If your vehicle is stolen, insurance companies have the responsibility to compensate you for the market value of your vehicle. If you have comprehensive insurance and renters insurance<\/a>, you can reap the benefits of both coverages. Collision insurance will not protect you if your car is stolen because it only covers you for collision damages. Comprehensive insurance<\/a> covers you for a replacement if your car is stolen. How does renters insurance come into play? This guide will focus on the connection between renters insurance and vehicle theft (including personal property).<\/p>\n\n\n\n
Renters insurance will not replace your car under any circumstances. Even though a car is technically personal property, a vehicle won’t fall under the protection parameters mentioned in an HO-4 plan. The same applies for homeowners insurance because personal property has coverage limits. Insurance companies also know there are separate types of automobile insurance that can provide protection against theft (i.e. comprehensive insurance).<\/p>\n\n\n\n
The basics of renters insurance coverage<\/a> are the following:<\/p>\n\n\n\n
The only coverage in rental insurance that applies to car theft is personal property coverage<\/a>. This cover should extend beyond the rental condo\/house and cover your personal belongings outside the premises of the rental unit. Those personal items that were in the vehicle when it was stolen are insured.<\/p>\n\n\n\n
Certain items are eligible for personal property claims on renters insurance while other items are not. For instance, expensive items like jewelry and designer clothes are not covered. You can only file a claim for everyday items that are easily replicable unless you had special insurance for those high-value items. Comprehensive car insurance may also cover you for those personal items, so you won’t need to apply for renters insurance. The insurance company will ask for evidence the car was stolen and will request a copy of the police report. To make sure there are no misunderstandings in regards to coverage, the following personal items will be covered:<\/p>\n\n\n\n
Note: If it was your negligence that led to the theft (i.e. you left the windows open), renters insurance will NOT cover other people’s personal property. The only exception is if they themselves have personal property coverage<\/a> on their renters\/homeowners insurance that can cover them.<\/em><\/p>\n\n\n\n
The coverage limits on personal property are low. They are usually 10 times lower than the maximum coverage limit on your insurance plan. Example: If you have $200,000 worth of coverage, you’ll only be entitled to $20,000 in personal property coverage outside the home. <\/em>We recommend creating a home inventory list to know exactly how much cover you need to get reimbursed for the full amount. The list can always be updated as keep adding new belongings to your home. If you have $15,000 in personal property at home, you’ll need at least $150,000 in rental insurance coverage.Keep in mind that a successful claim on personal property in a stolen car will only pay out the ACV (actual cash value) of the property. This means that each item will be judged by today’s market value and not the original value you paid for it. Example: If you had an iPhone that you purchased for $1,000 for and today it’s worth $600, the company will only pay $600 for the replacement. <\/em>The same cash-value policy applies to all stolen property inside the car. The main alternative to this is RCV (replacement cost coverage) that covers you for the original value of the personal property. This is available as an optional upgrade at most insurance providers.<\/p>\n","protected":false},"excerpt":{"rendered":"
If your vehicle is stolen, insurance companies have the responsibility to compensate you for the market value of your vehicle. If you have comprehensive insurance and renters insurance, you can reap the benefits of both coverages. Collision insurance will not protect you if your car is stolen because it only covers you for collision damages. … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":177601,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"generate_page_header":""},"categories":[89],"tags":[],"ppma_author":[117],"acf":[],"authors":[{"term_id":117,"user_id":1,"is_guest":0,"slug":"admin","display_name":"Homeowners Insurance Cover","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/cef015578ecb5bf0b81c951a3f88b627?s=96&d=https%3A%2F%2Fhomeownersinsurancecover.net%2Fwp-content%2Fuploads%2F2023%2F02%2Fcropped-insurance-house-icon-min.png&r=g","description":"","first_name":"","last_name":"","user_url":""}],"_links":{"self":[{"href":"https:\/\/homeownersinsurancecover.net\/wp-json\/wp\/v2\/posts\/177600"}],"collection":[{"href":"https:\/\/homeownersinsurancecover.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/homeownersinsurancecover.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/homeownersinsurancecover.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/homeownersinsurancecover.net\/wp-json\/wp\/v2\/comments?post=177600"}],"version-history":[{"count":0,"href":"https:\/\/homeownersinsurancecover.net\/wp-json\/wp\/v2\/posts\/177600\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/homeownersinsurancecover.net\/wp-json\/wp\/v2\/media\/177601"}],"wp:attachment":[{"href":"https:\/\/homeownersinsurancecover.net\/wp-json\/wp\/v2\/media?parent=177600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/homeownersinsurancecover.net\/wp-json\/wp\/v2\/categories?post=177600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/homeownersinsurancecover.net\/wp-json\/wp\/v2\/tags?post=177600"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/homeownersinsurancecover.net\/wp-json\/wp\/v2\/ppma_author?post=177600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}