A single burglary costs a homeowner an average of $2,661, according to the FBI. When you’re a break-in victim, consolation for the trauma and loss can come from successfully filing a home insurance theft claim. This is why you should understand the claim filing process if you’ve insured your property.
Does Homeowners Insurance Cover Theft and Burglary?
Your home insurance policy can pay to recover stolen items after a burglary in your home. Standard break-in coverage often includes these key components:
- Dwelling component: This insurance covers repair works on damaged parts of your house following a forceful entry. Covered items can include windows and doors.
- Personal property component: The loss, theft, or damage of your personal belongings following a burglary in your home are compensable under this coverage. Covered property includes damaged light fixtures or stolen electronics like your laptop.
- Detached structures: You may file a home insurance theft claim to repair damaged property that isn’t part of your main house, such as a shed.
Estimating Your Home Insurance Coverage for Break-ins and Theft
Your policy limits and coverage type determine the amount of home insurance coverage you have. For example:
- If your dwelling coverage limit is $250,000, repair/replacement costs for any part of your home can’t exceed this amount (you’d pay the deductible before this kicks in).
- Your personal belongings coverage would be $175,000 when valued at 70% of your $250,000 dwelling coverage.
- If you have a $1,500 sub-limit for a piece of expensive jewelry, that’s the maximum compensable amount even if the covered item is worth more than that.
- Coverage will increase if you purchase an extra cover for scheduled items like artwork, jewelry, and musical instruments.
- If you’re covered for actual cash value, you’ll be compensated for the depreciated value of your property.
- While replacement cost coverage is more expensive, it covers the cost of a brand-new replacement for damaged/stolen property.
How to File a Home Insurance Theft Claim?
Once you’re a home burglary victim, take the following steps as soon as possible to start the claims process:
- Report the incident to the police and obtain a report for sharing with your insurer
- Document damage to parts of your house with videos or photos
- Document locations in your home where any items were stolen or damaged (find purchase receipts, model numbers, etc., for the stolen personal property)
- Complete any necessary emergency repairs for your house and file the receipts
- File a claim with your insurer to set the adjustment process in motion
Improving Your Home Security Can Help Reduce Premiums
The more secure your home is, the more likely you’re to qualify for an insurance discount (you should consult your insurance agent before adding any home security features). Meaningful reinforcements may include:
- Home security system with video surveillance, intrusion sensors, burglar alarms for alerting the police, etc.
- Security guard protection
- Anti-burglary exterior doors with deadbolts
Learn How to File a Home Insurance Theft Claim with 01 Insurance
To learn more about filing a home insurance theft claim, contact our experienced agents at 01 Insurance today. We are happy to explain the process and answer any questions about maximizing protection for your home.