Is my bicycle covered by my home insurance policy?

By Jacques Wong | Last updated: February 9, 2018

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:

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.

Share this Q&A

  • Facebook
  • LinkedIn
  • Twitter


Coverage Personal Property Home Insurance Personal Lines

Written by Jacques Wong

Profile Picture of Jacques Wong

Jacques grew up around the insurance industry and began actively participating in 2013. Since then, he has gotten a Level 2 license, won Insurance Council of BC awards in 2015 and 2020 for academic excellence in the insurance licensing courses. He educates insurance professionals through PNC Learning and as a Thought Leader at ReFrame Insurance.

In his day job as an insurance broker, he helps businesses with creative risk management solutions and strategic advice when it comes to insurance.

More Q&As from our experts

Related Articles

Term of the Day

Eligible Employee

An eligible employee is a worker who has spent twelve or more months on a job or rendered 1,250 hours or more of service for...
Read Full Term

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!

Go back to top