Home Owners insurance policies will cover your personal property if it’s stolen inside or outside your home. Examples: Your riding lawnmower is stolen from your garage, you’re taking a walk and you’re robbed of your iPhone. Items stolen from your car, like a laptop would also be considered personal property and covered.
Most Home Owners policies have a deductible of $500 to meet. You would only be able to file claim if items stolen are with more than the $500. Certain items like cash and jewelry have limited amounts you are insured for. Limit on cash is usually $200 and Jewelry $2,000.
For a high-value items like jewelry and guns most homeowners policies allow you to purchase an endorsement that will increase the limit how much you are insured for.
It’s also important to know whether your personal property is covered at actual cash value or replacement cost value. Actual cash value reimburses you for the amount the damaged or stolen item is currently worth. Replacement cost value reimburses you for the amount it would cost to replace the same exact item in the current economic market value.
Finally, people listed under your homeowners policy will also be covered against theft. This includes your spouse, children, or anyone identified on the policy. Coverage extends to your child, when they are living on campus and attending college. Once your child or family member moves into their own home, the personal belongings will no longer be covered under your homeowners policy.