Branch Owner, TWFG Insurance Services, Fremont California and the Greater Bay Area Representing Dozens of Insurance Carriers
A bicycle is personal property so as long as you purchased personal property coverage as part of your renters insurance policy there would be coverage in the event of a theft or destroyed in a fire or other covered peril. There is no coverage if you damage (wreck) the bike. Also keep in mind your renters insurance deductible will apply. Talk to your local agent for further details.
Renters insurance is designed to cover sudden and accidental losses and will cover your personal property "any where in the world". If your belongings are stolen or damaged away from your residence most policies cover up to 10%. For example, if you have a Renters policy with the following limits:
Personal Property = $20,000
Liability = $300,000
Medical = $1,000
Deductible = $500
If your bike is stolen away from your apartment you would have coverage up to 10% or $2,000. Keep in mind your deductible. In the example above you would receive a check for $700 - $500 = $200.
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Personal Property = $20,000
Liability = $300,000
Medical = $1,000
Deductible = $500
If your bike is stolen away from your apartment you would have coverage up to 10% or $2,000. Keep in mind your deductible. In the example above you would receive a check for $700 - $500 = $200.