Are Thefts Covered by Standard Renters Insurance Policy?

Are Thefts Covered by a Standard Renters Insurance Policy

As a renter, you should consider buying renters insurance, especially if you own expensive possessions. This way, you can protect the value of your belongings and also be covered if you cause damage or injury to a neighbor or visitor at your rental complex.

What is renters insurance?

Renters insurance is divided into three coverage types: personal property, liability, and loss of use.

  • Personal property covers your possessions if they are lost, stolen, or damaged due to a covered peril.
  • Liability covers legal costs if someone accuses you of causing harm or damage.
  • Loss of use covers storage, alternative lodging, and food costs when you’re forced out of your home because of damage.

What kinds of theft does renters insurance cover?

Your renters insurance plan will cover theft if you’ve purchased adequate coverage. However, certain items, like jewelry, that is difficult to appraise may require extra coverage. It’s best to provide a list of your valuable belongings to your insurer to get a clear idea of the amount of coverage you need. Your insurer may deny your claim if they suspect the theft was due to your negligence.

What if my stuff was stolen outside my home?

Your renters policy will cover your possessions inside and outside your property. It extends protection to items lost or stolen beyond your property, say at a restaurant, park, or event. Even when you travel to other countries, this coverage will protect the value of your belongings.

Does renters insurance cover car or bicycle theft?

Yes, renters insurance will pay for a replacement if your bicycle is stolen from your property or somewhere else. However, it doesn’t cover car theft, which can be covered under a personal auto insurance plan. Find out from your insurer if you can bundle your renters and auto plans together for a discount.

Will renters insurance cover stolen cash?

Luckily, renters insurance covers stolen cash, but only up to a certain limit, such as a few hundred dollars. That’s why you should think twice before stashing thousands of dollars under your mattress. Keeping the limit low helps the insurer avoid being scammed by people reporting false claims.

What about stolen laundry?

You may file a claim if your clothes are stolen from your apartment complex, laundromat, hotel, or somewhere else. However, like all insurance policies, there are limits to coverage. In this case, your renters insurance probably won’t cover the lost item when it disappears through a delivery service.

Does renters insurance cover theft of other people’s belongings?

Your renters policy will specifically state what type of theft scenarios are covered. Individuals related to you, such as family members, are automatically covered under your plan. The plan covers a future marriage partner or current significant other if named as “additional insured” on your policy.

Can renters insurance cover theft by my roommate?

Unfortunately, your renters insurance might not cover an item stolen by your roommate. The theft isn’t covered, for example, if your roommate is listed on your policy.

How can I prevent theft?

Millions of property thefts occur each year, especially in heavily populated areas. That’s why you should consider investing in safety precautions, such as strong locks, alarm systems, and video surveillance equipment.

Get renters insurance now!

Call our agents at Udell Family Insurance to learn more about the benefits of renters insurance and how to protect your possessions against theft. Contact us today and schedule a consultation to get started on a customized policy!

Leave a Reply

Your email address will not be published. Required fields are marked *

Call Us contact us