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Home insurance quotes include coverage for bicycles

Posted On Fri, May 17, 2013

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With the arrival of warm temperatures many people are taking out their bicycles after a long summer, eager to take advantage of the exercise benefits and also save themselves some gas money by peddling their way to work or school.

At the same time, though - whether due to unfamiliarity with the bike or just being out of practice - accidents can take place that cause injury. What's more, if bicycles aren't properly secured, they can be stolen.

However, as the Insurance Information Institute points out, one of the things that's included in the determination of home insurance rates is that they traditionally provide for bicycles.

Under the personal property section of most homeowners policies, bicycles are covered in the event they are stolen or damaged as a result of a fire.

Home insurance protects motorists if they're sued 
A home insurance plan also gives financial protection to homeowners who may not be bicycle riders themselves but come into contact with someone on the road due to an accident. For example, if someone is seriously injured when riding their bicycle after being hit by a car, if the motorist is to blame, the cyclist may decide to sue the motorist for medical expenses associated with treatment. III notes that the liability portion of a home insurance policy traditionally covers homeowners for these issues, up to the limit of the policy. As a general rule coverage is between $1,000 and $5,000.

As for bicycle riders themselves, they too are covered in the event their bike is stolen. But because no one wants to have to go through the claims process, III recommends being extra cautious whenever taking the bike out for a ride by making sure to lock it up to a bike rack or parking meter. Ideally, the bike should be in a location where it's easy to see, as people are less likely to steal it if it's in plain sight.

Riders may also want to look for alternative places where the bicycle can be locked. III notes that would-be thieves may try to target those who lock their bikes up at a specific place or time. Changing arrival times and where a bike is parked may help avoid this issue.

According to the League of American Bicyclists, more than 40 million adults ride their bikes each month, and an estimated one-third of the U.S. rides a bicycle at least once a year among individuals over the age of 18.

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