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Renters Insurance: Cover a Stolen Bike?

Does renter’s insurance cover a stolen bike? This can be an important answer to know if you frequently use a bicycle and either have renter’s insurance, or you are considering buying renter’s insurance. 

What is Covered by Renter’s Insurance?

The answer isn’t a simple “yes” or “no.” Yes, renter’s insurance does generally cover your personal property, which does include your bike. However, the exact circumstances of the theft will determine the extent of coverage you can expect from your policy. 

Understand that renter’s insurance does insure personal property, but it only insures against specific harms listed in the policy. Theft is a covered risk, but things like flooding or earthquakes are not (view other items not covered). 

However, renter’s insurance usually comes with category limits. These are limits placed an damages in a particular coverage category, such as art, jewelry, or electronics. Bikes are usually a specific category of their own with a limit that will typically range from $1,000 to $2,000. 

If you own a particularly expensive bike, such as a specialized racing bike, you will need a separate bicycle insurance policy to insure it for full value. 

Off-property vs. On-property Theft

If someone steals your bike from your rental property, then the loss is wholly covered by renter’s insurance. However, the story is a bit different if your bike gets stolen when you have taken it outside your property.

Remember the category limits? Off-property theft is usually its own category. For most insurance companies, off-property coverage for personal property covers no more than 10% of the total policy limits. Thus, if you have a $10,000 total policy, then your off-property limit will usually be no more than $1,000.

Renter’s insurance does not just cover theft of personal property. It can also provide accident insurance under some circumstances.

If you damage or destroy your bike due to your own negligence, then renter’s insurance won’t cover your bike or your injuries. If someone else destroys your bike, it will often be covered; but, remember that the off-property category limit will still apply.

Renter’s insurance can also provide liability protection in case you hurt someone else in a bicycle accident. Not only will such protection cover harm to the person you hit, it will also help provide for your legal defense up to your policy limits.

Final Thoughts

Renter’s insurance can provide you considerable protection for your bike. Not only can it cover against theft, but it can also protect you from injuries you cause to other people by using your bike. However, expensive bikes can require separate policies to cover fully. 

If you own a bike, renter’s insurance can provide substantial peace-of-mind under any circumstances.

Updated on April 6, 2020

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