As a homeowner, you might wonder whether your insurance covers theft outside of your home. After all, theft can happen anywhere, and you want to protect yourself. This article will explore whether homeowners insurance covers theft outside the home and what you need to know to ensure you have the right coverage.
Does Homeowners Insurance Include Off-Premises Theft Coverage?
Yes, most homeowners insurance policies include off-premises theft coverage. This means that if your personal property is stolen from your car, for example, or while you’re on vacation, your insurance can help cover the cost of replacing it. However, there are limits to this coverage, and it’s essential to understand them.
Off-Premises Theft Coverage Limits
Off-premises theft coverage is typically subject to a limit, a percentage of your overall personal property coverage. For example, if you have $100,000 in personal property coverage and a limit of 10% for off-premises theft, your coverage limit for theft outside the home would be $10,000. Some insurance policies may also have a maximum dollar amount for off-premises theft coverage, regardless of the percentage limit. Off-premises theft coverage may also have a separate deductible, which you pay out of pocket before your insurance coverage kicks in.
Additional Coverage for Theft Outside of Your Home
If you have items that exceed the off-premises theft coverage limit, you may need to purchase additional coverage. This can include adding a scheduled personal property endorsement to your policy or purchasing a separate insurance policy, such as a valuable items policy. If you frequently travel with expensive items like cameras or jewelry, consider a different travel insurance policy with theft coverage. Some credit cards also offer theft protection for items purchased with the card, so it’s worth checking if your credit card offers this benefit.
When Will Homeowners Insurance Not Cover Theft Outside the Home?
While most homeowners insurance policies include off-premises theft coverage, there are some situations where theft outside the home may not be covered. These can include:
- If the theft was due to negligence, such as leaving your car unlocked or valuables in plain sight.
- If the theft was due to a criminal act committed by someone in your household.
- If the theft was due to a flood, earthquake, or natural disaster, these events may require separate insurance coverage.
Homeowners insurance can provide valuable protection against theft outside the home, but it’s important to understand the limits of your coverage and consider additional coverage if necessary. So contact a homeowners insurance expert to learn about your home coverages.
Learn Everything About Your Homeowners Insurance with Leland Smith Insurance Services!
If you have questions about your homeowners insurance policy or want to explore additional coverage options, contact the experts at Leland Smith Insurance Services. Our experienced team can help you understand your coverage and find the right policy to meet your needs.