When packing for a vacation or even a work trip, looking good is a priority. That may mean that you bring along a few pieces of your best jewelry. But what happen if it’s lost or stolen while you’re on vacation? Talk about putting a damper on a good time, but luckily, your homeowner policy may swoop in to save the day. Many homeowners understand that if personal items are stolen from their home, it’s covered, but many don’t realize that it could also cover stolen items even if the theft occurred outside of your home. The first step, before even planning your vacation, is to check your policy. Some insurance companies will have specific rules regarding coverage and others may not even offer coverage. If you know you travel a lot, whether it’s for work or personal reasons look for a policy that includes off premises coverage. You may have to purchase it as a rider policy, but it will be worth the cost.
Keep in mind that even if it’s available, it may come with limitations. Certain items may not be covered at all, while others may have certain claim limits imposed on them. Things like jewelry and electronics could be covered, but it may not be for the total amount of it’s true worth. One solution to fixing this coverage gap is to schedule your extremely valuable items. When you do this, the insurance company agrees to a fixed value for a specific item and most causes of loss are covered. This will also allow you to set a specific deductible amount, but pay attention to other deductible amounts as well. Some individual items that aren’t scheduled are subject to a different deductible. If you’re concerned about protecting your personal belongings at all times, make sure you purchase a policy that travels with you.