Does Renters Insurance Include Theft?

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   dmrozek

   Ann Arbor, MI

   If you're insured with a reputable company and a good agent, your renters policy should include theft. All a renters policy is is a homeowners policy without the building coverage.  It's there to cover your stuff and your liability.  It's rare, but there are companies that offer coverage that may not include theft.  This coverage form is called "Basic Form" and it will not cover theft.  Never, never, never accept a policy written on a basic form for your renters coverage.  The most common form is Broad Form, and it will cover theft.  Most companies and agents will use this when writing your renters policy.  Don't accept anything less.

   Answered on November 17, 2013

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   Jack Heller

   Owner, Insurance Browser,

   Let me add one point. Theft and Mysterious disappearance are two separate things. So talk with your agent. Theft coverage will respond if there is evidence of a theft. For example a broken door lock or other evidence that someone gained access to your premises. The broader coverage available from some carriers can include mysterious disappearance which is basically that the insured item is not where you believed it to be and therefore has been possibly stolen or you simply do not understand how it disappeared. Mysterious disappearance is generally more expensive than theft , and is generally purchased in-connection with protecting valuable articles of jewelry, watches  and furs or other property that have their own sub limits in a homeowners or renters policy. Read the policy relative to how jewelry , watches and fine arts are protected and if it does not sound like enough coverage talk to your agent.

   Answered on November 17, 2013

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