Does Homeowners Insurance Cover Theft Away from Home?
As a homeowner, you invest a significant amount of time and money into your property. From the moment you move in, you’re responsible for ensuring the safety and security of your home and its contents. However, even with the best security measures in place, theft can still occur. But does your homeowners insurance cover theft away from home?
What is Theft Away from Home?
Theft away from home refers to the theft or loss of personal property outside of your home. This can include:
• Stolen valuables from your car, such as jewelry, laptops, or wallets
• Lost or stolen items from a hotel room, vacation rental, or Airbnb
• Theft of personal property from a friend’s or family member’s home
• Theft of property from a public place, such as a park or mall
Does Homeowners Insurance Cover Theft Away from Home?
The answer to this question is a resounding "maybe." While standard homeowners insurance policies typically cover theft within the home, they may not automatically cover theft away from home. However, many policies can be extended to cover theft away from home with an additional endorsement or rider.
Here are some scenarios where your homeowners insurance might cover theft away from home:
• Scheduled Personal Property: If you have high-value items, such as jewelry, artwork, or collectibles, you may need to schedule them separately on your policy. In this case, theft away from home is often covered.
• Personal Effects Floater: Some policies offer a personal effects floater, which covers specific items, such as jewelry or electronics, against theft, loss, or damage anywhere in the world.
• Riders or Endorsements: Many insurers offer riders or endorsements that can be added to your policy to cover theft away from home. These riders may require an additional premium.
What’s Not Covered?
While homeowners insurance may cover theft away from home in certain situations, there are some exclusions to be aware of:
• Business Use: If you use your personal property for business purposes, theft away from home may not be covered.
• Valuables Left Unattended: If you leave your valuables unattended in a public place, they may not be covered.
• Theft by Someone You Know: If a family member, friend, or roommate steals your property, it may not be covered under your homeowners insurance policy.
What to Do if Your Homeowners Insurance Doesn’t Cover Theft Away from Home
If your homeowners insurance policy doesn’t cover theft away from home, there are still some options to consider:
• Renters Insurance: If you rent your home, consider purchasing renters insurance, which often covers personal property against theft, loss, or damage.
• Travel Insurance: If you’re traveling, consider purchasing travel insurance, which may cover lost or stolen property.
• Credit Card Coverage: Many credit cards offer insurance against theft, loss, or damage of purchases made with the card.
Conclusion
While homeowners insurance may not automatically cover theft away from home, there are ways to extend your coverage. By understanding what’s covered and what’s not, you can take steps to protect your personal property and ensure that you’re not left vulnerable in the event of theft. It’s essential to review your policy and discuss your options with your insurance agent to determine the best course of action.
Table: Common Exclusions from Homeowners Insurance
| Exclusion | Description |
|---|---|
| Business Use | Personal property used for business purposes is not covered |
| Valuables Left Unattended | Valuables left unattended in a public place are not covered |
| Theft by Someone You Know | Theft by a family member, friend, or roommate is not covered |
Bullets List: Important Points to Remember
• Review your policy to understand what’s covered and what’s not
• Consider adding a rider or endorsement to cover theft away from home
• Keep valuable items in a safe and secure location
• Consider purchasing renters insurance or travel insurance for added protection
• Keep records of your valuables, including serial numbers and appraisals
By understanding your homeowners insurance policy and taking steps to protect your personal property, you can rest assured that you’re covered in the event of theft away from home.
