Most crimes across the U.S. are property or theft-related, with residential burglaries making up 62.8% of all burglary crimes, according to the FBI. Over 1 million homes are burglarized every year, and the average dollar loss per incident is $2,661.
Renters are targeted more frequently than those who own their homes, according to the most recent U.S. Bureau of Justice report.
So, how do you protect yourself as a renter? The good news is that whether you're living in an apartment, rental home or military housing, you can help offset the financial impact of personal property theft with renters insurance.
But trying to figure out what is and isn't covered by renters insurance can be confusing, especially regarding theft. Here's what you need to know about renters insurance coverage and protecting your personal property from theft.
Does renters insurance cover theft outside the home?
Renters insurance coverage isn't just for inside your house. If someone steals your personal property that's outside your rental home, apartment or military housing, it's still considered property theft that your renters insurance may cover. A renters insurance policy from USAA provides worldwide coverage See note 1 for your personal property.
Check out these scenarios to see how renters insurance might help protect you.
You're on a road trip. You stop at a restaurant to stretch your legs and grab a quick bite. But when you return to your car, you realize it's ransacked, and all your camping gear is gone. While you may have to rethink sleeping under the stars, your renters insurance can help cover your gear.
You're living on base. You make a quick trip to the mess hall so you can get back in time for a much-needed video visit with your family before the kids go to bed. But your laptop is gone. While you may have to do your family visit via your cellphone until you can file a claim, your renters insurance policy may help cover your laptop.
You're traveling overseas. You're finally taking that family trip you've been saving for, but your luggage and passports get stolen along the way. Your renters insurance may kick in to cover the theft and replace your stolen clothing, personal items and luggage. Plus, with USAA, your renters policy could include identity theft protection. See note 2 It won't help you replace your passports, but it can help you rest a bit easier knowing you're covered in case of identity theft. If you're living overseas or on PCS, you can help protect your property with overseas insurance.
Does renters insurance cover car theft?
If someone steals your car or your hubcaps, you better have auto insurance. Even if your car is parked in the driveway, parking lot or on the street of your rental property, a renters insurance policy won't cover any damage done to your vehicle or the auto theftOpens in a New Window. See note 3
But if thieves break into your car and steal your personal stuff, those items may be covered by your renters insurance. According to the FBI, 27% of larceny-theft cases involve thieves stealing personal property from cars. Compare that to the almost 10% of larceny theft from buildings, and you're much more at risk of having your stuff stolen from your car.
Does renters insurance cover bike theft?
If your bicycle is stolen from inside your home, the garage, the driveway, a bike rack outside school or the bike rack on your car when it's parked at a grocery store, a renters insurance policy may help cover your bicycle.
But most renters policies have limits on how much coverage you can get for specific items, like bicycles. Electric bikes, or e-bikes, usually aren't covered by renters insurance. If you own a high-cost mountain bike, road bike, racing bike, custom bike or an e-bike, you should explore the extra protection that a separate bike insurance policy provides.
Does renters insurance cover package theft?
If a package that's been delivered to your apartment, rental home or military housing gets stolen from the mailbox, off your porch, from the lobby or mailroom, you're protected. Your renters insurance policy may help cover you for the value of what was inside, depending on your coverage limits and deductible.
For example, your new $3,000 laptop gets stolen. If your renters insurance policy computer coverage limit is $2,000 you may not get reimbursed for the full value. You may be able to get supplemental coverage that protects your valuable electronics and devices like a renters technology coverage. Review your policy to see what limits apply and what options you have.
Does renters insurance cover jewelry theft?
Yes, it can. Whether it's in your drawer at home or you're wearing it out and about, if your jewelry is stolen from your car, home, office, off your person or anywhere in the world, your renters insurance can help offset the cost of replacing your items up to your policy limits and subject to your deductible. Keep in mind that renters insurance policies have limits for theft, for example $1,500, for jewelry coverageOpens in a New Window. See note 3 This means you may want to consider additional jewelry coverage through a USAA Valuable Personal Property (VPP) policy.
A VPP policy can help bridge the gap in coverage for your expensive jewelry that may not be adequately covered under your renters policy. It can also be used to help cover other valuable personal items such as smartwatches, guns, cameras and musical instruments.
What if I'm a member of the military?
USAA is proud to help protect your important personal property while you're protecting us. Service members living on base can save up to 28% on their USAA Renters Insurance. See note 4
If you already have a policy, check to be sure your renters insurance covers your unique belongings. See that it offers worldwide coverage for your personal property if you're deployed or while it's in storage. At USAA, we offer coverage for property damage caused by war, See note 5 and we waive your deductibles if your military equipment is damaged or stolen while you're on active or active reserve duty. See note 6
It doesn't matter if you're deployed or home, living on or off a military installation, your personal property is protected by the same great coverage a USAA Renters insurance policy provides.
In the process of making a military move or PCS? You can store your possessions or move anywhere in the world; with a USAA Renters insurance policy, you're still protected for covered losses. See note 7 Just be sure to update your policy when you know your new address and when you expect to get there.
Renters insurance can cover you for more than just theft. Damage or loss from other events can be equally as devastating to your personal property as theft. While every policy is different, renters insurance typically covers smoke or fire damage, certain types of water damage and accidents or injuries in your home. And a standard renters insurance policy from USAA also offers earthquake and flood coverage, something other renters policies may not.
Having a USAA Renters Insurance policy, no matter where you're renting, can make a world of difference in your ability to repair or replace your important personal property that gets stolen or damaged.
Insure your stuff against theft.
USAA is here to help you get the renters insurance coverage you need to help protect your property from anywhere in the world.