How personal property coverage replaces stolen belongings

On most renters policies, personal property coverage limits range between $15,000 and $500,000. Your selected amount should cover the cumulative worth of your belongings (creating a home inventory can help determine how much coverage you need); for instance, if you have $30,000 in personal property, you need at least that much in coverage.

If you’re a victim of theft, and your claim is approved, your renters insurance company typically pays you the actual cash value (ACV) of the stolen item. Depending on your insurer, you may be able to choose replacement cost coverage (RCV) for a higher premium. RCV covers what your item is worth without factoring in depreciation. For example, a TV that you purchased for $750 three years ago may only have an ACV of $400. RCV would pay you the value of a new, comparable television.

Learn more about ACV vs. RCV.

Renters insurance FAQs

Does renters insurance cover theft while outside of your home?

Many insurers, including Progressive, cover theft (up to specified limits) while traveling. In fact, we can cover your items against theft while you’re moving, on vacation, or if they’re kept in a storage unit, up to your policy’s limits.

Does renters insurance cover broken windows resulting from a burglary?

Your landlord is responsible for any damage to the unit or home you’re renting and should carry landlord insurance that can pay to repair or replace broken windows.

Does renters insurance cover car theft?

The theft of cars, motorcycles, RVs, boats, and any other motor vehicles aren’t covered by renters insurance. You need a separate insurance policy, specific to your vehicle, to cover motor vehicle theft. However, renters insurance may cover items stolen out of your car, up to your policy’s limits.

Does renters insurance cover bicycle theft?

Your bike is protected if it’s stolen from your garage, neighborhood park, or just about anywhere you ride it, up to the limits of your policy. Some insurers may require you to add a rider to your renters policy in order to insure your bike, which may cost extra.

Does renters insurance cover theft by a roommate?

There’s no easy answer for this situation. It depends on your insurer’s guidelines and the circumstances surrounding the theft, including whether or not a police report was filed.

Does renters insurance cover stolen cash?

Renters policies typically cover stolen cash, up to a certain limit, usually no more than a few hundred dollars. Valuable items, including cash, jewelry, furs, and firearms, often have “sub-limits” explicitly stated on your policy. A sub-limit is a limit within a limit. For example, your policy’s personal property limit may be $35,000 but your sub-limit for cash isn’t likely to exceed $250.

Does renters insurance cover stolen laundry?

Definitely. Renters insurance literally covers the shirt off your back, and all your other clothing, against theft—up to your policy’s limits.