I’ve Purchased an Expensive Bicycle. Will my Homeowner’s or Renter’s Insurance Cover it in Arlington, TX?

Purchasing an expensive bicycle is exciting, but you may need to contact your home insurance company or your renter’s insurance company in Arlington, Texas to ensure that it is covered under your policy. After you’ve purchased the bike, you may discover that your current policy is not appropriate for your needs or that you may need to obtain additional coverage for your new bicycle.

Coverage for Personal Belongings

A homeowner and a renter have basic coverage for personal belongings in a policy. That means that the company will pay for damages or a theft that causes the loss of your belongings, but it does not always mean that you have a large amount of coverage.

Read your policy to determine how much coverage is available for personal belongings. If your new bicycle exceeds the coverage amount that is available, then you may need additional protection for the bike.

Protecting Your Purchase

If your home insurance or your renter’s policy is not enough to protect your bike, then you may want to purchase a policy that is specifically designed to protect your expensive bicycle. A specific policy for a bike or adding protection to your home policy may be appropriate. Contact your insurer to determine if they will add the bike to your policy as a separate item. If they will not, then you may need to look for a new policy through a different insurer to protect your bike.

Although your homeowner’s policy or renter’s policy may offer some protection for personal belongings, it may not always be enough for your expensive belongings. In some cases, you may need additional protection for an expensive bike. Contact us to talk to an independent agent for more details about policy options.