Does Renters Insurance Cover a Vehicle Parked at the Apartment Complex?
Renters insurance is an essential component of life as a tenant. Obtain renters insurance before moving into your new digs and you’ll depart your apartment or rented home each morning with confidence. However, there is some question as to whether renters insurance covers tenant vehicles in parking lots. The Grove Insurance Agency, serving Brownsburg, IN, is here to provide helpful clarification.
Renters Insurance and Cars
There is a common misconception that renters insurance covers everything on a rental property, be it possessions, vehicles, bicycles and more. The truth is a tenant’s possession placed in the apartment parking lot is unlikely to be covered.
Why?
Because the possession was not actually in the apartment. Renters insurance typically protects items in the apartment. However, auto insurance protects the actual vehicle itself that is parked in the parking lot. This means if the vehicle is stolen, damaged or broken into and items are taken, you must contact your auto insurer.
Renters Insurance Follows Some Stuff
Those familiar with renters insurance are fond of stating it follows one’s stuff, regardless of location. However, there are limits. There’s a chance that a policyholder’s items will be covered if stolen when in a bag or other space outside of the apartment. Such coverage doesn’t extend infinitely.
As an example, items placed in a car are typically not covered as they are not on one’s person, not in the apartment and almost always out of sight.
In general, it is best to think of auto insurance as similar to landlord insurance in that both cover respective structures. The auto insurance covers the structure of the car while landlord insurance protects the building structure.
A caveat of note: No two renters insurance policies are the same, so be sure to contact your agent for an in-depth explanation of your policy.
Get a Quote From the Grove Insurance Agency
Serving Brownsburg, IN, we provide insurance that makes it easy to enjoy life without worry. Give us a call today for your customized insurance quote.