Obscure home insurance coverage
May 14, 2014
There are a few interesting items of note that you may not know about your home insurance policy. According to Kiplinger News Service, some of the most standard insurance plans provide coverage for obscure events such as riots, natural disasters and dorm-room theft.
Look out below
Most insurance policies cover your home against falling meteors.
Most homeowners in the United States aren't fretting over a potential volcanic eruption, though it is a threat for some homeowners in Alaska, California, Hawaii, Oregon and Washington, according to the Chicago Tribune. Luckily, those homeowners can sleep easy knowing most standard insurance policies cover damage from volcanic eruptions.
While your home and belongings should be backed by your provider if molten lava ever makes it to your front door, you wouldn't be so lucky if an earthquake or flood were to strike.
Penny Gusner, a consumer analyst, told the Tribune that while vehicle damage is usually covered by auto insurance if a flood or earthquake were to strike, a standard homeowner policy often skips those two natural disasters. In order to receive earthquake coverage, you'll need to add an endorsement to your existing policy or buy a separate policy.
While your chances of being struck by lightning or being attacked by a shark are much higher than a meteor or orbiting satellite falling on your home, your insurance should still provide protection if such an event were to take place.
According to the Insurance Information Institute, damage prompted by falling objects is typically covered under standard life, auto and homeowners policies. These policies cover damage to the home and belongings inside. The optional comprehensive portion of an auto policy covers damage to a car.
Stealing on campus
Many people are unaware, but most homeowners insurance
policies provide protection for college students' belongings while they're away from home. If you receive a call from your son or daughter that their stereo system was stolen from their room, don't fret.
Policy rules tend to differ among providers, but most of the time, the rules require the student to be living on campus, enrolled in school full time and younger than 26, according to the National Association of Insurance Commissioners.
Jeanne Salvatore of the Insurance Information Institute told the Tribune that some insurance policies limit off-premises coverage to 10 percent of the personal possessions coverage. Most homeowners policies offer coverage for possessions at 50 to 70 percent of the home's coverage.
However, students residing in off-campus housing may not be covered if any of their personal items are stolen. Students living off campus should consider a renters insurance policy to protect themselves against theft.
Watch out for those pesky riots
Hopefully you'll never have to deal with a violent riot or sports celebration that becomes out of control. But if a protest turns aggressive and your car or home is damaged during the ruckus, your property should be covered under standard homeowners policies and comprehensive auto insurance.