If you can afford to travel at the drop of a pin and visit extraordinary galas and evening events, chances are your wardrobe is worth more than many peoples houses. Even if you only pack some expensive jewelry items while traveling, the risk that your items may be lost or stolen is very realistic. How can you stay covered when valuables are stolen at the airport or right at home?
Many people don’t know that the same home insurance policy that covers them for losses at home could also cover stolen items if the theft occurred outside your home. Below is everything you need to know when covering your losses.
Covering off-premises losses
Check the policy you are under. Some insurance companies will have specific rules regarding off-premises coverage, and others may not offer this coverage. If you’ll be traveling extensively, look for a policy that includes off-premises coverage.
If your insurance company does not support this type of coverage, you may have to purchase it as a rider policy. You’ll pay extra for this coverage; however, if the worst happens, you’ll find it worth the cost.
Bear in mind that this coverage may come with limitations. Certain items may not be covered at all, while others may have certain claim limits imposed on them. Items like jewelry and electronics could be covered, but it may not be for their total value.
Scheduling your valuables means that your insurance company agrees to a fixed value for a specific item and covers most reasons for its loss. This will also allow you to set a specific deductible for the scheduled item, but you should also pay attention to the deductible for other items; some that haven’t been scheduled are subject to a different deductible.
We understand your concern about protecting your personal belongings at all times. Make sure you purchase a policy that travels with you and your valuables, along with an insurance company that gets the BIG Idea. Choose Brazelton Insurance Group.