Theft is an ongoing issue in many areas. No matter what steps you take, you may find your home is at risk. If you rent or lease your home, renters insurance can be very valuable in these cases. It can give you a wide range of protections from many risks. One of those risks is theft. Here is what you should know about theft coverage.
Know Your Policy
Renter’s insurance tends to provide coverage for theft. However, there are limits to this.
For example, most policies have a per-item limit. This is the most your policy will pay if someone steals that item. Many policies cap this at $500 or $1,000.
If you own a valuable item worth more than this, you need to take steps to protect those items individually. You might need a special policy rider for this item, for instance. You should know what your per-item limit is. You should also know what your total amount of coverage is. If your valuables are worth more than this, increase your coverage.
Covering High Valued Items
As noted, a high-valued item needs an additional level of coverage. If you own anything above the limit of our policy, work with your agent. He or she can add a rider or a type of additional coverage onto your policy for those items. Be sure to list these items specifically. Name them and their value clearly. Your renter’s insurance policy should spell this out for you.
What to Do When a Theft Occurs
When a theft occurs, your first step is to contact the police. You want to be sure the police are able to document what occurred.
Do not clean up the area. Do not move anything. Call the police as a first step. Follow their instructions.
You may wish to take your own photos of the area. And, be sure you have some type of representation of the value of that item, such as a receipt from your purchase. Your agent likely needs this information to file a claim.
Filing a claim generally does not take long. If your policy covers it, the process may take just a few days to weeks. Once completed, the insurance company provides you with a check for the loss.
The good news is your renter’s insurance is there to help you. It provides ample financial protection for your risks. Theft is a common risk in many properties. Investing in renter’s insurance gives you the peace of mind of knowing there is help available to you.
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