Is my bicycle covered by my home insurance policy?
Is my bicycle covered by my home insurance policy? Do I need to get specialized coverage for it?
A typical homeowners insurance contains two sections:
- Property coverage
- Personal liability coverage
The property coverage portion is further broken down into four coverage areas:
- The primary building
- Detached private structures
- Personal property
- Additional living expenses (in the event that the primary dwelling becomes uninhabitable)
Your bicycle falls squarely into that third section: personal property. So, if your bike was damaged in a house fire or suffered any other insured loss, you would have coverage for it under your home insurance policy.
But you should also be aware of a typical policy feature that could apply in this case. Bicycles and their accompanying equipment are subject to a special limit of insurance if they are lost or stolen. In most cases, payment is capped at $500. What that limit means to you will depend on the kind of bicycle and accessories you have. If you just have a simple, inexpensive commuter bike with no frills, that $500 limit might be more than enough. But if you have a cargo bike, especially one equipped with an expensive electric conversion kit, that $500 limit might only cover a fraction of your loss.
The deductible also comes into play here. If you have a high deductible and a high-end bike, it might not make sense for you to pay the hefty deductible only to receive woefully inadequate compensation from your insurer (see An Overview of Insurance Deductibles for related reading).
If your bike is an expensive model and you want adequate coverage for it, there's a simple solution. You can simply schedule your bike onto your homeowner's policy. By providing some additional information about your bike (make, model, value, and so forth) and paying an extra premium, you can get it insured for its purchase price.
So, in summary, yes your bicycle is covered under your home insurance policy, and no, you don't need special coverage for it. But you might need to have it scheduled onto your policy if its value warrants doing so.
More Q&As from our experts
- Will my homeowners insurance cover my car if my garage burns down?
- Do I need to purchase insurance for my boat, or will my home insurance cover it?
- Does my company need cyber insurance?
Subscribe To the Insuranceopedia Newsletter!
Do you want to stay on top of New Terms, New Products, Free Software, and Specials? Join one of our email newsletters. It's fast and easy. You will be among the first to know about hot new insurance related articles, goodies and great deals - it will only take seconds!
- Free Life Insurance Quoter Tool: Get a life insurance quote online in minutes with Insuranceopedia and no hassles.
- Get a Life Insurance Quote with Insuranceopedia
- Get a life insurance quote online in minutes with Insuranceopedia's Free Life Insurance Quoter
- Win $100 Amazon Gift Card by taking our short reader survey!
- Win $100 Amazon Gift Card by taking our 2-minute Reader Survey