Most homeowners understand the coverage they have for personal property inside their homes, but may have not even considered the impact on insurance when the property is somewhere else. It is important to understand how home insurance protects property away from home.
Property in Storage May Not Be Adequately Covered
If you are downsizing to a smaller home or wanting to safeguard inherited property, a storage unit may be the best way to de-clutter your home. You should check the rental agreement to see what types of losses are covered by the storage facility. You should check your policy and, if necessary, call your agent to see if you have "Off Premises" protection. Keep in mind that your home policy provides limited coverage on certain valuable items, so supplemental insurance may be necessary.
Your Home Insurance May Not Transfer to College
If you have a son or daughter who is taking smartphones, laptops and other expensive electronic devices to a college dorm, you need to understand how your home policy will work. Most home policies will only cover personal property away at college if 1) your student is enrolled in full-time studies, and 2) your student lives in an on-campus dorm room. If your son or daughter changes to part-time or moves into an apartment off-campus, you will likely need a separate renter's policy for personal property to be protected.
How Home Insurance Works in Hotel Rooms
Many people go out of town for business conventions or other special celebrations and take expensive furs, jewelry and other valuable items. They often give little thought about the insurance protection on these items. Standard home policies normally limit coverage on very expensive personal property, even inside the home. If you have "Off Premises" coverage, it will probably be limited even further to a percentage of the original amount. Check with your agent before leaving town. You may need to purchase "valuable items" coverage or an umbrella for your home policy.
Home insurance doesn't have to be complicated, as long as you understand how your policy works. It is important to ask your agent questions when you don't thoroughly understand what coverage you have in a particular situation. Your home insurance must always fit your needs and keep pace with your lifestyle.
Get the coverage you need. Call Paris Kirwan Associates, INC. at 800-724-2627 for more information on New York home insurance.