Tenants Insurance Coverage for Theft

12 Jan Tenants Insurance Coverage for Theft

Many people, at one point or another, have been victims of theft, so much so that it has left them in a dilemma on how to protect their properties. While theft and stolen properties cannot be avoided, there are several ways to help you move past that.

One of the effective ways is getting renters insurance which will help with a reimbursement if your belongings are stolen in your home or outside of it. You can easily insure your essential gadgets or belongings to qualify for coverage of costs if any of them are stolen.

Renters Insurance: Everything You Need to Know

As the name implies, renters insurance is for those who rent or plan to rent a home. Although your landlord might be responsible for certain damage to the building, renters insurance is needed to cover your personal items.

There are three types of coverages included in renters insurance. The first is Personal Property Coverage, which covers the replacement cost of your stolen or damaged properties due to a covered risk or threat, e.g., fire, flood, vandalism, etc. The second is Liability Coverage, which offers protection if a guest is injured in your home or you mistakenly damage another person’s property.

Lastly, there is the Loss of Use, which covers the costs of certain bills if your house becomes uninhabitable due to a covered risk or threat that will take time to be repaired.

What Does Renters Insurance Cover?

1. 1. Theft of Personal Belongings: Renters insurance provides coverage for your personal belongings like gadgets, jewelry, expensive art, clothing, etc., both inside and outside of your home. However, this is dependent on whether or not you have enough coverage for your personal belongings, i.e., if the amount you pay for coverage is less than the value of the things stolen, you might not get enough payment for their replacement. It is important to familiarize yourself with the coverage limit indicated in the type of coverage you’ve chosen.

   2. Theft of Bicycle or Car: There is coverage for your stolen bicycle regardless of if it was stolen in your apartment or outside of it. However, coverage for car theft is strictly restricted to your auto insurance policy, even though personal items that were in it when stolen are covered by renters insurance.

   3. Theft of Money: This is tricky; yes, renters insurance covers stolen cash, but only up to $200. This is because anyone can easily claim a larger amount of money being stolen for a quick way to make some bucks. However, if your bag, which contained some personal items and a sum of money, was stolen, you can claim the money with the stolen items, and the deductible would be subtracted from the total value of your items.

   It’s best to purchase renters insurance as a way of shielding yourself from unfortunate incidents in the future. Call Kevin or Marci at Kevin S. Dougherty Insurance Agency, LTD to get the answers you need. We will explain each type of policy to know exactly what coverage you have and what amount you need to be financially secure. Contact us today to learn more!