Many of us have a renters insurance policy, but what if your phone get broken or your laptop gets stolen, what is actually covered
Not so long ago my laptop got stolen while I was sitting in a coffee place not that far from my house.
It made me run some research about my rights and what can I do to protect my self against this.
I found valuable information and modified it to make it suitable for this sub (I removed external links and kept the most important information)
I hope you will find it useful:
In 2017 alone, there were 7,694,086 property theft cases. That’s as many instances as there are people in Los Angeles, San Francisco, and Chicago, combined.
If your stuff is stolen inside or outside your home, renters insurance can help reimburse. it protects your phone on the subway and your laptop at the coffee shop.
But what does renters insurance actually cover you for?
Renters insurance 101
Most people don’t know this, but if you’re renting your home, renters insurance coverage can help protect you and your stuff. While your landlord is responsible for any damage to your walls or the structure of your home (within reason), they aren’t responsible for you or your personal items.
Renters insurance typically includes three types of coverage:
Additional living expenses (‘loss of use‘ in insurance-speak)
What do all of these mean?
Personal property coverage – helps pay to replace your belongings if they’re stolen or damaged by a covered risk, such as theft, fire, windstorm, etc (‘named peril,’ in insurance-speak
Liability coverage – protects you if a guest is injured in your home, or if you accidentally damage someone else’s property
Loss of use – helps pay for things like your hotel bills or storage costs if your home becomes unlivable, due to things like fire or windstorm
Note: If your claim is approved, your insurance company will reimburse you, minus your deductible. Let’s say your $750 iPhone was stolen and your deductible was $250. Your insurer would pay you $500. When does renters insurance cover theft? Your renters insurance will cover most of your stuff for theft both inside and outside your home, including electronic items, furniture, clothing, and jewelry – as long as you’ve purchased enough coverage for ‘em!
What does ‘enough coverage’ mean?
For each coverage type discussed above (personal property, personal liability, loss of use, etc.), your insurer will indicate your coverage limit– how much they can pay you if something happens.
So if you choose to get $30,000 of personal property coverage (aka, coverage for your stuff), your insurance company can pay you up to $30,000 for your stolen stuff. But if you choose only $10,000 worth of personal property coverage, and more than that is stolen, your renters insurance company can only pay up to $10,000 (minus your deductible, of course).
There are a couple of instances when theft isn’t covered by renters insurance. If you lend your friend your headphones, and they’re stolen in their possession, your renters insurance policy won’t cover you – because your item was in the possession of a third party.
If your insurer decides you were responsible for the theft due to negligence, like leaving the keys in your front door or leaving your bicycle unlocked — they might decide not to approve your claim. What if stuff was stolen outside of a home? One of the best things about renters insurance is that you’re also covered for theft outside of your home. That means you’re protected if your laptop gets stolen from the local coffee shop, or if someone pickpockets your phone on the subway.
And what’s the radius of that coverage?
Your personal belongings are even covered from theft while you’re abroad.
So let’s say you’re on a business trip, and return to your hotel with your laptop nowhere to be found. Or, your phone was swiped while dancing at a music festival — your renters insurance policy could have you covered.
In short, there are a lot of common situations renters insurance covers you for.
How to reduce the chance of theft
- Lock it up
When you move into your new apartment, invest in some new locks. Your landlord might even agree to buy these for you. That way, you won’t have any creepy unplanned visits from old tenants or be vulnerable to burglary.
Also, make sure to never write any part of your address on your keys (or anywhere else).
- Keep your eyes open
If anyone asks to enter your home, always double and triple check. A ‘maintenance worker’ might want to enter under the guise of fixing something in the property — or they might claim your landlord sent them. We’re more likely to be lax about security when it’s someone else’s property, but it’s good sense to never let anyone into your home unless you’ve been told first by your landlord, or if they have an official badge that checks out.
Also, get to know your neighbors, and who comes in and out of the building regularly. If there are any unfamiliar faces lurking around, you might want to inform the authorities.
- Get digitally secure
It may feel like it’s just you and your friends Instagramming, but be aware, cyberspace can be a dark place. Keep track of what sort of information you post online, and ensure your home address or phone number aren’t publicly available.
Criminals can use clues like phone numbers or home addresses to fraud authorities and potentially break into homes
EDIT: /u/Nowalls4narwhals mentioned something important
All of these dollar amounts will be broken out and defined in Section C of your policy. Check there for the details. The “all-up” numbers are what is displayed on your declaration page.
For example you have a property limit of $30 but only $2k of that may be eligible for jewelry, and if that jewelry is lost due to theft, the limit may be further reduced to $200.00.