Can Homeowners Insurance Cover Things Not on Your Property?

Homeowners insurance can cover your personal property at home, but it can sometimes offer coverage for your things that aren't under your roof or on your yard. Many home insurance plans include several off-premises coverage options. Here is a look at some of the things a homeowners policy can cover off-premises.

Theft Coverage Anywhere in the World
Some home insurance polices come with theft coverage that can work no matter where your belongings are when someone steals them. Your property is still your property whether it's inside your home or out of it.
This type of off-premises coverage can help, but it doesn't always work in precisely the same way as it would if the theft occurred inside your home. Some policies can have limits on the dollar amount it will cover for off-premises thefts. For example, a policy may base the amount of coverage on a percentage of the overall policy value.
Theft Coverage While You Travel
If you lose your luggage while traveling, your homeowners insurance may cover the loss. This also applies to other types of loss or theft that occurs while you travel from one place to another.
For example, if you park your car to take a break while traveling, and someone steals something out of it, you can often file a claim. If you stay at a hotel and someone takes something of yours while you're there, your homeowners insurance can help compensate you for the loss.
Theft Coverage for Items Stolen From Your Vehicle
Theft of items from a vehicle can happen at any time, not only while you travel. If someone breaks into your car and steals your personal belongings, you can likely make a claim with both your auto and home insurance provider.
Theft Coverage While on Vacation
Similarly to travel coverage, if you're on a vacation and theft of your belongings occur, your home insurance can sometimes cover the stolen items. You have to show some care, as some items may require additional insurance coverage beyond what your home insurance will normally handle.
If someone steals your valuable jewelry while you tan on the beach, your insurance may only cover a small portion of the value. For high-value items, make sure you find out if your home insurance will cover them before you take them with you.
Student Liability and Property Coverage
If you or someone in your household leaves for college, some of your homeowners insurance will go along with the student. Generally, a lesser version of most of the home insurance coverage will apply to the student.
Stipulations for which types of coverage will apply will vary, and so will the eligibility requirements of the student. Many insurance companies will extend coverage to a student if the person in question is:
  • At college full time
  • A resident of the covered home before going to college
  • Under a certain age
  • Some insurance companies may require the student to live on-campus while some may not care either way. Students can also make use of renters insurance to cover gaps in coverage.
Types of Coverage Available to Students
Homeowners insurance can extend the major coverage areas to a student, including:
  • Personal liability coverage
  • Personal property coverage
  • Medical payments
  • All these coverage options can give you some peace of mind since they cover a lot of the potential eventualities that come with student living. If your student accidentally damages the school's property or someone hurts themselves in your student's dorm room, then personal liability can pay the damages and medical payments can cover any injuries.
With personal property coverage, some or all the named perils covered on your policy will extend to your student. This means your student will have coverage for more than theft. The coverage can also include things like fire damage and vandalism.
Nevertheless, just like with theft coverage, the property of the student may have some coverage limitations. By contrast, the liability limits will typically remain the same. Once again, these things can vary widely between insurance companies, so have an understanding of what your policy will cover sooner rather than later.
Other Types of Off-Premises Coverage
Many other types of off-premises coverage can come with a homeowners insurance package. You can also add riders or additional coverage options if you're not satisfied with the type of off-premises options available in your policy.
In many cases, you can already have all the options you need and not even know it. For example, your home insurance may cover things in a storage unit, which can become important if a storage facility tries to sell you their own insurance product.
Don't automatically assume you have or don't have any off-premises coverage. Check the language of your policy or speak with your insurer. To learn more about what kind of off-premises coverage can come with a Colorado homeowners insurance policy, contact L.A. Insurance today.