It happened. You went on a quick trip to visit family back home. You left all your things in your apartment. Smart TV, MacBook, watches, jewelry, and more. You didn’t bring much for a weekend trip with the parents outside your cell phone, toothbrush, and a few changes of clothes.

Upon returning home, all your valuables were gone. The only thing you could think about was, “Does renters’ insurance cover theft?” Luckily, renters’ insurance does cover theft in the vast majority of cases.

Let’s dive in and see what renters’ insurance covers and how to find the best policy for you.

 

When Renters Insurance Covers Theft

 

For most renters, your renters’ coverage will kick in if you’re robbed at the apartment or home you’re leasing. In fact, some theft coverage from renters’ policies often kicks in if you’re robbed outside of the apartment or home, too.

If your computer is stolen while you’re in the school library, your renters’ coverage may cover replacement costs. If your bike is stolen one day, your coverage may kick in, again. Even when you’re traveling, your renters’ policy may cover your luggage if stolen.

Overall, a renters’ policy is an all-inclusive coverage option for those looking to help protect typical electronics and valuables. Like any insurance policy, there will be certain exceptions found in the coverage.

For example, cars cannot be included in renters’ insurance. You must have a separate car insurance policy for any vehicle. As well, renters’ insurance typically does not cover theft from a construction site.

 

Staying In One Place

 

It’s important to note that a renters’ insurance policy can be effective, but it’s not all-encompassing. For example, if your belongings are stolen while you’re at a temporary residence, there’s a chance your claim will be denied. You must be living at the residence listed on your policy in most cases.

Students have a different situation. As insurance companies understand students are prone to moving residences or finding temporary housing, there is a chance students may find claims successful – even if they’re in temporary housing at the time of the crime. The only caveat being they must return to the address listed on the policy at some time during the year.

 

Roommates & Your Renters Coverage

 

Renters insurance does not cover roommates’ items – usually. However, that can be changed. Most renters’ plans allow you to add one non-relative to your policy while living at the same residence.

Do note that this does not happen automatically. You must contact the insurance company and specifically add your one roommate to the policy. When you do this, it’s also a great idea to raise the policy limits.

 

General Renters Insurance Limits

 

Before you sign on the dotted line, you should note the policy limits of any renters’ insurance policy you sign up for. For most renters, the limits on these policies will cover replacement cost value without issue.

If you have high-priced electronics, jewelry, instruments, and more – you may need to ask your insurance agent about increasing your limits. This will cost a little bit more, but can come in handy if you’re robbed.

For example, a typical renters’ policy offers $1,500 in portable electronics coverage. However, you create YouTube videos for fun in your free time. You have a $2,500 MacBook for video editing, a $2,000 camera, expensive lighting, and a fancy drone camera.

You probably have $7,000 in equipment at your apartment at any one time. As such, you’d want to invest a little more to up the electronics limit on your renters’ coverage. A reimbursement of $1,500 just isn’t going to do much for you.

 

Avoiding Claims 101

 

While renters’ insurance is a great precaution to take against theft and damaged items, you’re usually better off not having to file a claim in the first place. So here are a few tips for renters:

 

• Never write your unit number on your keys.
• Always change the locks when you move in.
• Report any and all loiterers.
• Always confirm maintenance workers with your landlord before letting them in your apartment.
• Jam a stick into sliding doors for a little extra security.

By following these few tips and tricks, you could eliminate a few potential claims. In certain situations, there’s simply nothing you can do. If someone wants to rob you, they certainly try. That’s what renters’ insurance is for.

 

Does Renters Insurance Cover Theft?

 

Yes, renters’ insurance does cover theft. If your personal belongings are stolen, you will receive some type of reimbursement for your claim. Just make sure you know policy limits before deciding on a policy.