Renter’s insurance usually covers theft of cash, but the sub-limit for theft coverage is often low. Having a rottweiler or pit bull on hand may help deter thieves, but insurance companies consider it a liability risk and may require you to pay a higher premium. The comprehensive part of your car insurance policy covers damage to the vehicle from theft and other problems, such as car theft. Depending on your policy, your rental insurance company may assess the value of stolen belongings in one of two ways.
On the other hand, if your flatmate has stolen something from you, you may be able to make a claim on your insurance policy, but it is not easy. For example, most renters’ insurance policies do not consider earthquakes and floods as a covered risk: you will not be reimbursed if your belongings are destroyed by an earthquake or flood, unless you have an insurance policy that specifically covers these perils. Renter’s insurance covers risks such as bad weather, political unrest or destruction by vehicles and aircraft. If you can’t afford to replace expensive items such as a television or laptop out of pocket, renters’ insurance can be a lifeline after a devastating theft.
The policy will have an excess, which is the amount of money deducted from the insurance claim check. Renters insurance is financial protection in case your personal property is damaged, destroyed or lost. Yes, your renters insurance policy covers theft almost everywhere, regardless of the circumstances. For that reason, when you take out a renters insurance policy, you should take an inventory of all your belongings.
When you take out a renters insurance policy, you can choose between actual cash value (ACV) and replacement cost coverage. If you already have car insurance – and if you drive, you probably do, because it is required in almost every state – you can save money on a new renters insurance policy by combining it with your car insurance.