Answer The short answer is: Yes, renters insurance typically covers theft if personal property coverage is part of your policy. Standard in renters insurance policies, personal property coverage helps you replace your computer, bike, audio system and other belongings if they’re stolen — just as it does if they’re damaged or destroyed in a fire, leak or other calamity.
Typically, your things are covered whether a burglar breaks into your home or if they’re ripped off somewhere else. For example, your laptop is covered whether it’s stolen out of your home office or swiped from the table where you’re working in a cafe. Generally, you’re even covered if your things are taken from your car or when you’re on vacation. (While things taken from your car are covered, your car itself — if damaged or stolen — is not. You’d need car insurance for that.)
You can choose the level of coverage you want. For example, what if that stolen laptop is a few years old? If you choose actual value coverage, your renters insurance will pay what the laptop is worth now — the amount you’d get if you sold it used. You can also choose replacement cost coverage, which can help cover the cost of a new laptop.
Theft is covered, but renters insurance doesn’t cover things you accidentally lose. Also, your policy will come with limits, so if you own high-value items like jewelry, art or a high-end bike, you may need to buy additional insurance to fully cover them.
Making an inventory of your possessions and their worth can help you calculate how much renters insurance you might want. An inventory is also helpful if you ever need to file a claim.
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