Editor’s Note: Forbes Advisor may earn a commission on sales made through affiliate links on this page, but this does not affect the opinions or ratings of our editors.
It happened while Steven Kreimendahl and his wife were waiting for their checked baggage at LaGuardia International Airport. He says someone broke into her luggage and grabbed her camera. But that wasn’t the worst. He didn’t have travel insurance, so he thought it was a total write-off. Or was it?
“We immediately reported it to the airport staff,” says Kreimendahl, photojournalist and travel blogger at Travel to Blank. However, they had doubts that their insurance would cover the theft.
Kreimendahl and his wife Jazmín passed theirs Pension insurance whatever. “We claimed every part of the camera – the camera body, lens, battery, SD card, and filter, as each was purchased separately and added to the total cost that we lost,” he says.
To her surprise, her insurance company agreed to pay for the damage. Since they had bought the camera second-hand and didn’t have a receipt, their insurance company offered to replace the current value of a similar camera that was one model level lower than the one in their claim.
“We ended up receiving multiple checks over a period of weeks to fully cover the replacement cost minus our $ 100 deductible,” he says.
Can household and tenant insurance really cover you while you are traveling? Yes it can.
Homeowners, tenants and Home insurance covers the theft of your belongings, whether from home, your car, your suitcase in the hotel room or elsewhere.
However, before you apply, there are a few things you should know.
How home and tenant insurance can help travelers
What does the home and tenant insurance cover when you are out and about? You’d be surprised, says Michael Eilerman, co-founder of Nashville Insurance Services, an independent insurance agency.
“Most insurance companies worldwide offer coverage for your personal property up to 10% or more of your Coverage Limit C – your personal property,” he says. “So if my Coverage C-Limit is $ 100,000, I have $ 10,000 in global coverage.”
Also note that you will need a police report to file a theft complaint.
But there is a catch. There are different types of properties that have lower limits assigned to them. This means that regardless of the value of the item, you are limited to this limit for a theft claim. Items include jewelry, watches, and cash. Your Homeowner insurance The policy lists the specific items that have a theft coverage limit.
For example Eilermans Home insurance The policy only covers $ 1,500 for jewelry, watches, and fur theft, $ 500 for personal business property, and $ 200 for cash.
The question arises: How do I protect my Rolex abroad? The solution, says Eilerman, is to add the watch to your homeowner’s policy as “planned personal property”, also known, oddly enough, as “inland waterway coverage.”
“I recommend you do this with any high quality item,” he says. “It offers worldwide coverage for an agreed dollar amount so you don’t have to worry about the bargaining value. And it does so for a wider range of hazards. It’s also relatively cheap – typically less than $ 1 per $ 100 of coverage. “
Zhaneta Gechev, who sold home insurance for six years and is the founder of One Stop Life Insurance, paid some pretty high claims.
“I’ve had customers vacationing in Hawaii,” she recalls. “The woman had her engagement ring setting and diamond earrings stolen. The total value of the jewelry was $ 16,000. The woman took off her jewelry and hid it with her beach gear and got into the water. When they returned, they found that someone had stolen the jewelry. They reported to the police and informed the insurance company. The freight forwarder has paid the claim. “
Is Travel Insurance Better?
So why buy Travel insurance whether your home insurance will cover the damage? For many travelers, it’s about the deductible. A household insurance check in the event of theft is reduced by your deductible. If you have a high deductible, e.g. B. $ 2,000, you don’t even need to file a claim if you just stole an item of lesser value.
In addition, most travel insurance policies cover a number of other potentially costly travel issues. They include:
- More coverage. Traditional travel insurance offers cover for additional problems such as cancellation or delay of travel.
- Medical coverage. Travel insurance can have a medical component that is extremely important for many travelers, especially those going overseas.
In addition, you can make a claim with travel insurance that does not affect your home insurance. You do not risk a tariff increase because you have kept the claim out of your home insurance.
For your next trip, it is worth checking your home or tenant insurance. Look at the full insurance picture. If your home, auto, and health insurance is sufficient for your trip, you can do without travel insurance.
This is what Barbara Glavish did when she recently visited Lausanne, Switzerland.
“While I was waiting at the Lausanne train station to be picked up by friends, my suitcase was sent right next to my feet,” recalls Glavish, a retired occupational therapist from Incline Village, Nevada. “Our friends took us to the police station in the station, where I filled out a report.”
A few weeks later, she registered her homeowner insurance. It contained the police report and a list of the contents of her bag. Her insurance company immediately wrote her a check for $ 1,200.