Insurance Insights: Off-Premises Coverage
Not only does homeowners insurance provide coverage for the structure of a home, liability protection, and additional living expenses for those temporarily unable to live in their homes due to an insured disaster, but it also covers personal belongings even if they are outside the home. “Off-premises” coverage applies to personal belongings anywhere in the world. A typical homeowners policy will insure a homeowner’s personal possessions for 50%-70% of the insured value of his or her home, but some insurance companies limit that coverage amount to 10% when they are away from home. If a home is insured for $100,000 and the homeowner’s possessions are covered for half that amount ($50,000), the total protection on belongings off-premises would be $5,000.
Homeowners insurance provides coverage in the event of loss or damage to your property. Does your current policy cover you adequately? We would be very pleased if you place your trust and business with us. We are committed to demonstrating to you that your confidence is well placed. If you have any insurance questions, call us. You will be treated with the courtesy and respect you deserve as a valued client.
Quick Tip: Most renters’ insurance policies offer off-premises coverage, which applies to personal property stolen from the insured’s car.