Yes. Homeowners insurance covers your personal property, such as bikes, from theft and damages from stipulated perils like fire, vandalism, and weather-related damage. If you by mistake cause injury to another person with your bike, your policy’s personal liability coverage will help to cater to their medical expenses or legal fees if they file a lawsuit against you.
Most often, the personal liability coverage of your policy takes care of the legal and medical expenses that accrue from an accident. For instance, if you accidentally injure another person with your bike, you may be able to file a claim with your insurer to handle the cost of legal fees in the event of a lawsuit.
Have it in mind that every basic coverage in a standard homeowner’s policy has a limit of liability, and this represents the maximum dollar amount the insurer will pay you for a covered loss. Also, note that certain personal belongings tend to have their sub-limit or a cap on the exact amount you will be paid out for that specific item or category of item.
Nevertheless, depending on the type of bicycle you own and your insurance company, the coverage sublimit for your bike may be capped at a price lower than what the bike is worth. If this happens, you will have to increase the bike’s coverage limits by listing it as a scheduled item in your policy.
Top Homeowners Insurance Companies in the United States
When looking to purchase homeowners insurance for your personal properties, here are top companies in the United States to consider;
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Nationwide
This insurance company boasts of one of the most user-friendly websites in the United States and offers plenty of discounts. This insurance company is renowned for offering ordinance or law insurance in its standard homeowner’s insurance policy.
This simply entails that if you have a covered loss and need to update your home or personal properties to align with current requirements, your insurance may cover the cost. Also, note that the company earns high marks for its consumer experience. Policyholders with the company can file and track claims online or by phone, and the company’s website has a massive library of consumer-centric content.
Chubb
This insurance company tends to target owners of expensive homes and will tailor a good part of their experience toward well-to-do clients. They offer a wide range of coverage options, including notable ones such as HomeScan, which helps uncover issues with your home that will warrant attention before they can escalate.
Also note that they offer extended replacement cost coverage for your dwelling and replacement value for your personal properties as part of its standard policy, another very important benefit for consumers.
Amica
Although this company barely provides that much information when it comes to homeowners insurance on its website as some other companies do, have it in mind that their home insurance remains one of the most standard coverage you would expect along with top-notch customer service.
Have it in mind that anyone seeking extra coverage can work with the Platinum Choice package, with benefits such as extended dwelling coverage, higher liability limits, and coverage for damage due to backed-up drains or overflowing sumo pumps. Also note that they offer a program called Contractor Connection, which helps pair customers with licensed and insured contractors.
Erie
This is another top choice to consider when seeking companies that will offer coverage to protect your personal properties adequately. If you reside in one of the states Erie serves, its policies are worth considering. In a good number of their locations, the company includes guaranteed replacement cost coverage in its standard policies.
Hippo
This company is renowned for the fast quotes they offer, coupled with a vast range of extra coverage options. Established in 2015, the company strives to focus on technology and user experience, with a 60-second “instant quote” feature for easy price comparison.
Have it in mind that the company’s focus is clear to see in some of the extras that come with its policies, such as a smart home monitoring system and virtual connections to home maintenance advisors. A good number of Hippo’s discounts center on home safety. Other perks such as burglar alarms and living in a gated community will save consumers on their premiums.