Bicycles need comprehensive protection with a standalone bike insurance policy

Today's bicycles and eBikes need a standalone insurance coverage policy to provide cyclists with protection. The BikeInsure plan covers both bicycles and eBikes. In addition, it provides reimbursement for repairs to your bicycle or eBike and listed accessories due to accidents when riding. Coverage continues during transit of the bicycle or eBike and extends to a stolen bike or eBike when optional theft protection is selected.

Furthermore, bikes cost a lot of money, and you want to protect your investment. BikeInsure is a cost-effective, standalone, primary insurance solution for your bike. The BikeInsure smart alternative provides the protection you need without compromising your homeowner's insurance.

Many insurance experts advise us to consider today's homeowner's insurance as "catastrophic loss protection." This insight is because homeowner's policies often have high deductibles, multiple claims can lead to cancellation or non-renewal, lower limits on certain individual items, and a claim can cause your premium to jump significantly.

How high are homeowner's deductibles?

According to Federal Reserve Economic Data, the median price of houses sold in the United States as of the first quarter of 2022 is $428,700. The average sales price in the same period is higher, at $507,800. The Zillow Home Value Index, which measures only the middle price tiers of homes, sets the cost of a typical home in the United States at $354,649. Fool.com outlines average price by state in 2022.

State Farm began transitioning homeowners' customers to have a minimum 1 percent deductible for all claims about ten years ago.

The Dallas Morning News | State Farm raising deductible for homeonwers insurance

Reuters | Get Ready for high-deductible homeowners' insurance

My San Antonio | State Farm changing deductible method, boosting rates | Advocates warn of smaller claim payouts for policies on homes.

Fool.com | "As the name suggests, a percentage deductible is based on a percentage of a home's insured value. Let's say a home is insured for $200,000 and the deductible is 2%. That means the policyholder is responsible for the first $4,000 of a claim ($200,000 x .02 = $4,000)."

Research has shown that some homeowners' deductible percentage is often between 1% (one percent) and 2% (two percent) or more of the home value.

RocketMortgage.com, in an August 23, 2022 article Homeowners Insurance Deductible Explained — Percentage Deductible — "It's a percentage of your home's insured value. These deductibles are typically between 1 – 10% of that value."

Homeowners' deductible sample | 2022 Zillow Home Value Index based on typical to average sale price.

1% could imply $3,500 - $5,000 + homeowner's deductible

2% would imply $7,000 - $10,000 + homeowner's deductible

In contrast to high homeowner's deductibles, BikeInsure BikeCoverage has a simple $100 deductible per loss occurrence. Additionally, if optional TheftProtect is selected, there is a low $250 deductible in the event of a theft loss.

Once again, BikeInsure is a cost-effective, standalone, primary insurance solution for your bike. The BikeInsure smart alternative provides the protection you need without compromising your homeowner's insurance. Therefore, even though I paid thousands of dollars for my Trek Madone Project One road bike, I own my bike with ''peace of mind'' BikeInsure coverage for just $16.99 /mo.