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Renters insurance covers your personal belongings, so if someone steals any of those items, you can file a renters insurance claim. Here’s what you need to know about renters insurance and thefts of your personal property.

Renters insurance covers your personal belongings, so if someone steals any of those items, you can file a renters insurance claim. 

A typical renters insurance policy protects your items stolen or damaged after a covered peril, such as theft, fire and storms. If a thief breaks into your home, your renters coverage handles items stolen. Your landlord’s insurance will handle any structure damage, such as a broken door frame. 

Renters insurance's personal property coverage also goes beyond your apartment’s four walls. It usually covers items stolen outside of your residence.

Here’s what you need to know about renters insurance and thefts of your personal property.

Does renters insurance cover theft

Does renters insurance cover theft outside the home?

Yes, renters insurance protection goes beyond your property.

Possessions at another location, such as a storage unit or during a house move, are also covered. However, renters insurance usually caps coverage to a lower level for items stolen outside of your apartment. 

That personal property coverage limit may be a percentage, such as only covering 10% of the personal property limit, or a dollar amount. Check your policy for how much your renters insurance covers you for items stolen outside of your apartment. 

Renters insurance also has coverage limits for high-value items like jewelry and antiques. Renters insurance may limit that coverage to $1,000

If you need more coverage for valuables, renters insurance has endorsements to add to the policy for extra coverage. You may find the endorsements won’t break your budget and provide you with peace of mind. 

The average renters insurance rates are $326 annually or $27 a month. Costs vary depending on the coverage and location.

Does renters insurance cover theft from a car?

Yes, a renters insurance policy covers your items when stolen from your car. 

Car insurance doesn’t protect your items in a vehicle, but covers stolen vehicles if you have comprehensive car insurance. 

Though renters insurance covers items stolen from a vehicle, renters policies often have lower coverage for belongings stolen outside of your apartment. 

Does renters insurance cover theft from a garage?

Yes, personal property coverage handles thefts from a garage when they’re your belongings.

A stolen car is covered by your car insurance company. You’ll need comprehensive insurance coverage on your vehicle for that protection. 

Does renters insurance cover bike theft?

Yes, renters insurance typically covers bicycle theft up to your policy’s limit. If you have an expensive bike, you may want to get a policy rider for additional coverage. 

Check with your renters insurance company to make sure you have enough coverage for your bike. 

Does renters insurance cover theft while traveling?

Yes, renters insurance covers you for personal belongings stolen while you’re traveling. 

Check your policy for coverage limits for items stolen outside of your home. 

Does renters insurance cover theft of items from my car when it’s not parked at my residence?

Your car doesn’t have to be parked outside your apartment for personal property coverage to cover stolen items from the vehicle.

Renters insurance covers for stolen items from a vehicle up to a limit regardless of where you’re parked. 

If a car is stolen or damaged though, you’ll need comprehensive car insurance for coverage. 

How much does renters insurance cover for theft? 

The amount you receive from a theft depends on your coverage and what was stolen. 

The personal property coverage claim payout size depends partly on whether you have replacement cost coverage or actual cash value coverage. Replacement cost coverage provides you with the full amount to buy the items new. Actual cash value offers reimbursement for what the items were worth at the time of the theft. Actual cash value considers depreciation, so you’ll get less if you have actual cash value coverage. 

Replacement cost coverage is more expensive. You should weigh whether that extra cost is worth it when buying a renters insurance policy. 

Policies often have coverage limits on items, too. For instance, your policy may only reimburse you for stolen jewelry up to $1,000. You can get policy endorsements, which offer more coverage for items like jewelry and antiques. 

How do you file a renters insurance claim for theft?

Filing a renters insurance theft claim is like filing other insurance claims.

First, file a police report about the theft. Then, notify your insurance company.

You’ll need to provide specific information about what was stolen. Provide make and model and serial number if applicable. Also, share photos of the stolen items, if possible. 

The renters insurance company will investigate the claim and decide whether to approve it and how much to give you. 

Before filing a claim, you should also try to figure out what the stolen item is worth. And whether it’s necessary to file a renters insurance claim. 

Let’s look at an example:

  • Say you have a TV stolen.
  • It cost $1,000 five years ago. 
  • You have actual cash value coverage, so you’ll likely get much less than $1,000 from your renters policy. 
  • You also have a $500 deductible. The deductible is what you have to pay when you file a claim. It’s your portion of paying the loss, while the insurance company picks up the rest up to any policy limits. 
  • In that case, it might make sense not to file a renters insurance policy. The TV likely won’t be worth much more than your deductible. Plus, filing a claim may raise your renters insurance premium. So, you have to decide whether filing a claim, paying the deductible and potentially paying more for renters insurance is worth filing the claim.

The good news is that renters insurance covers you for stolen items regardless wherever a thief steals them. You’ll want to look into your coverage’s policy limits and make sure you have enough coverage if someone steals your personal property. If you don’t have enough, talk to your renters insurance company about getting more coverage.