How your home insurance works even while you’re away on holiday

Securing one’s home is the primary concern of all homeowners, especially since it can be considered as one of the most valuable assets that a person can have. This is why, as much as possible, we take advantage of home insurance policies.

Because of this, we can be assured that should a fortuitous event occur, we will not be left out in the cold. Yet it would seem that there are a lot of policy owners who are not aware of the details of their policy; a report on The Journal revealed that only 74% of Irish homeowners feel that they’re adequately insured.

What most policy holders also don’t know is that home insurance also works, even if the owner is away on a holiday. The Insurance Information Institute confirmed that a standard homeowners’ insurance policy includes off-premises coverage—meaning that your possessions are covered anywhere in the world. Fox Business enumerates some “home insurance benefits away from home”, as follows:

• Hotel theft of jewellery pieces and other luxury items may be covered by your policy, but probably not for the full amount.
• Off-premises coverage of your policy may include lost luggage, subject to certain limitations.
• Some providers of homeowners’ insurance include coverage for shopping theft loss, even if these items are stolen in the car.
• Work-related property such as laptops which are lost during a business trip may be covered by your policy, but within a limit.
• Personal liability for damaged property due to your own negligence (including claims for lawsuits) is also likely covered.

Of course, even if an insurance policy is in place, it’s best if you take the necessary precautions when you leave home. Aviva found that nearly 40% of insurance claims resulted from water damage, so it’s advised to check gutters and inspect roofs before going on a vacation. Right now, the average cost of running an Irish household is around €49,000 (source: The Irish Times)—we wouldn’t want exorbitant home maintenance fees to take the chunk of our savings just because we forgot to prepare for certain eventualities.