Yes, homeowners insurance typically covers your personal property even when it is outside your home. If your laptop is stolen from your car, your luggage is lost during travel, or your bicycle is taken from a park, your homeowners or renters policy's personal property coverage can pay for the loss — subject to your deductible and policy limits.
Most homeowners policies include what is called off-premises coverage as part of your personal property protection. This means your belongings are covered against theft, fire, and other covered perils no matter where they are — at work, in a hotel, at a friend's house, or even in another country. The coverage limit for off-premises losses is typically 10% of your total personal property coverage, though some policies offer the full amount.
Off-premises coverage is subject to the same sub-limits as on-premises coverage. High-value items like jewelry, electronics, and collectibles may have lower payout caps unless they are specifically scheduled on your policy. The deductible still applies, so small losses may not be worth filing a claim. And remember — your personal property coverage may pay actual cash value rather than replacement cost unless you have the replacement cost endorsement.
Know your off-premises limit and your sub-limits for high-value categories. If you regularly travel with expensive equipment or have belongings stored outside your home, make sure your coverage is adequate. At Truscott, we review your lifestyle to ensure your personal property coverage works wherever your belongings go. Request a Truscott coverage review and we will verify your off-premises protection.
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