Does Renters Insurance Cover Theft? (2024) (2024)

FAQs

Does Renters Insurance Cover Theft? (2024)? ›

Even the cheapest renters insurance will cover theft. Typically, renters insurance coverage includes not only home burglaries and break-ins but also theft that occurs away from home, such as stolen laundry or items taken from the trunk of your car. However, the exact terms may vary from one policy to another.

Personal property coverage on your renters insurance policy may cover your belongings if they're damaged or stolen, up to specified coverage limits minus your deductible. Renters insurance also typically covers items stolen from vehicles, storage units, or while traveling.

Damage Caused by Floods, Earthquakes and Sinkholes

Flooding, earthquakes and sinkholes are all examples of natural disasters that are not covered by a typical renters insurance policy.

Typical renters insurance deductibles range are $500 or $1,000. So, if the items that were stolen are worth less than your deductible cost, you won't want to file a claim because your insurance company won't cover that expense.

Renters insurance covers personal property, personal liability, medical payments and additional living expenses or loss of use, up to the limits of your policy. Learn more about what renters insurance covers and the types of renters insurance coverages.

Comprehensive coverage will usually cover theft, as well as repair costs from break-in damages. Liability insurance likely won't cover theft, as it usually protects against bodily injury and property damage resulting from an accident.

Liability coverage for renters

Liability coverage is another protection typically included in a renters insurance policy. This coverage may help protect you from paying out of pocket for certain costs if you are found legally responsible for injuries to other people or damage to their property.

Items not covered with renters insurance include: Personal property loss that exceeds the coverage limits on your renters insurance policy. Liability situations that exceed the limits on your policy. Damages caused to the structure of the building you are renting (which is covered by your landlord's homeowners policy).

Does homeowners insurance cover theft from a home? Typical homeowners (including renters and condominium) policies include coverage for your personal property. Loss due to theft is generally included as part of the personal property protection.

Your policy's coverage limits are the maximum amount your insurer may pay out for covered claims. If you file a claim with your insurer or have a claim filed against your insurance, and the costs exceed your coverage limit, then you may be responsible for any remaining expenses that aren't covered by your insurance.

How do I deduct theft loss? ›

Claiming the loss

For property held by you for personal use, you must subtract $100 from each casualty or theft event that occurred during the year after you've subtracted any salvage value and any insurance or other reimbursem*nt.

There are also some exceptions, such as if the theft was perpetrated by a roommate, in which case your stolen property will not be covered. Typically, you have to pay a deductible (amount of expenses out of pocket) before you can file a theft claim and have your insurance kick in.

You'll choose your deductible when you buy a renters insurance policy. A higher deductible means your claims will cost you less money out of pocket. Typically, renters insurance deductibles are $500 or $1,000, but companies often provide a range of options.

Your personal property, personal liability, additional living expenses, and guest medical expenses are usually covered under your renters insurance.

Renters insurance protects your belongings from loss, damage, or destruction following things like burglaries, fires, tornadoes and other covered events. Plus, renters insurance also protects your liability (and your money) if someone is injured at your rental home or apartment.

Whether someone considers Lemonade renters insurance as good or not likely depends on their coverage needs. If you're a renter who does not have a significant amount of valuable personal property, Lemonade's affordable premiums and easy buying process can make it a good choice.

Does homeowners insurance cover theft from a home? Typical homeowners (including renters and condominium) policies include coverage for your personal property. Loss due to theft is generally included as part of the personal property protection.

What if stuff was stolen outside of my home? One of the best things about renters insurance is that you're also covered for theft outside of your home. That means you're protected if your laptop gets stolen from the local coffee shop, or if someone pickpockets your phone on the subway.

However, renters insurance and homeowners insurance do cover theft. So if your wallet is stolen, even if you are away from home, you're eligible to file a claim.