Does Renters Insurance Cover Items Stolen in a Car?
Property insurance acquired by the owner doesn't cover your contents when you rent. You may purchase renters insurance to cover items you move into the apartment or house that is not for business use. Common rental insurance covered losses are fire, theft, vandalism and damage from burst or broken water pipes. Less common covered losses depend on the insurance policy terms and may include items in your car.
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Types of Coverage
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Your renters insurance policy covers two basic areas: contents and liability. The written terms of the insurance policy control the coverage, so read the policy and ask questions before you purchase renters insurance. The HO-4 is the standard renters insurance policy accepted, with variations depending on your state. If you have an automobile accident and sustain damage to items you carry for personal use, your auto insurance may cover the loss; your renters insurance may also provide insurance coverage. Renters insurance may also cover theft of items in your car.
Contents Coverage
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The HO-4 policy covers the contents of your rental house or apartment up to your coverage limit. You choose the policy limits based on the value of your contents. You must prove the loss and the amount, and you receive no more than the policy limits; you may receive less if your loss is less than the total coverage. Your renters insurance policy may cover items in your automobile, garage or storage unit for theft or damage, reports Wells Fargo.
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Liability Coverage
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Renters insurance liability coverage protects you in the event of injury to someone who visits your property. Your policy covers minor medical expenses for an injury or provides an attorney if someone sues you for injuries incurred. You don't have to be in the rental unit for coverage to apply. You may be playing golf, for example, and knock someone out with a stray ball, reports Renters Insurance Tips. This same kind of coverage extension applies to contents, with coverage for theft or damage outside your rented home.
Endorsements or Riders
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Renters insurance endorsements provide coverage for extra items outside the usual policy provisions. You may choose to have additional coverage for jewelry, furs or identity theft. You may also choose to have an endorsement for business inventory or equipment if you work from home. Search for a policy that covers the contents of your vehicle or request an endorsement for off-site contents --- specifically electronics if you carry expensive electronic equipment in your car. Review the policy for limitations on electronics and increase the limit with an endorsement if the value of your electronics exceeds the policy limit.
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References
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