Stolen Gear: How Renters Insurance Could Help

If you’ve put off buying renters insurance because you felt it wasn’t worth the expense, the following scenarios may just have you running out to get coverage today. If you already carry this very affordable insurance, give yourself a pat on the back. Insured or not, you may not realize just how much protection renters does provide for you and your belongings — at home and away.

We hope you’re never the victim of theft. But having a renters policy under your belt will help make a potentially distressing situation that much more tolerable.

Leaving on a Jet Plane

It’s the stuff nightmares are made of — you’ve finally reached your destination after hours of dealing with all the stressors air travel provides nowadays. Chaotic check-in lines, canceled flights, and security lines stretching further than the eye can see.

Now you’ve landed — hurrah — and you’re excited to grab your bags and start this vacation in earnest. After what feels like an eternity, the carousel starts to move and one by one, your fellow passengers grab their suitcases. The crowd thins until you’re the only traveler left standing and the one sad bag languishing on the carousel is not yours.

Where Are My Bags?

Now what? You may be tempted to panic at this point, but keep in mind that airlines lose a lot less luggage than they used to. Thanks to modern scanning and tracking software that keeps tabs on luggage from end to end, the instances of bags disappearing completely due to theft has greatly decreased. Your next step is to check with the lost luggage office since your bags may just be delayed. While this is still hugely inconvenient, you can head to your destination knowing your suitcases will follow not too far behind.

Or… you’re one of the unlucky and relatively rare travelers whose bags are not just delayed but have been stolen. After you’ve filed a claim with the airline, all you can do is wait. At this point, you may need to head to the shops and replace essentials. (Remember to hold on to all your receipts so you can submit a claim with either the airline or your insurance company).

Good News

If you have renters insurance, the thin silver lining to this really black cloud is that your stolen suitcases and the belongings housed within are covered. But first — and this is key — you’ll need to get a declaration from the airline stating that, after a thorough investigation, it was found that in all probability the missing luggage was stolen or misappropriated. You would then submit the airline declaration to your insurance company.

And just as you’ve taken inventory of all your valuables at home in case of theft or damage, it’s a good idea to note the items you’re packing as you place them in your case. This extra step makes it a lot easier to recall everything you had with you if your bags end up being taken.

Of course, errant airlines are not the only way luggage can fall into others’ hands. Perhaps you’re traveling by train or coach or taking a road trip? These travel options also open the door to the potential theft or damage, and, thankfully, are also covered by renters insurance.

A Renters Policy: Saves the Day in Many Ways

Replacing your stolen luggage is only one of the many reasons that renters insurance is one of the most affordable forms of protection available. We’ve been discussing travel mishaps, but bad things can happen to your belongings closer to home too. For example, you leave your laptop on the bus, or your bike is taken from outside your workplace, or your camera equipment is stolen from your parked car. (Note: this last example would also see your renters policy kicking in and not your auto insurance, as some might assume.)

In addition to protecting all your worldly goods, renters insurance covers the following:

Medical Payments to Others

A renters policy provides coverage for necessary and reasonable medical expenses incurred by a visitor if they’re injured in your home. For example, your friend bashes his thumb while helping you build a bookcase. Or you or your pet accidentally injures someone outside your home, say your neighbor trips over your dog and breaks their wrist. However, this coverage does not apply to you or other household members.

Additional Living Expenses

If a covered loss makes your rental unfit to live in, renters insurance provides coverage for any increase in living expenses incurred so that you can maintain your normal standard of living. Payment will be for the shortest time needed to repair or replace the damage or, if you permanently relocate, the shortest time to get settled elsewhere. These costs are not typically covered by a landlord’s insurance policy. Without renters insurance, you would potentially have to pay for your own additional living expenses, while your place is being repaired.

Personal Liability Protection

No one likes to think they’ll be sued, but the liability coverage included in your renters policy can help if a lawsuit is brought against you for bodily injury or property damage. This coverage will pay up to the limit for the damages you’re legally liable for and provide a defense. For example, if your sister brings her friend with her when she visits for the day and the friend gets injured in your apartment, the friend could pursue you for damages she incurred. Or say your pet hurt someone or damaged property while you were visiting a friend’s house.

Affordable Renters Insurance

That is a whole lot of coverage for a very small price — with most policies costing around $12 a month.* While we hope you never lose your luggage or experience a home burglar, life does have its ups and downs. It’s reassuring to know you’ll be able to replace your valuable possessions if they’re damaged or stolen. Get a quick quote now for Wawanesa renters insurance, then get out there and have fun.