Theft is one of the perils included in standard homeowners insurance coverage. When you have this coverage, you can be compensated for the cost of replacing personal belongings stolen at your home. However, not all theft incidences are covered under home insurance. Read on to learn about how homeowners insurance theft coverage can protect your personal properties.
What's Included under Homeowners Insurance Theft Coverage?
Homeowners insurance can pay to replace items stolen when you're living in your home and have adequate anti-theft measures in place, including locked doors. Different components in your policy will cover theft as follows:
- Component A- Covers damage to the structure of your home because of burglaries, such as a broken window or door.
- Component B- Covers damage to detached structures besides your house, like a detached garage.
- Component C-This is the main part of your homeowners insurance policy that covers your personal belongings against theft. It may have coverage limits for high-value items such as jewelry and sports equipment. You'll want to audit your entire home inventory to ensure you have enough coverage to replace all your belongings if stolen.
Remember to check if your policy covers belongings that are stolen when they are not at your home.
Homeowners Insurance Theft Coverage Exclusions
When you're adequately insured, your policy should cover most theft incidences. However, an insurer may deny coverage or a claim in property theft scenarios such as:
- Your negligence contributed to preventable theft, such as if you left doors unlocked or expensive items exposed outside your house.
- You didn't report the burglary to the police in time. You should always call the police about any theft and get a report that your insurer will review before processing your claim.
- You weren't living in your home when burglars broke in and stole your items. You may need to get unoccupied home insurance for theft protection while you're away from the covered home for several months.
You may be underinsured if your insurer has placed sub-limits on high-value belongings like antiques, art, sports equipment, expensive jewelry, and collectibles. To fully cover such items, consider buying an endorsem*nt or increasing the limits on your policy.
What to Do after the Theft of Your Personal Belongings?
- Start by calling the police to inform them of the theft incidence.
- Before the police arrive, collect evidence by taking pictures that indicate forceful entry into your home. Also, preserve any evidence that an intruder was in a specific room.
- Next,call your trusted advisors at Tompkins Insurance to start the claims process.
- You can now safeguard your home and start fixing damaged parts, such as locks and windows. Be sure not to tamper with anything an insurance adjuster may need to see when evaluating/investigating your claim.
How to Prevent Theft?
You can help minimize the risk of theft at your home in ways such as:
- Securing your doors and windows with high-quality locks.
- Having well-lit outdoors to discourage intrusion.
- Setting an indoor light timer for when you're away from home for days or months.
- Installing home security systems.
Filing a Theft Claim
Follow these steps after your covered personal belongings are stolen:
- Call your insurer within 24 hours to report the incident.
- Share your police report number with your insurer.
- Ask your insurance about any information or paperwork they need from you.
- Ask the insurer if they'll be sending an adjuster to your home. The insurer should also inform you about everything you need to do to facilitate the process.
- Inquire about other aspects or steps of the claims process.
By getting the facts right about homeowners insurance theft coverage, you can help to avoid potential perils of being underinsured. Contact the team at Tompkins Insurance Agencies for assistance in maximizing your personal property coverage. We can help assess your home inventory and offer an insurance plan that suits your budget and coverage needs.
FAQs
Typical homeowners (including renters and condominium) policies include coverage for your personal property. Loss due to theft is generally included as part of the personal property protection.
What types of insurance would cover costs associated with the theft of belongings from your house? ›
Personal property coverage — also known as contents coverage on a home policy — helps cover the cost of your personal items if they are destroyed, damaged, or stolen due to a covered loss or peril.
Which of the following would be covered under the peril of theft in a homeowners policy? ›
Under a homeowners policy, the peril of "theft" typically covers the act of stealing property. It may include instances of burglary and robbery. Among the options provided, C. Robbery would be considered a form of theft and therefore would be covered under the peril of "theft" in a homeowners policy.
How much coverage is provided under homeowners policy for theft or unauthorized use of a credit card? ›
Personal belongings coverage includes items stored off-premises—this means you are covered anywhere in the world. Some companies limit the amount to 10 percent of the amount of insurance you have for your possessions. You also have up to $500 of coverage for unauthorized use of your credit cards.
How does the dwelling policy provide theft coverage? ›
Theft coverage is not automatically included in dwelling policies; however, coverage may be added with a broad theft coverage endorsem*nt or a limited coverage endorsem*nt. This theft coverage endorsem*nt is available for dwellings that are not owner-occupied.
What kind of policy covers theft? ›
Comprehensive coverage will usually cover theft, as well as repair costs from break-in damages. Liability insurance likely won't cover theft, as it usually protects against bodily injury and property damage resulting from an accident.
Which of the following is not covered by homeowners insurance? ›
Standard homeowners insurance does NOT cover damage caused by flooding, earthquakes, termites, mold, or normal wear and tear.
What are some examples of damage that would not typically be covered under homeowners insurance? ›
Homeowners insurance doesn't cover floods, earthquakes, typical wear and tear, and damage due to insufficient maintenance. You can usually add flood and earthquake coverage to your policy for an additional fee, but wear and tear and damage from a lack of maintenance are considered preventable.
Does homeowners insurance cover a stolen watch? ›
Your watch warranty covers defects and possibly wear and tear but won't cover theft or if you lose your watch. However, if your watch is a scheduled item on your homeowners insurance, renters insurance or condo insurance policy, you may be protected for the watch's actual value if the watch is lost or stolen.
Which two perils are not covered under a standard homeowners insurance policy? ›
Important: Read exclusions in your insurance contract. Earthquake, flood, mold, earth movement, and “wear and tear” are some of the perils that are usually excluded. When an insurer writes your homeowners coverage, the insurer is legally obligated to offer you earthquake coverage for an additional premium.
Typical examples of excluded perils under a homeowners policy are flood, earthquake, and nuclear radiation. A typical example of an excluded loss under an automobile policy is damage due to wear and tear.
Which would normally not be included in a standard homeowners insurance policy fire theft liability flood? ›
Damage or destruction due to vandalism, fire and certain natural disasters are all usually covered. So is your liability if someone is injured on your property. Certain catastrophes, like flooding or earthquakes, are generally not covered by basic homeowners policies and require specialized insurance.
What is excluded from coverage in a homeowners policy? ›
Termites and insect damage, bird or rodent damage, rust, rot, mold, and general wear and tear are not covered. Damage caused by smog or smoke from industrial or agricultural operations is also not covered. If something is poorly made or has a hidden defect, this is generally excluded and won't be covered.
Which of the following losses would not be covered by a homeowners policy? ›
Protecting that investment from fire and other perils is extremely important. Please note, homeowners insurance policies do not provide protection against losses from floods, earthquakes, mudslides, mudflows or landslides. You can learn more about what homeowners policies cover in this guide.
Does homeowners insurance cover credit card theft? ›
Most major home insurance companies offer optional identity theft coverage. You may even be able to add identity theft insurance when submitting information for an online quote. According to the Triple-I, adding this coverage to your existing homeowners policy typically costs less than $50 per year.
Does normal insurance cover theft? ›
Comprehensive insurance does not cover the theft of your belongings from your vehicle. However, you have coverage for stolen belongings under your home, renters or condo insurance policy. For example, if someone swipes your laptop from your car, you can file a claim under your home insurance policy.
Does home insurance cover a stolen phone? ›
If you have home contents insurance you will be covered if your phone is damaged in a fire in the home or taken by a burglar. But unless you're especially vigilant of your phone while you're out and about, it's more likely to meet its end while it's outside your home — whether it gets lost, stolen, or dropped.
