Updated: May 22, 2024
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Loss of personal property due to theft is covered by renters insurance policies under personal liability coverage. Personal property coverage protects you if items in your house or apartment are stolen by paying to replace them.
MoneyGeek’s guide to personal property coverage will help you determine when your renters insurance covers theft.
Most renters insurance policies cover incidents of theft and protect you from having to pay to replace stolen items. MoneyGeek has gathered more information about what your renters insurance does and doesn’t cover.
In this article:
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The personal property coverage in your renters insurance policy covers items stolen from your home or car. Items of significant value, such as fine art, jewelry, and furs generally need additional coverage.
Stolen cash (but subject to a certain amount)
Theft by your roommate (except if they’re a family member)
Bike theft (can be subject to policy limits, especially if you own an expensive bike)
Theft of items inside your car
Items stolen during the moving process
Packages stolen from your doorstep or mailbox
It’s important to know how much your personal property is worth to ensure your renters insurance covers at least that amount. Certain items, such as stolen cash or expensive bicycles, may be subject to policy limits. Check with your insurance provider to see whether other high-value items — such as fine jewelry, art, or even designer clothes — are covered, or whether you need to purchase additional insurance for them.
The best renters insurance provides enough coverage for the items you treasure at an affordable rate.
There are instances where your renters insurance will not cover theft. For example, if the company can prove you conspired with someone to steal a possession so you could claim a robbery. Other circumstances where you might not be covered by renters insurance include:
Financial protection from renters insurance is a great investment, especially when it comes to your personal belongings. Taking measures to protect yourself from theft is also important.
List all your valuables
Keep a list of all your belongings with the purchase date, price, serial numbers and place of purchase. Store the list in a safe place.
Never leave your belongings in your car
Keep your money, wallets, gadgets or laptops in your home and not in your car.
Change your locks
Install new deadbolts and door locks when you move into a new apartment.
Avoid posting personal details on the internet
Refrain from sharing personal information, such as your address or when you’ll be out of town, on your social media profiles.
Park safely
Utilize the parking spaces in your apartment building, or park your vehicle in a well-lit area with good foot traffic.
Many insurance companies, like American Family, Allstate and eRenterPlan offer renters insurance. If you’re not sure which policy will work for you, MoneyGeek can help you compare renters insurance quotes.
The average cost of renters insurance is $13 per month, but that varies depending on your location, coverage amount, and the amount of property you own. If you need to determine how much coverage you need, use MoneyGeek’s personal property calculator below.
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
Clothes, shoes, bags, belts, hats, gloves, etc.
About Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
