Your renters insurance is in place to protect you from financial loss if your home is broken into and your personal possessions are stolen or damaged. Losing your keys and locksmith services are covered by your renters insurance if your home is broken into. Your policy isn’t much use to you, however, if you lose or misplace your keys. If you lose or misplace your keys, it will be up to you, in many cases, to cover the cost of replacing both the keys and the locks of your home.
Losing Your Keys Can Be Costly
Losing or misplacing your keys can be very costly. Not only must you pay to have new locks put in, you must also pay to replace all of the keys owned by your landlord or rental property. While you may think that your renters insurance will help cover the cost of replacing your lost or misplaced keys, the fact is lost keys are normally not covered by your renters insurance policy. In most cases, replacing your locks and keys will cost a few hundred dollars. If you misplace your keys, you will have two choices: pay for them yourself or see if your landlord will file a claim to cover the cost of replacing them.
Thefts and Break-ins
Renters insurance will cover the cost of replacing your locks and keys if the keys are stolen and then used to break into your home. In most cases, break-ins often result in broken windows and damaged doors. If you have lost your keys or if they have been stolen, they can be used to gain access to your apartment or rental home. If your possessions are stolen or damaged due to the theft of your keys, your renters insurance should cover the cost once your deductible has been met.
In some cases, your landlord’s insurance coverage may pay for the replacement of your door locks and keys. If you report your keys lost, they may have replacements available. Lost or misplaced keys, however, increase your risk of a break-in. When this happens, your landlord may choose to replace the locks. Depending on the situation, they may charge you to replace both the locks and the keys, or they may choose to file an insurance claim instead. It will depend on how the keys went missing and whether or not you are at fault. No matter who files a claim, deductibles will have to be met before the insurance company pays for the locks and keys.
Know Your Lease
Before filing an insurance claim for your lost or stolen keys, you will need to take a close look at your lease. Most leases have sections that are dedicated to who is responsible for paying for keys and locks. Settling a claim will depend on whether the keys were misplaced or actually stolen. Your lease will tell you who needs to be in charge of getting the locks replaced. Both your renters insurance and your landlord’s property insurance will cover the replacement costs if theft or break-in is involved. Your lease will also explain who should file for the claim and when.
Losing your keys and hiring a locksmith to replace your locks can be an expense you aren’t prepared for. While you may be tempted to file a claim with your renters policy, doing so may be more costly than just paying for the replacement out of your own pocket. To protect your home and its valuable content with the right insurance coverage, contact our experts at Udell Family Insurance today! We can help you figure out what you should do to protect yourself and your family. We will also help you understand your lease/ rental agreement and what it says about hiring a locksmith and replacing your keys.