Does My Insurance Policy Cover My Possessions When They are Not in My Home?

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Does My Insurance Policy Cover My Possessions When They are Not in My Home?

Does my insurance policy cover my possessions when they are not in my home?

For the most part, the answer to this question is yes but it will depend on the circumstance and your individual policy. Your homeowners insurance policy (whether it’s a HO-3 for a home, HO-4 for a renter, or HO-6 for a condo owner) covers any of the property you own or use no matter where in the world you are. This means you can travel, domestically or internationally, without worrying about the contents of your baggage being lost or stolen during your adventure.

What about property not kept in my home?

Let’s say, for example, you keep personal items in a storage unit – a location not listed on the declaration page of your homeowners policy. Items that are permanently kept at a location like that are often only covered for 10% of the Coverage C (Personal Property) value listed on your policy unless your policy states otherwise. So if you usually have $100,000 in Personal Property coverage for the items in your home, you would only have $10,000 in Personal Property coverage for the items kept in storage.

There is an exception to this rule. If you are moving from one primary residence to another, the items in transit are still covered at 100% of the Coverage C value listed on the policy – but only for the first 30 days after the start of the move.

Are there other exceptions?

Property that belongs to boarders or renters and property you own in an apartment you are renting to others (landlord owned furniture, carpets, window coverings, etc.) is not covered. Your tenant would need his own renters insurance and you need separate coverage for your furnishings.

Even though there is coverage, or limited coverage for storage, the coverage rules and exclusions listed within your policy still apply. This means things like jewelry, antiques, paintings, and other valuables may need to be scheduled separately in order to be covered in full – no matter where in the world you’re traveling.

Not sure if the items you’ll be traveling with or stored are covered? Call your insurance professional and ask. He/She will help you to properly interpret your policy and make any necessary changes.

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