Does Renter's Insurance cover if I just lose an object?

Question

I am looking for renter's insurance to cover me for personal property even in the event that I just lose it anywhere; i.e. if i lose my watch in the park . Not related at all to theft. Would a standard policy cover that?

Answer 1

No, a renter's policy will not cover lost items due to negligence.

Answer 2

A standard policy does NOT cover that.  You'd have to "schedule" the watch seperately, pay an extra premium for it, etc.  And if you file more than one of those oops I lost it claims, you'll be uninsurable for years.  

Oh, and unless it's a high value item, you're not going to find a company willing to do that.  They don't want to schedule a bunch of $50 items, and have a ton of claims.  At some point in time, you just have to be responsible, and not lose your watch.

Answer 3

No.

You can't get a policy that will cover all your property for it getting  lost.

Renters coverage is a named peril coverage. That means, if the cause of the loss is specifically named in the policy - it is covered. Named perils include - fire, lighting, theft...etc. You loosing an item will not count.

Now, if you have a specific item that is valuable - you can get a "floater" added to your policy to cover that specific item. The floater (aka: endorsed, scheduled)  will cover the item getting lost. You usually see this on jewelry.  For example, if you have your engagement ring scheduled on your policy (by the floater) - and the stone falls out one day and is gone....your policy will pay to replace the stone.  

In order to get the ring scheduled onto the policy, you will have to have it appraised by a jeweler and take the appraisal to your agent.

A watch would be considered a piece of jewelry. If it's a very nice watch - you may want to consider getting it scheduled onto your policy.

I have also seen nice camera's scheduled onto a policy.

Your agent would be able to tell you what type of items qualify to be scheduled onto your policy.