Any trip, whether it’s for business or pleasure, can turn bad if your luggage does not return with you. Fortunately, many home insurance policies will reimburse you for lost or stolen luggage.
According to the Insurance Information Institute, this falls under “off-premises coverage” in some home insurance policies. Sometimes coverage is automatic, but some insurance companies may charge extra.
If you have made expensive purchases while on vacation that are gone with your luggage, you won’t recoup your expenses. Generally, you will be reimbursed only up to $500 for loss of personal property in luggage. If you know you will be making expensive purchases, you should probably have certain items insured separately.
If you have any questions on whether your home insurance policy has the “off-premises coverage,” give E. R. Munro and Company a call at 877-376-8676 or send us an E-mail at [email protected].