Covering Cargo~

Typically items which are in your vehicle (not built in) or being towed by your vehicle are covered by your homeowner or renters policy. The liability from towed equipment extends from your auto policy. The problem that I have witnessed is many of us have raised the deductible on on homeowner policies to lower the premiums. If you were to have a claim on property extending from that policy the deductible does apply, so many times it's not worth it to submit a claim.

Your homeowner policy also has limitations on certain items such as boats and snowmobiles. They need their own policy to be covered properly.

If you have some items of high value that you are concerned about, my suggestion would be to cover that particular item with an inland marine policy or personal articles policy. This affords broad coverage to a specific item for a very reasonable price. It also allows you to have a low deductible on that item. These policies can cover most anything; from wedding rings to rifle collections to an MP3 player.

If your cargo is business related, such as tools for contractors, cover it specifically on your business policy. There are so many claims for tool theft and small equipment that it is a very important coverage to have. It can be cumbersome to list each item individually, but definitely worth it in the end.

Every company has slightly different guidelines so if you are concerned about towing something important to you, call your agent and request a meeting.

Learn more about this author, Shayna Lemieux.
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