Does Your Homeowners Insurance Include Off-Premises Coverage? – When it comes to offering sufficient protection to your personal belongings as well as your home, homeowners insurance is the perfect tool. But aren’t you curious about what happens to your home or property when you are away?
This is where off-premises coverage comes in. Does your homeowners insurance include off-premises coverage? Off-premises coverage takes care of the concern about protecting your property when you are not home.
Whether you are storing your properties or belongings in another place, or you are traveling, you can face circumstances when you are away. However, when you understand the complexities of off-premises coverage, you will have nothing to worry about.
What is Off-Premises Coverage?
Off-premises coverage in the realm of insurance is a form of coverage that offers protection beyond the business site or primary residence of a policyholder.
In other words, this type of insurance coverage provides protection that is beyond the physical location of your primary residence or business site.
Furthermore, this includes furniture, electronics, and other personal belongings. Business-related properties are also covered by off-premises coverage.
However, keep in mind that the exclusions, coverage limits, and deductibles depend on the insurance policy. So, make sure you understand your policy’s terms for proper protection.
Does Your Homeowners Insurance Include Off-Premises Coverage?
Yes, off-premises coverage is usually a part of a standard homeowners insurance policy. Hence, when you are not home or away from your physical premises, your personal belongings and properties will be covered. With off-premises coverage, you do not have to worry about anything even when you are present physically. Meanwhile, it is very important that you review your insurance policy to understand more.
When Does Your Homeowners Insurance Include Off-Premises Coverage?
Off-premises coverage will typically be included in your homeowners insurance policy in any of these situations:
Personal Property Coverage
Off-premises coverage will be liable for your personal belongings like furniture, clothing, and electronics when you are away from or outside your home. For instance, if your suitcase gets lost when you are traveling or your laptop gets stolen from your car, your home insurance quote might compensate you for the loss up to the limit of your policy.
Liability Coverage
Liability protection is offered from this part of off-premises coverage. In other words, any situation that takes place away from your home but is associated with negligence or your personal actions will be covered by liability coverage. For example, medical bills or legal expenses will be covered if your pet dog bites another party at the park.
When Is This Form of Coverage Not Applied?
When is off-premises coverage not usually applied? Here is the answer to this question:
Intentional Acts
Illegal activities or intentional acts are not generally covered by off-premises coverage. Therefore, if you damage another person’s property or harm a person intentionally, your home insurance policy might not cover or be responsible for the liabilities.
Business Activities
Coverage for business activities performed while you are away from home is typically excluded from homeowners insurance. But there is an exception and that is if you have additional endorsement to your policy. So, if you have a professional activity or business to attend to beyond your home, you should consider getting a separate business insurance policy to cover property risks and liability.
Wear and Tear
Wear and tear just like in many insurance coverages are excluded if they are a result of maintenance issues or gradual aging. Sudden or accidental losses are the main issues that are usually covered.
Excluded High-Value Items
If any high-value items like collectibles, jewelry, or fine art that you own are not mentioned or are excluded from your homeowners’ insurance policy, they might not be covered or their coverage may be limited under a standard quote. Meanwhile, you can get a separate endorsement or rider to get enough protection in case of damage or loss.
Frequently Asked Questions
What does off-premises coverage in homeowners insurance protect?
Off-premises coverage typically covers and safeguards your personal belongings like clothing, furniture, and electronics when you are outside your home. Liability coverage is also extended when events that take place when you are away are associated with negligence or personal actions.
Can off-premises coverage help with liability if someone is injured away from my home?
Yes, this form of coverage provides liability protection for events where you are liable for property damage or injuries to another party away from your home. For example, if your dog bites a person or you damage a person’s property accidentally.
Does off-premises coverage include coverage for personal belongings while traveling?
Certainly, your personal belongings are covered while you travel when you have off-premises coverage. Your homeowners’ insurance policy will compensate you if your baggage or items are stolen or lost during your trip.