Residence and Outside Theft Insurance
Definition - What does Residence and Outside Theft Insurance mean?
Residence and outside theft insurance covers the financial loss incurred when property is damaged or lost due to a peril like theft or vandalism that happened outside or beyond the premises of the property that the policyholder considers their dwelling.
Insuranceopedia explains Residence and Outside Theft Insurance
Most property insurance covers for losses that happen within the insured property, especially a building and its contents. But the coverage might not apply to the contents when they are used elsewhere, such as a laptop that was stolen while it was not within the bounds of the insured property.
To cover these risks, a policyholder can ask to add riders to their policy. Each rider can cover a specified item. The policyholder pays an additional amount for every rider but each will cover a loss even if it takes place outside the policyholder's home.