Is your stuff Insured???

Companies do not cover your personal items. These items should be covered on your homeowner's or renters policy.

Mark

 

In this loss situation it would be your personal insurance that would be primary to respond and not the companies. That you were using, or had in your possession while working, your personal property, means little to nothing in your particular case. As noted here.

Homeowners coverage varies greatly depending on state regulations and individual carrier policy, so I'll use "generally" a lot here. There is no substitute for reading your policy (contract). As you know, homeowners insurance provides coverage for personal property (contents), up to a limit stated on your declarations page. The personal property limit it generally a percentage of the insured dwelling amount. Some of the factors in determining this loss are: insurable interest (you are primary in this case, not your company); is coverage provided (personal property); cause of loss (fire); where did the loss occur (personal property is generally covered one of two ways, while in the U.S. its Territories and Possessions, or, Worldwide).

Personal property is generally covered while off-premises from the location listed on the declarations page. Generally, there isn't a sub-limited amount of coverage as long as they contents aren't located at an owned location not insured on the policy in question (if this were the case though, you'd still generally have 10% of the personal property limit that would apply in the event of a loss).

What will be interesting, is if your insurance company starts up the path of determining some of your property as "business personal property" (have you ever deducted any of the stuff on your taxes as such"), if so, different limits and terms and conditions may apply. Here again, your policy will state the terms.

My advice to you is to refer to ALL your damaged property as your personal property, and avoid mentioning using any of it in the course of business. Just because it was in the truck doesn't mean it should be considered used in the course of business. Your loss is really no different than if a salesperson had their possessions burn up while at a hotel while traveling on business. Generally it would be their homeowners policy that would be primary in this case.

Lastly, remember you'll have a deductible that will apply, so make sure you use the FULL replacement cost value in determining your lost possessions.
Cheers, GD

 

I just stopped in to my insurance agent and what you have just read in the above post is exactly what he had said...

Make sure you have reasons why each item is NOT for business...

Laptop is a recreational tool not a business item etc...

As soon as you have agreed that an item is for business it will not be covered, make them prove that an item is business or they have to pay for the damaged items.