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Homeowner’s and Renter's Insurance Coverage While Traveling Abroad

International travel is a giant industry, with thousands of Americans traveling abroad each month. During travels however, there are situations that can arise when you or a traveling partner may need assistance in the form of insurance. Many different options are available to insure your travels safely (including traveler’s insurance), but if you own your home and have the typical homeowner’s insurance, or are renting a place and have renter’s insurance, you may be covered already through your travels.

Homeowner’s Insurance Coverage While Traveling

Standard homeowner’s insurance policies typically break up coverage into four distinct areas:

Structural home coverage has many facets to it, none of which apply to traveling. In the case of personal belonging coverage though, there are a number of items your homeowner’s insurance typically covers, including: furniture, sports equipment, clothes and a wide assortment of other personal items. Coverage protects against these items being stolen or destroyed by fire or weather-related disaster. Usually the homeowner’s insurance company covers between 50 and 70 percent of the amount claimed on the structure of your home for personal belongings. For example, if you have a $200,000 insurance policy on your home, there would be anywhere from $100,000 to $140,000 coverage for your personal items.

Your homeowners’ insurance policy should have a section here that includes off-premises coverage, meaning that these same insured belongings are covered regardless of where you and the items are in the world. Most companies have stipulations here, with many only allowing 10% of the total insurance to be used for coverage when you’re traveling with your items. There are also usually dollar limits on coverage for expensive items such as jewelry, purses, clothes, etc. Companies will usually also offer additional personal property coverage for items that are too expensive to fit under the included policy.

Homeowner’s insurance also includes liability protection, which covers you in case of lawsuits for bodily injury or property damage that you or anybody covered by your homeowner’s insurance (i.e. family, pets) incurs. This coverage also extends worldwide.

Renter’s Insurance Coverage While Traveling

Many renters avoid buying renter’s insurance because they believe the owner of their residence will cover them through homeowner’s insurance. This is not always the case though, as the homeowner’s insurance typically covers just the structure itself and not any of the renter’s items inside. That is because none of your items in the property are considered the belongings of the homeowner. In this case, renter’s insurance is advisable, not just for the benefits it gives you at home, but also while you travel.

Renter’s insurance typically covers everything in an apartment or home besides the structure itself. Average renter’s insurance policies offer between $20,000 and $25,000 worth of coverage, and will compensate you for lost or stolen property occurring due to any of the below:

Like homeowner’s insurance, renter’s insurance also covers your personal property regardless of where you and your property are in the world. It also covers against personal liability as well, giving you peace of mind during your travels.

Call and Ask

While the above details apply to most homeowner’s and renter’s insurance policies, they do not apply all. If you already have homeowners insurance, call your insurance company and ask specifically what is covered during your travels. From there, you can adjust your policy accordingly to insure you have a safe and fun time traveling. If you don’t have homeowners’ insurance, be sure to check out rates online.