Does Renters Insurance Cover Theft?
Find Cheap Renters Insurance Quotes in Your Area
Renters insurance covers your personal belongings whether they are stolen from inside or outside your home. Your losses from theft are covered up to the limits of your policy, but certain objects may have separate, lower coverage limits.
When does renters insurance cover theft?
Renters insurance covers the vast majority of theft cases from your apartment or house, as long as the property belongs to you or a family member.
Theft protection also extends outside your home. For example, if your bike is stolen from outside, or your luggage is snatched while you're traveling, you can file a claim with your insurance company to be reimbursed.
Does renters insurance cover theft outside my home?
Yes, your renters insurance policy covers theft almost anywhere in the world, regardless of the circumstances. You're protected if you're pickpocketed in New York City and if your hotel room in Paris is burglarized.
There are a few exceptions to this rule. You won't be covered if something is stolen from a home that's still under construction or while you're in an active war zones. In addition, items like boats and RVs are often not covered by renters insurance theft protection as well. .
Does renters insurance cover theft involving cars, bikes or motorcycles?
Renters insurance covers the theft of personal items from your vehicle, but usually excludes theft (or damage) to any motor vehicle, which includes cars, motorcycles and most motorized scooters. To protect those items, you'll need to rely on insurance for your vehicle, usually through comprehensive coverage.
However, if your car is stolen, you can make a renters insurance claim for anything that was inside. And if someone breaks into your car to steal belongings inside it, that's covered, too.
Renters insurance policies generally cover bicycles and other human-powered vehicles. However, some policies have payout limits that more expensive bikes might exceed. If you have a pricey bike, you may need to purchase an endorsement to fully protect yourself.
Are roommates covered?
If your roommate's stuff is stolen and they aren't named on your insurance policy, you cannot use your renters insurance policy to recoup their losses. Renters insurance does not automatically extend to everyone in the household unless they are family members, such as your spouse or children.
Some companies allow you to add one non-relative to a policy. However, if you live in an area prone to crime and burglary, we highly recommend all roommates get their own policies.
Keep in mind that the total coverage limit of your policy is shared among everyone. If you add a roommate to your renters policy, you may need to increase your coverage limits in order to cover the value of both of your possessions.
Also know that if your roommate steals something from yout, you can't file a claim if you share a policy with them.
How much will I be reimbursed after a theft?
You are covered up to the full limits of your policy. So if your policy has a coverage limit of $10,000, you will be reimbursed for up to $10,000 of stolen items.
However, standard renters policies usually cap the reimbursement amount for high-value goods like electronics, jewelry and money — these are called scheduled items. For example, f a thief steals your computer or cell phone, you may only be covered up to $1,500. . The following table shows some common scheduled limits:
Item | Common coverage limits |
|---|---|
| Portable electronics | $1,500 |
| Jewelry | $1,500 |
| Watches | $1,500 |
| Plants | $500 |
| Fraudulent credit card charges | $500 |
| Money | $200 |
Your renters insurance policy may have different limits. Check your policy for more details.
If you own an item (or items) that exceeds these amounts, it's worth adding extra endorsements to your policy to protect them. Most renters insurance companies will allow you to increase the limits for jewelry, bicycles, electronics and musical instruments. The cost for scheduling is generally a few extra dollars per year and can be well worth it if you have expensive equipment in your rental.
Lastly, if your property is stolen in a place where you do business, there would be a limit to your coverage — typically around $1,500. For example, if your office is broken into and your personal belongings are stolen, you could use your renters policy to be reimbursed up to $1,500.
How to file a claim after a theft
Having something stolen is always a stressful experience, but taking the right steps after you experience a theft can make getting compensated faster and easier.
- Call the police or go to the station to make a police report as soon as possible after you discover the theft. This acts as proof that the theft occurred. The sooner you do it, the sooner you'll be able to get paid. The details of the incident will also be freshest if you make your statement immediately.
- Once you have a copy of the report, you can usually file a claim with your insurance company online or over the phone. Make a list of everything that was taken, as well as the total value. You won't be expected to have receipts for everything that was taken, but their reported value should be close to what you remember paying for them.
- Your company will review the case and the police report. The time it takes for your claim to be verified and paid out may range from a few hours to a week or two, depending on the size of the claim and the circumstances surrounding the theft.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.