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Thursday, February 18, 2010

Are You "On Track" about Off Premises Theft?

Off premises theft coverage: (n.) coverage provided to you off the premises you reside for the act of stealing your belongings.

So now I know what your thinking…”Amy, translate this insurance jargon into something that makes send to me…PLEASE!”

Ok, so basically if someone breaks into your car and jacks your golf clubs and your IPOD, this coverage would be able to replace those for you.

Charlie Customer
: “Oh, so this is under my car insurance right?”

Me: “No, its covered under your home, condo, or renters insurance policy.”

Charlie Customer: “Wait, someone breaks into my car and steals my IPOD and that’s part of a renters policy or my homeowners?”

Me: “Yes. Because anything that isn’t attached to the car – IPOD, your Garmin GPS, your golf clubs, etc. are all considered personal property and is covered under your home insurance.”

Ok. So now that we get that part, here’s the unique to New York downstate home insurance coverage: “Off Premises Theft Exclusion” - included in all downstate New York policies

Translation - this means if you live in Bronx, Kings, Nassau, Queens, Suffolk, Putnam, Rockland, Westchester, and New York Counties this coverage is in most cases NOT automatically included in your homeowners, renters, or condo insurance policies. This means, that if you live in these counties, and do not elect to add this coverage in (yes, this is usually at a small additional cost), many insurance companies do not automatically include coverage for your stuff if you take it out of your house. This includes when you go away on vacation, golf clubs in your car, etc. If you don't have this coverage on your policy, you will not be covered. Sorry Charlie.

-> However on a side note, If you live upstate above these counties, this coverage is automatically included and you can opt-out of the coverage if you wish.

So what do I do? How do I get this coverage?
If you live in one of these downstate New York counties and do not know if you have this coverage or not, I would encourage you to look at your policy. Take a look anyways! And also call your trusted insurance professional. Ask them what it would cost to add this on – probably less than an IPOD and a set of golf clubs.

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