Do items stolen from my hotel room get covered under my home insurance policy?
UPDATED: Mar 25, 2013
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Asked March 25, 2013
Most standard home, condo, and renter's insurance packages include provisions for your personal property, both at home and when you take it elsewhere. The value of your stolen property is another concern, though. The standard policy only includes coverage for personal property up to a specific limit, and sometimes has per-item limits as well. The key is to know your policy and increase your personal property protection as necessary. Yes, your property is probably covered, but that does not mean it is protected for full value.
Most standard home insurance policies cover your personal property up to a specific amount. For homeowners, this is usually 10 percent of the policy value, while renters and condo owner policy owners will be insured up to the amount listed in the policy. For those who have more personal property than what is covered, and that includes most policy owners, you will need to increase the amount of personal property coverage, either by adding a rider to your policy or by picking up a second policy to cover the more valuable items you own.
You will need to provide proof of ownership on any items you file a claim for. The easiest way to do this is to save your receipts and maintain an up-to-date home inventory. Home inventories are essentially a list of things you own, and can be kept as a list with the receipts included. The most effective home inventory is a video which includes all of your property, from the clothes you wear to the equipment you exercise with. A video home inventory is a better choice for many reasons, but being able to accurately show the item and its condition is the most valuable aspect.
Keep in mind, too, that most policies will cover your personal property, but only the depreciated value. If you want full replacement coverage, you will have to pay slightly higher premiums. The advantage is that instead of only receiving compensation for a portion your property value, you will be able to replace the property regardless of how much the value has changed since the item was originally purchased.
For items of high value, such as jewelry, bonds or collectible items, it is usually a better idea to purchase individual insurance policies. This may seem redundant, but insuring an expensive piece of jewelry separately gives you more protection and reduces the number of potential claims you might file against your homeowners policy. This may not seem like a big deal, but it could save you a great deal of money as well as providing you with peace of mind regarding your possessions.
Answered March 25, 2013 by Anonymous