Stolen or Lost Items Under Renters or Homeowners Insurance

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Coverage for Lost Items

You’re three hours into your bus ride back home from Portland when you realize you left your laptop on the bench in the bus terminal. You call the terminal and have them look, but your laptop is gone. Since you have insurance through a homeowners insurance or renters insurance policy you may find yourself wondering: is this item covered?

Most insurance policies cover a list of specific perils, and accidental loss isn’t one of them. Perils that are covered in a standard coverage for condo, renters, or homeowners insurance policy include fire, smoke, theft, water damage, and vandalism.

Coverage for Stolen Items

If, for instance, your laptop was stolen from your hotel while on a trip, you may be entitled to compensation. This is because most insurance policies list theft as a covered peril.

Note that while your belongings may be covered while you’re away from home, your policy limits may be lower due to off-premises personal property coverage. Also keep in mind that you’ll probably be required to pay your deductible towards your covered peril.

Limits for Stolen Items

All coverage has limits. While stolen items may have lower than normal policy limits due to off-premises personal property coverage, some items such as jewelry may be subject to even lower limits. Luxury jewelry, furs, and musical instruments may not be covered at all by your insurance policy and may require you to purchase additional coverage. Check with your local agent about your policy’s limits on stolen items and whether certain items require further coverage.

Scheduled Personal Property Coverage

Scheduled personal property coverage can help protect your lost items. If you opt for scheduled personal property coverage you’ll pay an extra premium on top of your standard coverage policy. This coverage allows you to pay for coverage for certain high-value lost items such as:

  • fine jewelry
  • art
  • musical instruments
  • cameras and electronics
  • firearms

Some of these lost items, such as jewelry and firearms, may have higher limits than other items.

Often, in order to be eligible for scheduled personal property coverage you will need to get a professional appraisal for the items in question. After purchasing coverage you’ll be asked to select a deductible.

Losing belongings can be inconvenient and hard. Talk to an agent today to learn more information about the coverage options available to you and whether additional coverage is worth it.

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