Renters insurance is a must when it comes to protecting your investment. There is a lot of fine print, however, and it's easy to lose track of what is covered. So, does renters insurance cover bike theft? Today we'll explore that very topic so that you can be sure that your insurance is going to be there for you when you need it. Will renters insurance cover a stolen bike? We've got some good news for you. While some people think that bicycles aren't covered because they are transportation, just like a car, that is not the case. Bicycles are considered more in the category of fitness sporting goods so you are going to have protection to an extent. Let's discuss what is covered, what isn't, and what you can do to get the most coverage for your bicycles out of your renter's insurance policy.
Protecting What's Yours. Does My Coverage Include Transportation?
Let's say that there was a fire, for instance, and you had a mini-office set up inside your garage in the space not occupying your car. Your desk and laptop would be covered by the renter's insurance but your car unfortunately not. The good news, in this case, is that you don't have to worry about your bicycle to an extent (which we will explain further shortly). While your bike is also a form of transportation, unlike your car, it is covered by your renter's insurance. You will want to check your policy, of course, and the replacement cost is likely going to be around 10% more than the purchase cost of your bike. There are a few things you will want to do, as well, to facilitate the claim process.
Will I Need To Do Anything To Make Sure My Claim Goes Through?
You will want to contact the police in case of theft or simply contact your policy provider if the bikes have been vandalized or damaged instead and you will want to replace them. Once you have replaced the bicycles then you will want to keep your receipts, as your provider is going to need those to finalize your claim. Don't forget to add the newly purchased bikes to your inventory list. Now, this is where things can get a little tricky and you will want to pay close attention to your policy. Instead of being considered transportation like your car, your bike falls more in the category of sports equipment. As such, there is going to be a cap on how much money you can recover from it. Luckily, it's as easy as pie to purchase an endorsement for the bike so that you can maximize your coverage.
Some Final Words
So, in answer to does renters insurance cover a stolen bike, the answer is a resounding YES! You are covered, just be sure that you've got your bikes listed on the policy, that you are keeping them locked up when not in use, and finally you will want to register them online with the National Bike registry. They'll give you a certificate and a sticker that you can affix to the bike to help identify it if it is recovered but if it isn't, you won't have to worry. Also, don't forget to report that the bike has been stolen from your local police, as this is also an important part of the process. Does renters insurance cover bike theft? With a little preparation and some simple steps for filing your claim, you BET it does!