I know renter’s insurance covers my possessions at home, but what about if I’m mugged or pickpocketed?
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Asked November 10, 2014
Renters insurance is a variation of homeowners insurance and is primarily designed for theft, damage, or injury within the home. This type of protection usually extends beyond the home, but the specifics of your policy will vary according to your state of residence, the company you purchase from, and any options or riders you have on the policy.
In most cases, renters insurance will cover you against theft when you are away from home, but you should consult your policy or insurance company to be certain. Some policies will provide coverage for robbery while away from home regardless of where you are, while others will not provide coverage or will have limitations on where the coverage is effective.
If you are traveling within the United States, the coverage may be different than if you are going outside the country. If you are the victim of a pickpocket while shopping, you are probably covered, but if the same thing happens while you are in a foreign country, you may not be covered. Check your policy carefully to find out exactly how it works and under what conditions.
If you are traveling abroad, you will be served better by purchasing travel insurance. This type of policy is especially intended for people who are going to be in countries which do not have the same laws or legal ethics, and will offer you more robust protection against theft or personal liability.
An effective insurance policy will provide coverage against theft of many types. This could be a pickpocket stealing your wallet, credit card theft or fraud, and other types of personal theft. If your policy does not include coverage of this sort, you may be able to purchase an optional rider to have the coverage added to your existing policy. If not, you might be better off to shop for a new policy. For that, use an independent agent or brokerage such as this website which can offer you a range of choices and multiple insurance providers.
Answered November 10, 2014 by Anonymous