{"id":559,"date":"2017-10-25T09:56:00","date_gmt":"2017-10-25T13:56:00","guid":{"rendered":"https:\/\/www.protectiveagency.com\/blog\/?p=559"},"modified":"2024-02-26T00:47:24","modified_gmt":"2024-02-26T04:47:24","slug":"renters-insurance-cover-theft","status":"publish","type":"post","link":"https:\/\/www.protectiveagency.com\/blog\/renters-insurance-cover-theft\/","title":{"rendered":"Does Renters Insurance Cover Theft?"},"content":{"rendered":"

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\u2019t bring much for a weekend trip with the parents outside your cell phone, toothbrush, and a few changes of clothes.<\/p>\n

Upon returning home, all your valuables were gone. The only thing you could think about was, \u201cDoes renters\u2019 insurance cover theft?\u201d Luckily, renters\u2019 insurance does cover theft in the vast majority of cases.<\/p>\n

Let\u2019s dive in and see what renters\u2019 insurance<\/a> covers and how to find the best policy for you.<\/p>\n

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When Renters Insurance Covers Theft<\/strong><\/p>\n

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For most renters, your renters\u2019 coverage will kick in if you\u2019re robbed at the apartment or home you\u2019re leasing. In fact, some theft coverage from renters\u2019 policies often kicks in if you\u2019re robbed outside of the apartment or home, too.<\/p>\n

If your computer is stolen while you\u2019re in the school library, your renters\u2019 coverage may cover replacement costs. If your bike is stolen one day, your coverage may kick in, again. Even when you\u2019re traveling, your renters\u2019 policy may cover your luggage if stolen.<\/p>\n

Overall, a renters\u2019 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.<\/p>\n

For example, cars cannot be included in renters\u2019 insurance. You must have a separate car insurance policy for any vehicle. As well, renters\u2019 insurance typically does not cover theft from a construction site.<\/p>\n

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Staying In One Place<\/strong><\/p>\n

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It\u2019s important to note that a renters\u2019 insurance policy can be effective, but it\u2019s not all-encompassing. For example, if your belongings are stolen while you\u2019re at a temporary residence, there\u2019s a chance your claim will be denied. You must be living at the residence listed on your policy in most cases.<\/p>\n

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\u2019re 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.<\/p>\n

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Roommates & Your Renters Coverage<\/strong><\/p>\n

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Renters insurance does not cover roommates\u2019 items – usually. However, that can be changed. Most renters\u2019 plans allow you to add one non-relative to your policy while living at the same residence.<\/p>\n

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\u2019s also a great idea to raise the policy limits.<\/p>\n

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General Renters Insurance Limits<\/strong><\/p>\n

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Before you sign on the dotted line, you should note the policy limits of any renters\u2019 insurance policy you sign up for. For most renters, the limits on these policies will cover replacement cost value without issue.<\/p>\n

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\u2019re robbed.<\/p>\n

For example, a typical renters\u2019 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.<\/p>\n

You probably have $7,000 in equipment at your apartment at any one time. As such, you\u2019d want to invest a little more to up the electronics limit on your renters\u2019 coverage. A reimbursement of $1,500 just isn\u2019t going to do much for you.<\/p>\n

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Avoiding Claims 101<\/strong><\/p>\n

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While renters\u2019 insurance is a great precaution to take against theft and damaged items, you\u2019re usually better off not having to file a claim in the first place. So here are a few tips for renters:<\/p>\n

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