Renters insurance commonly protects the tenant's gadgets, jewelry, appliances, and other belongings inside the home. Anything that gets stolen inside is automatically covered by insurance, no questions asked. But, what happens if we now step outside and lose our phones or our laptop then? Does renters insurance cover theft outside the home? The quick answer— yes, they're covered! Renters' insurance can cover theft outside the home. Whether your cash got stolen from inside your parked car or your DSLR camera got snatched during an out-of-town festival, renters insurance can save you and your family from the heartaches of losing your valuables. Of course, there's a specific limit for the amount, depending on your insurance coverage, the items' cumulative value, and the situation. For example, suppose you have an insurance policy of up to five grand. In that case, the insurance company cannot reimburse you for a total loss of ten grand. Likewise, there are certain situations wherein you cannot make an insurance claim. We'll talk about that in the next sections.
Which items are covered?
Most of your belongings can be covered by renters insurance, except for a few high-value items. If you have personal property coverage, the following items can be reimbursed to the insurance company in case of theft or damage:
• Furniture (e.g., chairs or lamps)
• Gadgets or electronics (e.g., phone or laptop)
• Appliances (e.g., microwave oven or television set)
• Jewelry (e.g., gems or precious gold which are valued up to a certain amount)
• Clothes (e.g., any clothing item stolen inside the home or in a self-service laundry shop)
• Others (e.g., your bicycle or cash up to $200)
Claiming insurance for the above-listed items are still subject to some conditions. One of these is that they pay the participation fee deducted from the amount to be reimbursed. There is also a ceiling on the amount that can be claimed for each item. For example, insurance companies will only pay you for a regular T.V., not a gigantic screen fit for a home theater. Of course, this depends on your insurance coverage. If you have a luxurious lifestyle, it is highly suggested that you get higher coverage.
• Furniture (e.g., chairs or lamps)
• Gadgets or electronics (e.g., phone or laptop)
• Appliances (e.g., microwave oven or television set)
• Jewelry (e.g., gems or precious gold which are valued up to a certain amount)
• Clothes (e.g., any clothing item stolen inside the home or in a self-service laundry shop)
• Others (e.g., your bicycle or cash up to $200)
Claiming insurance for the above-listed items are still subject to some conditions. One of these is that they pay the participation fee deducted from the amount to be reimbursed. There is also a ceiling on the amount that can be claimed for each item. For example, insurance companies will only pay you for a regular T.V., not a gigantic screen fit for a home theater. Of course, this depends on your insurance coverage. If you have a luxurious lifestyle, it is highly suggested that you get higher coverage.
When am I not covered?
There are several reasons why your insurance claim might not be covered. First of all, insurance companies take the time to assess your situation and weigh the circumstances. A common question would be about high-value items like cars, boats, high-class, or jewelry. These typically do not fall under personal property insurance because they have their types of non-life insurance. As a rule of thumb, any evidence of negligence will affect your insurance claim. For example, insurance assessors know that there are different options to safe-keep your items when traveling. For example, instead of bringing a wad of cash in your bag or wallet for a shopping spree, you can obtain a credit card or debit card instead. Now, if your belongings are outside your house and are not under your care (e.g., the airport or drop-off laundry shops), these won’t be covered by insurance. Lastly, suppose you also exceed your coverage amount. In that case, the answer to “does renters insurance cover theft outside the home?” then becomes a big no. The insurance company will not approve any excess claims. While there are many restrictions, renters insurance has a broad coverage. Apart from you, your family members’ belongings are also safe from theft or damage. Unfortunately, friends or significant others cannot benefit from this.
How do I make a claim?
1. Have proof.
If ever an incident happens, make sure you have sufficient documentation. If your claim is prompted by property damage, take pictures. It’s great if you have CCTV footage or a time stamp on the photos. Alternatively, you may ask for a copy of a police report if your belongings were stolen.
2. Check if you’re covered.
Once you have secured the time-sensitive supporting documents, check if your policy covers them. You may go through the actual procedure or call the hotline. The contact center agents can then orient you through the process.
3. Contact your insurance agent.
If you encounter a hiccup while processing your claim, you can always call your insurance agent during office hours. Your agent will often take a more personalized and convenient approach to the procedure.
4. Fill out and submit forms
Whether you’re facilitating your case or your agent is helping you out, you’ll have to fill out some forms. Try to be as detailed as possible when narrating the incident. It’s also good to list the complete description of the stolen item, such as its model, color, size, date of purchase, etc. This will help the assessors properly determine the value of your items.
Renters insurance is excellent since it can protect most of your belongings outside your home. As long as you keep your part safekeeping them and know your insurance company’s conditions, there will be no problem with any insurance claim.
If ever an incident happens, make sure you have sufficient documentation. If your claim is prompted by property damage, take pictures. It’s great if you have CCTV footage or a time stamp on the photos. Alternatively, you may ask for a copy of a police report if your belongings were stolen.
2. Check if you’re covered.
Once you have secured the time-sensitive supporting documents, check if your policy covers them. You may go through the actual procedure or call the hotline. The contact center agents can then orient you through the process.
3. Contact your insurance agent.
If you encounter a hiccup while processing your claim, you can always call your insurance agent during office hours. Your agent will often take a more personalized and convenient approach to the procedure.
4. Fill out and submit forms
Whether you’re facilitating your case or your agent is helping you out, you’ll have to fill out some forms. Try to be as detailed as possible when narrating the incident. It’s also good to list the complete description of the stolen item, such as its model, color, size, date of purchase, etc. This will help the assessors properly determine the value of your items.
Renters insurance is excellent since it can protect most of your belongings outside your home. As long as you keep your part safekeeping them and know your insurance company’s conditions, there will be no problem with any insurance claim.