Does Renters Insurance Cover Theft?

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.

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.

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:

• You steal or damage your roommate’s possessions
• A visiting friend commits the theft
• You outsource your laundry and it gets lost
• Theft by negligence (you left your apartment door open)
• Theft of your pets

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.

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.