Recent reports have shown that cycling is on the rise in Utah and during the season between Black Friday and Christmas many bicycles are purchased. Thieves are as aware of this as anyone.
So, the question to answer is: Can I do anything to protect my bicycle from theft? Many people seem to know that homeowner’s or renter’s insurance should sufficiently cover most bikes, and most goods for that matter, in the case of a house being broken in to and goods taken. But what should you do to insure your bike if it’s stolen outside of your home? Or if the bike gets stolen from off the top of your carrack and the car is not parked in your garage? Or if your stolen bike is worth an amount more than what your standard homeowner’s insurance policy is liable to cover? In all of these cases, you need something more to both insure your bicycle and ensure your position against your insurance company.
The needed insurance is an extension of your homeowner's or renter's insurance, but is something more commonly referred to as Special Personal Property Insurance (there may be different names for different insurance companies, but the idea is the same). Many of the lower value items in your home will be covered under your standard homeowner’s or renter’s insurance, but for things of higher value, such as a $10,000 bicycle, an extension is necessary to protect yourself in case of the theft of said item.
With this kind of insurance, you must itemize each piece of property you would like to insure and accompany the piece of property with its current value. The value is determined by either a proof-of-purchase or an appraisal. Extending your policy and giving the necessary information to your insurance company will insure your piece of property against theft whether the item is stolen inside or outside of your home. Only by doing so can you ensure that the value of a bike taken from outside a local grocery store or from off your bike rack will be returned to you in time.
With numerous high-priced items in your home, this process may seem somewhat cumbersome and time-consuming. In truth, however, you wouldn’t consider not insuring your vehicle, and some of the items in your home may almost equal it’s value. Following these steps will provide the necessary peace of mind you need to ensure that you are insured, especially during the holiday season. Protect your property by taking a preemptive strike against potential theft.