coverage is limited to 10% of the personal property limit shown on your policy. If your home is covered at $250,000 and the personal property is covered at $100,000, then your total off-premises theft protection is $10,000.
Items Stolen While on Vacation
Suppose you and the family are away on vacation and you bring along a fancy camera to capture memories. You arrive back at your hotel room and the camera is gone. Someone stole it right out of your room. Again, off premises theft coverage will pay for the loss, subject to your homeowners insurance deductible. However, the full amount of the camera might not be covered. For example: You buy a fancy camera that is worth $5,000. Your homeowners insurance policy might only cover camera losses up to $1,000. The insurance company will only cover you for $1,000. Such items have loss limits. As soon as you bought that camera, you should add it as a scheduled item to your homeowners policy. Do not assume the full amount will ever be covered.
Would You Be Covered In These Situations?
1. Someone steals your daughter's laptop from her dorm room while she in in class.
- Yes, this is covered. But remember, your deductible applies. If the laptop is only worth $250 and your deductible is $500, then there is no sense in placing a claim. On a further note, if your daughter is renting an apartment and has a lot of personal items, she should look into a renter's policy to cover her personal belongings.
2. On your wedding day, a thief steals your mother's expensive pearl necklace from your hotel room.
- Yes, this is covered, but only to a certain amount, maybe $1,500. Similar to the camera, the necklace should be scheduled on the homeowners policy so the full loss amount can be recovered.
3. You arrive at your vacation destination, but your luggage does not.
- You should follow some steps before you go through your homeowners insurance. First, you should put the claim in through the airline. If the airline cannot recover your luggage, get a letter from the airline that they cannot recover it. After that step, talk to your agent about putting the claim through your homeowners insurance.
Always be sure to contact us to understand your policy's off-premises coverage and limits.
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Are you concerned that certain items are not covered while you are off the premises of your home? You need an agent who goes the extra mile to explain what is covered in these types of situations.
If you own a home in New York, call us at (845) 724-3031, email us at email@example.com or fill out a homeowners insurance quote today. We would be honored to help you!