Blanket Insurance

Blanket insurance is a single property insurance policy that offers coverage for multiple properties.

What is blanket insurance?

Blanket insurance is a single property insurance policy that insures more than one type of property at a single location. 

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 needs blanket insurance?

Blanket coverage may be taken out by a landlord or owner who has multiple properties to insure. It can also be taken out by a condo complex. 

If you live in a condo complex, you’ll have homeowners or condo policy to insure your home and personal property, but your Homeowners Association (HOA) needs a separate policy in order to insure the collective shared areas.

When you pay your monthly condo fees, your additional ‘blanket coverage’ will be included in the cost. In this case, blanket coverage isn’t purchased instead of your homeowner’s insurance policy – instead, it stands in addition to your condo policy, to improve your coverage. 

What is blanket coverage for jewelry?

Homeowners insurance gives you some coverage for your jewelry, but if you have an especially expensive piece of jewelry, you’re going to want to make sure you have some additional coverage. For example, at Lemonade, $1,500 worth of jewelry is insured in the base plan for theft. So if your jewelry is stolen, your insurance company can only pay you back up to $1,500. However, if the item was over $1,500 you’ll have to pay a deductible,

If your homeowner’s insurance doesn’t provide high enough limits or if you want to increase the perils your jewelry is insured against, you’re going to want to purchase some blanket insurance to increase your limits. So a $100,000 blanket jewelry policy provides up to $100,000 of coverage for jewelry. 

What is the difference between blanket coverage and scheduled coverage?

Scheduling coverage basically means you’re adding Extra Coverage on specific items. So let’s say you want to insure your engagement ring, adding Extra Coverage means that your rock is covered against additional perils, such as accidental damage. Blanket coverage comes in if you want to have higher coverage limits and an open peril coverage for your jewelry.  It’s an easy way to get some extra protection without needing to get an appraisal for every piece of jewelry you own.

A few quick words, because we <3 our lawyers: This post is general in nature, and any statement in it doesn’t alter the terms, conditions, exclusions, or limitations of the policies issued, which differ according to your state of residence. You’re encouraged to discuss your specific circumstances with your own professional advisors. The purpose of this post is merely to provide you with info and insights you can use to make such discussions more productive! Naturally, all comments by, or references to, third parties represent their own views, and Lemonade assumes no responsibility for them. Coverage may not be available in all states. Please note that statements about coverages, policy management, claims processes, Giveback, and customer support apply to policies underwritten by Lemonade Insurance Company or Metromile Insurance Company, a Lemonade company, sold by Lemonade Insurance Agency, LLC.  The statements do not apply to policies underwritten by other carriers.