Will Renters Insurance Cover Home Break-In Costs

If someone were to break into your home, and steal possessions in the process, then it’s only natural to feel frightened and violated. Plus, you might now have to face the fact that you will have significant property damage that could cost you a lot of money to repair. 

However, the advantage of having renters insurance in situations like these is that you will be able to have a source of assistance in the event of theft and property damage. Let’s take a closer look at how you can benefit you. 

Covering Lost Items 

The objective of renters insurance is to provide you with financial assistance if you face unexpected, unavoidable losses or challenges at home. Therefore, when your possessions get stolen, your policy can help you replace them. 

However, the policy will still have a maximum claim limit, deductibles and potential exclusions on certain items. Therefore, your might not receive compensation based on the full value of all items lost. That’s why it’s imperative to comprehensively evaluate the value of your possessions when choosing your policy. Additionally, you should keep documentation of items’ values on hand to help verify your claim if the need arises. 

Covering Damage to Your Home 

Your renters policy generally is designed to offer you coverage only for your own possessions, not those belonging to the property owner. Were the home to sustain structural damage from a break-in, the landlord’s own property insurance will help them cover the costs of repairs.  

The only circumstances where you might have to pay for damage on your own policy might be if you were at fault for property damage. At this point, your renters liability insurance will be used to compensate the landlord for their losses. However, given that theft is not generally the fault of the tenant, your liability insurance will usually not need to be applied to a claim. 

What to Do After a Break In 

As soon as you know a break-in has occurred on your property, contact the police and your landlord. The police will help you file a theft report, document the property damage, and attempt to recover your lost belongings. The landlord will be responsible for taking any immediate steps to re-secure your property, such as by changing locks or making temporary repairs. 

At this time, you can contact your renters insurer, and present them with the circumstances of the theft, and with appropriate proof of your stolen belongings. At this point, they will work with you to ensure that your benefits are applied appropriately to give you the maximum possible settlement.