Does Homeowners Insurance Cover Theft Outside the Home?

Many losses of personal property due to theft outside your home may be covered by off-premises coverage. This type of coverage is included standard in many policies, however off-premises policies may not be available in all areas, particularly areas with high crime rates.  But many insurers will add an off-premises rider to your coverage for a small extra charge if it’s not included in your policy.

Your off-premises coverage isn’t a panacea for all your losses to theft, however. Your policy won’t cover the loss of an automobile--although your auto policy might--or CDs, stereos or MP3 players stolen from a car. Your homeowner’s policy usually won’t cover the loss of a boat, an outboard motor or other items from a boat that isn’t parked at your home, either. The claims limit of some high-ticket items, such as jewelry, electronics or collectibles, may be much lower than the item’s actual value.

If your children are college students, your homeowner’s policy may even extend to losses from theft they suffer. Many policies’ off-premises coverage extends to the homeowner’s children who are students if they live in the dorm, so property stolen from a dorm room or when they’re studying -- such as a laptop stolen while they were at the library -- may be covered. When your child moves out of campus housing and into her own apartment or house, she’ll probably need to carry her own renter’s policy to cover thefts.

Source: http://homeguides.sfgate.com/homeowners-insurance-cover-theft-outside-home-53333.html

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