Be aware of how to respond in case your bike gets stolen or damaged at home.

Is My Bike Covered Under My Homeowners Policy?October 6, 2021

Have you ever wondered if your bike was stolen from your home, whether it would be covered under your home insurance policy? Or if your garage catches fire and your bike was inside and ruined, does your homeowners policy cover your loss? This article will answer insurance coverage questions about your bike. Warning: you may not like some of these answers!

 

What Does a Homeowners Policy Cover?

A homeowners policy is divided into two broad sections: property coverage and liability coverage. The two are then broken into multiple coverage parts. They can vary by name and insurance carrier, but are often referred to as:

 

  • Dwelling Coverage
  • Other Structures Coverage
  • Personal Contents Coverage
  • Loss of Use
  • Personal Liability
  • Medical Payments Coverage

The property coverage section covers, as it is named, damage to the property you own for named perils. The liability section provides coverage for things that you are legally liable for. We will explore both areas next.

What Does the Dwelling Property Section of a Homeowners Policy Cover?

A standard homeowners policy covers the dwelling, contents, separate structures, and loss of use under the property section of the policy. However, there are exclusions to every contract.

What Does the Dwelling Section of a Homeowners Policy Cover?         

The dwelling coverage section of a homeowners policy responds to covered losses to the home structure and covered separate buildings. Covered losses are defined in the policy, and may include things such as a fire, lightning, windstorm, etc. Detached buildings include but are not limited to things like separate buildings or fences. It is the section of your home insurance policy that helps pay to rebuild or repair the physical structure of your residence.

Is There Any Coverage for My Bike Under the Dwelling Portion of My Homeowners Policy?

There is no coverage afforded to your bike under the dwelling portion of your homeowners policy. This part of the homeowners policy is specifically designed to cover the dwelling but not the contents contained within.

Is My Bike Covered While in a Separate or Other Structure on My Property?

Like the dwelling mentioned above, your bike is not covered on a homeowners policy while in a separate structure like a garage or barn on your home insurance policy. This section of the policy covers the separate structure only, not the contents contained within.

What Does the Personal Contents Section of a Homeowners Policy Cover?

Personal property coverage is the section of a homeowners insurance policy that covers the things you own, such as furniture, clothes, TVs,  etc., from losses listed explicitly in the policy.

 

For most homeowners’ policies to respond to a personal property claim, they must occur as a result of the following: 

  1. Damage due to lightning or fire
  2. Damage due to a windstorm
  3. Damage due to an explosion
  4. Damage due to a riot
  5. Damage from an aircraft
  6. Damage from a vehicle
  7. Damage from smoke
  8. Damage from vandalism
  9. Someone stealing your personal property
  10. Damage from a falling object
  11. Damage due to the weight of ice, snow, or sleet
  12. Damage from an accidental discharge of water
  13. Damage from unintentional tearing, cracking, burning, or bulging
  14. Damage from freezing
  15. Damage from a short circuit that is accidental
  16. Damage from a volcano

What Are Homeowners Personal Property Coverage Limitations?

Most homeowners’ policies contain the following personal property limitations:

  • $200 for money, silverware, coins, and medals
  • $1,000 for securities, deeds, etc.
  • $1,000 for watercraft such as boats and wake runners, including trailers and accessories
  • $1,000 for trailers not used for boats and wake runners, etc.
  • $1,000 for theft of jewelry and other items
  • $2,000 for the theft of guns
  • $2,500 for the theft of things like silverware, etc.
  • $2,500 for business property

This is just a partial list, and there are good reasons for the limitations. For example, if you have valuables that exceed the policy limitations, you can purchase increased limits on the base policy. You can also buy a separate “personal articles rider” that increases the limit and adds additional covered perils such as mysterious disappearance.

What Personal Property is Not Covered Under a Standard Homeowners Policy?

Certain types of personal property are not covered under a homeowners policy.  They include but are not limited to the following:

  • Animals, birds, or fish
  • Motor vehicles, including their equipment and accessories, are used to service the insured residence or designed to help the handicap
  • Aircraft except those that are models or for a hobby
  • Property of tenants

This is just a partial list, and there are good reasons why the above property is not covered. For example, automobiles and motorcycles should be covered under a policy that addresses specific car and motorcycle exposures, such as an auto or motorcycle policy.

Is My Bike Covered Under the Loss of Use Section of a Homeowners Policy?

The loss of use section of a homeowners policy is specifically designed to cover the loss of use of your home for covered losses such as a fire or windstorm that makes it not livable, and you have to live somewhere else.

What Does the Liability Section of a Homeowners Policy Cover?

The liability section of a homeowners policy pays for covered bodily injury and property damage losses that you are legally liable for to another person up to the policy limit. It also pays for medical expenses that you may or may not be legally responsible for.

What Is Not Covered Under the Liability Section of a Homeowners Policy?

This is a partial list of things not covered under the liability section of a homeowners policy:

  • Ownership, maintenance, or use of motor vehicles, watercraft, or aircraft
  • Business pursuits or professional services
  • Transmission of diseases
  • Lead, mold, or fungus
  • Child molestation
  • Intentional acts that cause injury

Summary

A standard homeowners policy is not designed to cover bikes. Therefore, it is best to have a separate policy on your bike to protect it from loss or to protect you in the event you cause injury to someone or damage their property.

How Do I Find Out More?

To learn more about bike insurance coverages that are right for you, contact one of our bike insurance experts at Duliban Insurance at 855-Duliban.

 

Outbound links:

  1. http://www.ibc.ca/on/home
  2. https://www.ccir-ccrra.org/
  3. https://bac-quebec.qc.ca/en/
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