Does Renters Insurance Cover Theft From a Vehicle?
Depending on your insurance company's coverage options and the amount of coverage or deductible you chose, your renters insurance may pay for items stolen from your car. Some companies automatically include motor vehicle theft as part of renters insurance and others don't. Most renter policies offer deductible options, so you might have to pay for the loss yourself.
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Reporting the Theft to Authorities
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Before you contact your insurance company or read your policy over to determine coverage, call the police to report the theft of your belongings. Your insurance company requires documentation of the theft to initiate a claim. Reporting the theft to authorities quickly may also help to locate your belongings. Take pictures of any vehicle damages, such as a broken window, and list any items missing from the car. Once authorities arrive to your location, you'll provide a list of items stolen from the vehicle.
Insurance Company Claim
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A call to your insurance company is necessary to determine if your policy covers theft from a motor vehicle. Unless you purchased an addition to the renters insurance policy, your company may exclude this coverage. An insurance company representative will explain your coverage and request a description of all stolen items, such as original costs and item details. Try to locate original boxes for the items or receipts to provide adequate item details. For example, you'll need brand, model, color and condition information for most items.
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Deductibles
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The deductible amount you chose when purchasing your renters insurance determines whether submitting an insurance claim is worthwhile. Typical deductible options include $500 to thousands of dollars. If the total amount of your items is less than your deductible, submitting an insurance claim won't benefit you. For example, if the replacement value of your items is estimated at $450 but your deductible is set at $500, you'll have to pay out-of-pocket to replace your stolen items.
Coverage Information
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It's essential to check with your insurance company to determine which items are covered under your renters insurance. For example, comprehensive insurance covers a stolen radio, not your renters insurance. Items such as an MP3 player or clothing are covered by renters insurance, so you may have to submit separate claims. Items covered under your renters policy don't pay for purchase price, but depreciated value instead. Read your renters insurance coverage details over thoroughly or speak to a representative for further information regarding jewelry, sentimental items, art or historic items.
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