Stephanie Chisholm: Hi! I am Stephanie with Wells Fargo and Company. Today we're learning about what possessions are covered by Renters Insurance and what to do in the event of theft or other loss.
First you should always report any theft immediately to the police. Renters policies can vary in their terms, and some may cover stolen property, only if there is evidences of forcible entry into a locked home, or apartment. You will need to file a police report in order to be eligible for an insurance claim.
Renters Insurance Coverage protects items that are found in an average home, such as your TV, stereo, computer or clothing. Depending on the insurance policy Renters Insurance can also provide personal property replacement, which pays for the cost to repair or replace most covered item without deduction for depreciation up to the policy limits.
Insurance coverage up to $100,000 for personal liability claims made against you for bodily injury or property damage.
Insurance coverage for Guest medical benefits, additional emergency living expenses and credit card protection, within policy limits.
Insurance coverage of the personal property in your car, garage, or storage unit, for example if your computer is stolen from your car the loss would likely be covered by your Renters Insurances.
Credit Cards you're renter policy may pay upto a specific amount for any legal obligation incurred by you, because of the theft or unauthorized use of your credit cars.
Cash, Renters Insurance usually covers limited amounts of cash. Some companies will increase the amount covered if you pay an additional premium.
Always be sure to conduct a personal inventory of your possession so that you'll be prepared in the event that something is stolen.