You’re traveling, and whether it’s a vacation or a work trip, you want to be prepared for gala evening events. So, you bring a few pieces of your good jewelry. Understandable, but perhaps not such a good idea; what happens if it’s lost or stolen while you’re away from home?
It may put a damper on your mood, but if you plan ahead, you might not be out-of-pocket.
Many homeowners don’t realize that the same policy that covers them for losses at home could also cover stolen items if the theft occurred outside your home.
Covering off-premises losses
Check your policy. 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 it doesn’t, 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.
One way to this coverage gap is to schedule your extremely valuable items. This means that the 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.
If you’re concerned about protecting your personal belongings at all times, make sure you purchase a policy that travels with you and your valuables.