Blanket insurance provides coverage for multiple properties in different locations with one policy.
Blanket insurance, which is an insurance policy that covers more than one type or property in a single location, is called blanket insurance.
Btw- a homeowners insurance policy or an HO3 can also be referred to as blanket coverage. That’s because your HO3 protects more than one coverage area: the structure of your home, your personal property, and a couple of others.
Who really needs blanket insurance?
A landlord or owner with multiple properties may take out blanket coverage. A condo complex can also get blanket coverage.
Condo residents will have a homeowners or condo policy that covers your personal property and home. However, the Homeowners Association (HOA), which insures the common areas, requires a separate policy. Your additional ‘blanket coverage” will be added to your monthly condo fees. This is because blanket coverage cannot be purchased in place of homeowner’s insurance. Instead, it can be added to your condo policy to increase your coverage.
What is blanket coverage?
You have jewelry insurance that covers your home, but you should also have additional coverage if you have a very expensive piece of jewelry. For example, at Lemonade, $1,500 worth of jewelry is insured in the base plan for theft. Your insurance company will only pay $1,500 if your jewelry is taken. If the item cost more than $1,500, you will need to pay a deductible.
You can increase the protection of your jewelry by purchasing blanket insurance if your homeowner’s policy doesn’t offer sufficient limits. A $100,000 policy for blanket jewelry provides coverage up to $100,000 for jewelry.
What is the difference between scheduled and blanket coverage?
Scheduling coverage basically means you’re adding Extra Coverage on specific items. Let’s say that you want to insure an engagement ring. Adding Extra Coverage will ensure that your rock is protected against accidental damage. If you need to have greater coverage and open peril coverage, blanket coverage is for you. This is a great way to add protection to your jewelry without having to have it appraised.