Is Bicycle Theft Covered Under Your Homeowners or Renters Insurance?

We’re often asked, “Does my homeowners policy provide physical damage or theft protection for my bicycle?” Your bicycle is considered personal property and coverage will vary depending on the type of homeowner policy you have in force.

If you have a standard homeowners or renters policy your personal property is insured – but only for damage resulting from the following:

• Fire or lightning

• Windstorm or hail

• Explosion, riot or civil commotion

• Aircraft and vehicles smoke

• vandalism or malicious mischief

• Theft. (This may or may not include loss caused by theft away from the premises.)

• Falling objects

• Weight of ice, snow and sleet

• Accidental discharge or overflow of water or steam

If you carry a special “All Risk” homeowners policy, all perils are covered unless they are specifically excluded. Typical exclusions are:

• Deterioration or wear and tear

• Pollution or contamination

• Loss by animals

• Escaping or freezing water

• Surface or ground water

• Business property

• Motorized land vehicles

• Repairs and renovations

Since theft is included in standard homeowners policies and is not excluded from “all risk” policies, theft should be covered. However, some limitations may apply. For instance, most policies state that theft away from your insured premises will be limited to a percentage of the property value stated on your insurance declaration page.

Physical damage may be covered if damage results from any of the perils stated above. If physical damage was not caused by one of the named perils listed above, there would be no coverage. If it results from actions of the insured, there may not be any coverage (for instance, you are involved in some type of crash or accident).

Some carriers offer special endorsements you may purchase for additional premium. These endorsements allow physical damage to be included on your policy. The specific wordings and the additional premiums will vary between carriers.

Theft of your bicycle should be covered under your homeowner insurance policy. However, there may be limitations to the amount of coverage depending on where or how the theft took place. For physical damage coverage, you may need a special endorsement added on your policy. Check with your personal insurance agent for the exact wording on your policy.