Someone who has renters insurance in Denver, CO, wrote in to ask us…
Does renters insurance cover a stolen cell phone? Do I need the insurance my cell phone provider offers? What if it’s lost?
Great question, let’s take a look!
Will Renters Insurance Cover A Stolen Cellphone
We get asked all the time if renters insurance will cover a stolen cell phone. Are you sure your policy will cover it? You may be surprised at the answer! Learn more with the renters insurance experts!
Does Renters Insurance Cover A Stolen Cell Phone?
We’re often asked if renters insurance covers a stolen cell phone and the answer is, yes. The question is though, do you want it to? Renters insurance generally comes with a $500 or $1,000 deductible. Depending on your phone, this might only net you a few dollars after the deductible is met. For that reason, some phones may not be worth making a claim on. If on the other hand, you’re robbed and other things are stolen as well as the phone, you can include it in the claim.
How risk averse are you? Do you want to be 100% covered for just your cell phone being stolen, or do you want to be covered when multiple items are stolen? You can certainly buy the insurance your wireless provider offers, depending on your level of risk tolerance. It’s not technically a necessity, but it might be a worthwhile add-on since a cell phone by itself is likely to barely meet the deductible in many situations.
Does Renters Insurance Cover A Lost Cell Phone?
Loss is not a covered peril. Covered perils are things like fire, theft, and vandalism which are listed as covered in your policy. If you walk away from your phone and lose it, then there is no covered peril, and therefore no coverage applies. A stolen phone is of course a different matter.
Still have questions? Still wondering if renters insurance covers a stolen cell phone depending on your particular situation? Contact Effective Coverage at (800)892-4308 and our renters insurance experts will guide you through the answers!