Does renters insurance cover theft?
No one wants to deal with the unfortunate incident of a theft or burglary, but it can happen – and knowing you have renters insurance can be a huge relief. Your renters insurance policy may cover your personal possessions – such as those listed below – in the event someone breaks into your home or your car (with the exception of pre-installed systems):
- Electronics
- Furniture
- Clothing
- Jewelry
- Wallet
If you have just experienced a potential theft, contact the police immediately and file a police report. This is a crucial step in filing a renters insurance claim.
Reduce the chances of theft with these tips
While you can’t always prevent theft, there are certain safety measures you can take to help avoid a burglary:
- Install a home security system.
- Use outdoor lighting.
- Make sure exterior doors are made with strong materials.
- Block windows for the basement or locked window well covers.
- Install locks for pet doors.
Theft isn't the only damage that renters insurance can protect you against. Learn more about the variety of damages renters insurance covers so you can properly safeguard your belongings.
Does renters insurance cover bike theft?
If your bike is stolen, your renters insurance policy may reimburse you for the cost. However, the amount you receive depends on the type of policy you have. A replacement-cost policy generally will cover the cost of a new bike that is of the same quality as the original, whereas actual cash value insurance can help cover the amount that the bicycle was worth at the time it was stolen.
While replacement cost coverage may be a bit more expensive, it could prove more beneficial in certain circumstances.
Be sure to keep your receipts when purchasing a new bicycle, as it will make the claims process move more quickly and efficiently. You should also add the bike to your home / apartment inventory list.
Tips to keep your bike safe and secure
It’s important to take the proper precautions to keep your bike safe and reduce the chances of it being stolen:
- Buy a high-quality bicycle lock and make sure it is securely fastened when you park.
- Keep the lock away from the ground and make sure the gap between the lock and the bike is small.
- Do not leave removable parts such as lights on the bike unattended – take these parts with you.
- Keep your bike out of view when storing it in your vehicle.
- Keep a record of your bike’s serial number.
- Register your bike with the National Bike Registry so it can be returned to you if found.