He is on vacation in the Caribbean and realizes that two hours after his flight, he left the camera under a chair at the airport. When you land, call the airport and the airline, but you can’t find your camera. This can leave you wondering if your landlord or tenant’s insurance covers the loss.
In general, the standard coverage included in a home, condominium or tenant insurance policy does not cover the cost of lost property. Instead, these guidelines help cover specific risks called threats. Although a camera or other property you own may be stolen or damaged in a fire, this cover generally does not cover lost or lost items.
LIMITS AND DEDUCTIONS
Suppose your camera was stolen from your hotel room. Since theft is usually a covered risk, owner or tenant insurance can help pay for the replacement of the stolen camera. Please note that your insurance limits may be lower if the loss occurs while you are away from your personal belongings (sometimes called “external personal property coverage”). Be aware that you may have to pay the retention of personal property for a covered claim.
Finally, it should be noted that certain valuables, such as B. jewelry, may have a lower loss of flight limits than other covered threats. Consult your policies or call your agent if you have questions about your coverage limits.
The Personal Property Provided Can Help Cover The Cost Of Lost Items
You may be able to add personal property insurance provided to your home or tenant insurance to protect yourself from lost property. The personal property provided is an optional cover for which you pay an additional premium in addition to your normal personal cover. It allows you to “plan” certain precious objects and increase coverage.
The intended items (eg expensive jewelry, art objects, musical instruments, firearms or cameras) can protect against additional risks such as accidental loss. And there are higher limit values for jewelry and programmed firearms than the limit values that normally apply in standard insurance for owners or renters. You will likely need a professional appraisal to purchase the scheduled personal property coverage. And when you buy coverage, you probably have to choose a deductible. A local insurance agent can help you determine which of your belongings are for your tenant or home insurance.
No one wants to suffer a loss of personal property, whether by accidentally leaving the property or by a situation beyond their control. Talk to your insurance agent to find out what type of insurance coverage you have and if you can benefit from additional protection measures. Then you can continue and know that you have guarantees in the event of the unexpected.