Does Renters Insurance Cover Theft?

On average, 3,062 burglaries happen in the U.S. every day. Theft is a reality, and losing your personal items in a break-in can be emotionally devastating. It can also be financially devastating if you don’t have a good renters insurance policy. And while you never hope it happens to you, the stats don’t lie.

Goodcover renters insurance offers comprehensive protection for your personal belongings in case of theft — let’s talk about it.

Understanding Your Renters Insurance Policy

Theft is one of the most common concerns for renters. Thankfully, most renters insurance policies offer coverage for stolen items. Let's take a closer look at how this protection works.

What’s Covered?

Theft, a common “covered loss” in insurance terms, is usually included in the personal property coverage provided by renters insurance policies.

Your personal property is exactly what it sounds like — all the stuff you keep in your home. Your furniture, clothes, electronics, dishes, decor, and more. It all adds up if you need to replace it after theft.

At Goodcover, we provide insurance that delivers payouts with Replacement Cost Value (RCV), meaning we'd cover the cost of replacing your stolen items with brand-new equivalents (minus your deductible).

Some insurance companies use Actual Cash Value (ACV) to determine how much they’ll pay you after a claim. With them, you’d be reimbursed for the stolen items after accounting for their depreciation. You can think of it like your insurance company giving you the price you’d pay at a thrift store to replace all the stuff that was stolen from you.

This difference between RCV and ACV can directly affect how much you're reimbursed after a theft — but with Goodcover, you won’t have to make the choice. You’ll automatically get the best coverage (RCV) at an affordable price.

Regardless of which renters insurance company you choose, if a burglar breaks into your home and steals your stuff, your theft coverage should kick in to help cover your loss in some way.

A Note About Coverage Limits, Sublimits, and Exclusions

Your renters insurance policy will have a few important details to note:

• Coverage Limits: Your personal property coverage has a coverage limit, meaning the absolute most money you can get in the event of a total loss. Consider the total value of everything you own when choosing the policy limits.
• Sublimits: Your coverage also has sublimits, meaning there are caps on how much we'll reimburse you for certain categories of items, like jewelry. Be sure to review these sublimits in your policy.
• Exclusions: Certain circumstances may prevent you from making a successful claim, though. These are called “exclusions.” At Goodcover, exclusions may include things like not locking your door, another insured person on your policy stealing from you, or letting someone borrow something that consequently goes missing.

Other Things to Know:

• Theft Away From Home: Goodcover's standard policy covers theft from your residence, and extends protection for items stolen while traveling or from your vehicle. This coverage is automatically set at 10% of your total personal property coverage.
• Bicycle Theft: Goodcover protects against bike theft both inside and outside your home. Coverage for theft away from home is included. The payout sublimit is up to 10% of your personal property coverage. Importantly, if your bike is stolen from a bike rack or designated storage unit within your rental property, it's considered "on-property" theft.

SUPERGOOD: Additional Coverage to Consider

While a standard Goodcover renters insurance policy offers good theft protection, you might have certain high-value items that need extra protection.

If you’ve got nice jewelry, watches, expensive musical instruments, or high-quality cameras, consider SUPERGOOD extended coverage. Benefits include:

• Increased Protection: Enjoy coverage beyond the standard policy sublimit on this entire category of items.
• Zero Deductible: No out-of-pocket costs if you need to make a claim for these items.
• Accidental Damage Protection: Peace of mind against drops, spills, and other accidents.

Adding SUPERGOOD only costs a few dollars more per month; play around with our live pricing quote to see your estimated monthly premium update automatically as you adjust your coverage.

What Happens if My Belongings Are Stolen?

If you experience a burglary, here's what to do:

1. File a Police Report: Contact the authorities immediately to report the crime. Get a copy of the police report – your insurance adjuster will need it for your claim.
2. Contact your renters insurance company): As soon as possible, report the theft to initiate the claims process. Contact us.

FAQs About Theft and Renters Insurance:

• Does my landlord's insurance cover my stuff? No! A landlord's insurance policy covers the building itself, not your belongings.
• Does renters insurance cover car theft? No, car theft is covered under a separate auto insurance policy. But if the contents inside your car are stolen, renters insurance can help offset the cost.
• How much renters insurance do I need? Carefully assess the value of your belongings to determine the appropriate coverage limits for your Goodcover policy. Pro-tip: doing your home inventory will take the guesswork out.

Peace of Mind with Goodcover

A renters insurance policy with Goodcover gives you valuable peace of mind. Knowing that you are protected in case of theft can help you feel more secure in your rented home. Get your affordable and customized Goodcover renters insurance quote today!

Note: This post is for informational purposes; insurance regulation and coverage specifics vary by location and person. Check your policy for exact coverage information.

For additional questions, reach out to us – we’re happy to help.