Hannah, who had previously considered getting renters insurance in Boulder, CO, wrote in with a question that unfortunately we hear with some regularity. She writes,
I thought about getting renters insurance in Colorado, but I never got around to it. Now my apartment has been burglarized and the complex is saying there’s nothing they can do. Can I get renters insurance after a theft to cover the loss?
Unfortunately Hannah, the answer is no. But, why? Let’s find out!
Can I Get Renters Insurance After A Theft To Cover The Loss?
We often get asked if it’s possible to purchase renters insurance after a theft has occurred, so that there’s coverage for the loss. Like we previously discussed, if the policy didn’t exist prior to the loss then it can’t cover an incident that happened before the inception of the policy.
Can I Get Renters Insurance After A Theft To Cover The Loss?
No, you cannot get renters insurance after a theft or burglary. Therefore, it is imperative that you have insurance before the loss occurs. Your state (with two notable exceptions that we won’t address just yet) requires that you carry car insurance. This means that you cannot go out and get car insurance after an accident has already happened. Why do you think that is?
No insurance company is going to write coverage retroactively to cover a loss that’s already occurred. Especially if the loss is something of which you have or should have had knowledge of. If you’re sitting in your office buying auto insurance on the phone and you find out after work that someone hit your car, the effective time of the policy will come into play. If the policy was effective at 12:00 PM local time and you were hit at 12:30, you’ll likely be covered. If the car was hit at 9:30 AM, you won’t be covered because the loss occurred before the policy was effective.
Renters Insurance Has A Birthday, Too
Similar to the birth of a child, renters insurance also has a birthday. The inception date of a policy is imperative, because if a theft happens before the policy’s inception date, there is no coverage for the loss. Therefore, it is impossible to get renters insurance to cover a loss after a theft occurred. This is because the claim wouldn’t be paid, and doing so would likely put you on the same footing as those people who stage accidents to collect on personal injuries that never happened.
The moral of the story is, don’t do it. Buy renters insurance before you have a loss so that it’s there to protect you when you need it. The other thing to keep in mind is that generally if there’s going to be an increase in premium, it’s at renewal. That means that you usually have a few months to prepare for it if you have a loss in the middle of the policy term.
Effective Coverage has insurance experts for renters who can help with questions like this and guide you in getting the best policy for you and your needs. Call Effective Coverage at (800)892-4308 or click above for a free renters insurance quote or comparison with your current policy!