Dealing with theft at your home is often a scary and stressful experience. Trying to replace all of your items can be especially difficult. Fortunately, a standard home insurance policy will cover theft, but there are a few limits. Understanding all of the details of your policy can help you determine if you will be completely reimbursed or if there is a limit on how much money you can receive. Discussing your coverage with an insurance agency beforehand is often recommended to make sure you fully understand your coverage.
What are the Limitations to Theft Coverage on Home Insurance?
A standard home insurance policy covers theft, as you will be reimbursed up to your personal property coverage limit once you pay your deductible. However, there are a couple of major limits to theft on your home insurance policy. These limitations include theft outside of your home and the theft of any high-value items.
Coverage for Theft Outside of Your Home
The amount of coverage available for theft outside of your house is dependent on your insurance provider. Most policies will only offer limited coverage for these situations. For example, it’s common for the coverage to be 10% of your personal property coverage, or it might be $1,000, whichever number is greater. In other words, your limit for theft outside of the home would be $5,000 if you have $50,000 worth of personal property coverage.
Coverage for High-Value Items
A home insurance policy also limits the amount of coverage for high-value items. The limit varies with each item, whether it’s gold, watches, fur coats, watercraft, firearms, electronics, or other products. You can also extend the amount of coverage you need by purchasing an endorsement. Discussing your needs with an insurance agency is helpful in finding the right amount of coverage you need for your high-value items.
When is Theft Not Covered on Your Home Insurance?
Theft might not be covered on your insurance policy due to several reasons. For example, theft is never covered if your home is vacant for an extended period of time. Your coverage also doesn’t apply if you are renting out a home to a tenant and their property was stolen, as you would need rental property insurance for this situation. It’s also possible for your claim to be denied if you don’t take the necessary steps to protect your items, such as locking your doors or keeping your valuables secure.
Will My Rates Go Up After Filing a Theft Claim?
Filing a theft claim can often cause your insurance to go up. Sometimes these rates can increase up to 20% after a claim. Reaching out to an insurance agency is important in helping you compare all of your options to find the most affordable insurance coverage that best matches your needs. These insurance professionals partner with all of the major carriers to make sure you find the best insurance available.
Tips for Filing a Theft Claim
Filing a police report is important if you are ever the victim of theft. Taking photos or videos of the break-in and any type of property damage is also key to documenting the crime. Once complete, you can file a claim with your insurance provider. Taking additional steps to secure your home from crime is also key, such as repairing broken windows, replacing locks, or investing in a home security system. A claims adjustor will also visit your home and perform an investigation. Keeping a detailed list of your lost or broken items is helpful in making the investigation process much smoother.
Reach Out to Wellcovered Insurance to Learn More Information
Wellcovered Insurance works with a wide range of clients in helping them find the insurance coverage that best meets their needs. We also partner with more than 30 insurance carriers in the United States. Our company is one of the top-rated insurance agencies that proudly serves clients in Seminole and Volusia Counties.
You can even drop by our local office in Orange City if you ever have any questions or need to make a few adjustments to your insurance policy. We also offer many different types of insurance, such as auto, home, RV, commercial property, condo, professional liability, and much more. You can easily get an auto insurance quote in 15 minutes or less, while it only takes either one or two business days for a home insurance quote.
We also take pride in keeping active in the local community, as we are members of the Deland Breakfast Rotary and the Volusia Regional Chamber of Commerce.
Feel free to give Wellcovered Insurance a phone call to learn more about our services!