Mountain bikes: Here today, gone tomorrow
If your child wipes out on a mountain bike, and he or she is OK, you can be just as relieved that as personal property, any damage to the bike is squared away by your homeowners policy. And, if your child is careless and leaves the bike out for easy picking by thieves -- even if it's stolen from somewhere other than your house -- your homeowners policy covers this too, says Sloan.
With all personal property, be sure to keep receipts of purchases and make sure the item is added to the home inventory list that you provide your insurer. If something is particularly expensive, flag it to your insurance company to make sure they are aware of it. (See: "How to insure your fancy bicycle.")
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