Renters’ insurance usually covers theft of cash, but the sub-limit for theft cover is often low. If you live in an area prone to crime and theft, we strongly recommend that all tenants take out their own policies. All insurance products are governed by the terms, conditions, limitations and exclusions set forth in the applicable insurance policy. This site should not be used as a substitute for obtaining legal advice from an insurance company or an attorney licensed or authorised to practice in your jurisdiction.
The good news is that renters insurance will cover your belongings and cash if they are stolen on or off your property. Once you fill out the claim form, your renters insurance provider will assign you a claims adjuster and begin an investigation. But if they have their own renters’ or homeowners’ insurance policy, they may be able to file a claim with their own insurer. If your laptop is stolen from your car or someone takes your bag off the back of your chair in a restaurant, you can usually file a claim with your renters’ insurance policy.
Also, be aware that components attached to your vehicle, such as the sound system, are also not covered by renters insurance. For example, if your luggage is stolen from your hotel room while you are out of state or out of the country, your renters insurance can help lessen the damage to your holiday. Renters insurance is a policy that protects your personal possessions if they are stolen or damaged. Renters insurance will reimburse you for your personal property if it is lost, damaged or stolen in a covered peril.
Renters insurance will cover your personal belongings whether they are stolen inside or outside your home. Although renters insurance has many theft coverages, it will not always cover theft in a storage unit. This way, you will have the proof to show the police and your insurance provider that you did take the money out. All renters’ insurance policies have coverage limits, i.e., the amount of money the provider will reimburse you for a covered loss.
Many storage unit tenants now use locks designed to prevent theft, an additional protection that may also help you in a renters’ insurance claim with some companies.