In general, a renter's insurance policy covers the loss of personal items, even when you lose them away from the home or apartment. However, the specific coverage you have for phones can vary greatly. With broad form coverage, you typically have benefits for a stolen phone, but you have to prove that it was stolen and not left unattended or lost. With a special form policy, you typically have coverage for any event besides earthquakes or floods, so you don't have to prove theft.
What's the Hitch?
One problem in making a claim for a stolen phone is that renter's policies often have a $500 or higher deductible. Thus, even with a smart phone, you end up paying most of the replacement cost yourself. Additionally, insurers commonly have sub-limits of around $200 on smart phones to minimize their burden, given how easily these items are lost or stolen.
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