In the event of theft, Aaron’s official policy is that you must continue paying for any purchases until you’ve fulfilled your lease-purchase agreement. The Aaron’s Club program or your own homeowner’s or renter’s insurance may help you cover the loss. For the full details of Aaron’s stolen property policy, see below.
Aaron’s Stolen Property Policy
If an item you’re leasing from Aaron’s is stolen, you’ll need to continue making payments on the item, customer service representatives said.
There are a few steps you can take to cover your payments. If you have homeowner’s insurance or renter’s insurance, you can make a claim on a stolen lease-to-own item, the representative said. Though you don’t technically own the item until after you’ve made the final payment, most homeowner’s and renter’s insurance policies will cover leased goods.
Aaron’s also offers some protection benefits through Aaron’s Club. The program allows for payment waivers under various circumstances (such as unemployment) and also covers product protection in case of fire and smoke damage, damage from severe weather conditions, or theft. Keep in mind, Aaron’s Club only covers stolen merchandise if it was removed from a secure, locked building with visible evidence of forced entry, according to Aaron’s Club FAQ. A police report can help you prove these conditions. Aaron’s Club membership costs about $10 per month, plus tax.
If an Aaron’s lease-to-own item is stolen before you’ve made your final payment, you will still need to continue making payments. However, your renter’s or homeowner’s insurance should be able to help you cover the cost. You can also protect your lease by joining the Aaron’s Club program. For more information about Aaron’s and other lease-to-own stores, see our articles: Aaron’s Damage Policy Explained and Aaron’s vs Rent-A-Center: Payment Plans, Inventory, & More Compared and Places Like Rent-A-Center: Aaron’s, Conn’s Home Plus, Rent Delite, etc.