Personal property can be lost in a number of different ways, ranging from simple misplacement to theft or destruction by incidents like fires. While a renters insurance policy covers certain types of lost personal property, it doesn't cover every possible incident or scenario. It's helpful to understand the differences between what your policy covers and what it doesn't before you ever try to file a claim.
A local independent insurance agent can also help you get set up with renters insurance or help you dive deeper into your policy's coverage. They know where to find you the coverage you need fast. But first, here's a breakdown of if and when renters insurance can cover lost items.
When Does Renters Insurance Cover Lost Items?
For lost personal property to be covered by renters insurance, the cause of the loss must have been due to a listed peril on the policy. Some covered causes of lost personal property include:
- Theft: If your personal items get stolen from your home, renters insurance can often pay to replace them up to your policy's limits. However, if you have valuable property like electronics, jewelry, artwork, etc., you may need to specifically list each item on your policy in order to have coverage.
- Fire: If your personal items, like clothing, furniture, etc., get damaged or destroyed by covered perils like fire, renters insurance can pay to replace them up to your policy's limits. Remember that valuable items must be specifically listed on your policy first.
- Utilities: Busted pipes, faulty plumbing, and mechanical or electrical failures within the home can all lead to the loss or destruction of personal property. Renters insurance can also help replace items lost due to these incidents.
To ensure your valuable personal property is properly listed on your renters insurance policy, call your independent insurance agent. They'll help you get the coverage you need in place for any valuable personal property before an incident occurs.
When Renters Insurance Doesn't Cover Lost Items
Certain types of loss aren't covered by renters insurance. Valuable items need to be specifically listed or "scheduled" on a renters insurance policy to be covered against loss at all. Also, many renters insurance policies don't cover lost items if the loss happens away from your home, or "off-premises."
What about items you personally lost?
If a "lost item" refers to a piece of personal property you misplaced due to your own carelessness, as in an accidental loss, renters insurance likely won't cover a replacement. For example, if you were on a trip and lost something you owned, renters insurance likely wouldn't cover the item. However, if you'd listed your property on a travel insurance policy, you might be entitled to reimbursement for it that way.
Other Causes of Loss Renters Insurance Won't Cover
There are a couple of common natural disasters for which renters insurance doesn't provide any coverage. Flood disasters are one of them. You'd need a separate flood insurance policy to have coverage against lost personal property due to natural flooding, such as after heavy rainfall, melting snow, or a hurricane.
Earthquakes are another natural disaster not covered in any way by renters insurance. You'd need separate earthquake insurance to get reimbursed for items lost due to earthquakes and the damage they cause. An independent insurance agent can help you find both of these coverages.
How to Find the Right Renters Insurance
When you're looking for the right renters insurance to provide protection against lost items, no one's better equipped to help than a local independent insurance agent. Independent insurance agents in your area know the top-rated renters insurance companies to shop and compare policies from. They'll find you the coverage at the most affordable rate that still offers high-quality protection. And down the road, they'll be there to help file claims for you if the time ever comes.
Sources
https://www.moneygeek.com/insurance/renters/does-renters-insurance-cover-lost-items/
