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8/28/2013 - Still planning a getaway? Residential coverage provides financial protection for rentals


Personal belongings vacationers take with them are often covered under their homeowners insurance policies.

With travel excursions up 17% this summer, according to a recent poll conducted by American Express, many of those who got away rented out a vacation home in order to enjoy seasonal temperatures and spend some quality time together with their families. As picture perfect as these trips typically are, though, they can occasionally result in accidents, wherein belongings are destroyed, misplaced or stolen.

But as the Insurance Information Institute points out, personal items that are brought on vacation are often still covered under one's homeowners or renters insurance policy, even though policyholders are in quarters that aren't their own.

The III points out that should personal possessions be destroyed by vandalism or stolen after someone breaks into the residence - no matter where individuals may be visiting for an extended period - property insurance can help provide for these incidents. However, at the same time, it's important to remember that these policies will often limit the amount of coverage to a certain percentage of the overall value of the policy. In other words, if a homeowner or renter has $100,000 worth of protection for belongings, when off premises, coverage may be a fraction of that total, traditionally 10 to 15%.

The III offers additional tips as Americans close out their summer travel period.


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