Many people look to affordable home insurance as a way to protect their home and the belongings inside it. Did you know it is also designed to protect your personal property when you’re away from home? Depending on the destination of your vacation, you could be bringing golf clubs, skis, musical instruments, a digital camera, or a laptop computer. Those items are valuable and not something you’d want to be stolen or damaged while traveling. According to the Insurance Information Institute, you should be covered by your homeowners or renters insurance policy if the unfortunate occurs.
Personal Property Insurance Definition
Your possessions in a vacation rental, hotel, or campground would likely be covered under a “Personal Possessions” or “All Risks” cover. The personal property coverage section in your policy describes how your possessions outside of the home anywhere in the world, including in the car, are protected. While this coverage will pay for your loss, it’s important to keep in mind your claim will be subject to a deductible, which can quickly add up. Be sure to review your deductible to ensure you are prepared to cover a percentage of your loss. There are limits to the coverage. A standard policy usually offers personal property coverage against “named perils,” such as lighting, fire, theft, vandalism, wind, explosion, and water (but not floods). If your loss falls outside of these categories, it may not be covered. For example, if you forgot to securely tie your skis to the top of your vehicle, you likely won’t get new skis. It’s best to figure out what kind of protection you have with your homeowners or renters insurance policy before you go on vacation. Here are some steps you can take:
Ask If You’re Covered
Ask your insurance company if your destination is covered. You don’t want to jet set off to another continent and find out your coverage isn’t valid there for some reason.
Verify Your Off-Premises Coverage Amount
You should also verify how much off-premises coverage you have. With some policies, off-premises coverage is only a portion of the total possessions insurance. That amount is usually around 10 percent. For instance, a $50,000 possessions policy would cover up to $5,000 of loss on your vacation.
Leave Big Ticket Items at Home
If you’re a photographer with lots of expensive cameras and lenses, pick one or two and leave the others at home. Maybe you have a laptop and a tablet. Leave the laptop at home. Better yet, leave the laptop and your tablet home and just stick with your smartphone. Unless you’re on a business trip, you should try to disconnect from work as much as possible. Your lighter luggage will be an added benefit of packing less.
Make a List
Document and detail any expensive items you’re bringing on vacation in case you need to make a claim for damage or loss. Photos of the items and their serial numbers are extremely helpful. If possible, keep the receipts for your top dollar items scanned and stored in cloud-based storage or in your email. This way they’re accessible, even if you’re far from home and need to make a claim. You’re packed and ready to go on your exciting vacation. You’ve got the essentials like clothes and shoes, but you also may have some expensive extras. It’s important to protect those items with personal property insurance. If you need affordable home insurance, contact us. Our personal property coverage can help you to have a worry-free time away from home.