Cost & Coverage
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Homeowners insurance provides coverage for your home, personal property, and personal liability in the event that something bad happens. Your coverage ensures that you’re protected against destructive weather, elemental perils like fire and ice, and human-induced perils like break-ins, theft, and vandalism.
There are three coverages in your policy that insure your home and valuables are protected against theft and vandalism: the coverages that protect the home itself, other structures on your property, and your personal belongings.
However, your policy’s personal property coverage may have special limits of liability, or sublimits, on certain expensive valuables if they’re damaged or stolen, meaning you may not be able to recover the full amount unless you have an endorsement. You should also consider upgrading your standard actual cash value (ACV) contents coverage to replacement cost value (RCV) coverage, which means your insurer will pay to replace your property with a product of similar type and quality.
Read on to learn more:
As we touched on earlier, there are three parts of your policy that cover theft and vandalism. These coverages, spelled out in your policy as Coverage A (dwelling), Coverage B (other structures), and Coverage C (personal property), will each provide a detailed explanation of covered perils. In a standard Insurance Service Office (ISO) policy, theft is defined as:
Dwelling coverage (Coverage A)
Damage done to your home because of theft or vandalism may be covered by the dwelling portion of your policy up to your coverage limit. Breaking and entering often means broken widows, broken locks, or maybe a section of your home was completely bulldozed. Whatever the circumstance, your dwelling coverage may reimburse you the cost of securing your home after theft.
However, you policy may stipulate that windows or broken glass are only covered up to a specific amount (typically $50 per window) if the damage was caused by theft or vandalism. Check your policy to see if there are any dwelling sublimits for theft damage; if there are, and you want extra coverage for your Dutch Colonial windows, you may be able to add your windows as a scheduled property endorsement to your policy.
Other structures coverage (Coverage B)
Same goes for other structures on your property: if a burglar breaks into your detached garage, garden shed, or guest house, your other structures coverage may cover any necessary property repairs up to your coverage limit, which is typically 10% of your dwelling coverage.
Personal property coverage (Coverage C)
Personal property coverage may be the most crucial coverage your policy has against theft, as the entire reason someone breaks into your home is because they want your stuff. Under a standard policy, you’ll typically be reimbursed the full amount of normal-priced goods, like kitchen equipment, your PlayStation 4, and your clothing.
However, burglars typically don’t take the risk of breaking into your home just to steal your son’s rollerblades; they want the good stuff, and insurers recognize this and create sublimits that reflect the risk that certain valuables invite. The chart below lists the most common valuables with special limits you may expect to see in a standard policy.
|Furs||Included in jewelry limit|
|Collectible stamps, coins, and medals||Included in above limits|
There are certain stolen property types your insurer will never replace, like your car.
Your personal property coverage will generally cover theft in the following special circumstances as well:
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Theft is typically covered by homeowners insurance, but there are specific conditions where your insurer may deny your claim. A standard homeowners insurance policy does not cover:
In addition to the primary coverages in your policy, there are a number of other theft protections you should consider. Most insurers may let you simply raise your sublimits on certain items or offer a more comprehensive coverage tier with higher limits for expensive stuff. For broader coverage, you may want to look into supplemental coverage, or a scheduled property endorsement.
You should also be sure you’re insured against nonphysical theft, like cyber and identity theft. Most insurers now offer identity fraud protection.
Be sure to talk to your insurer, but you may be able to increase the sublimits on certain valuables. So rather than $1,500 in jewelry coverage, you may be able to increase it to $3,000 for an additional premium. If your insurer offers multiple policies, they may just recommend their more comprehensive coverage package altogether.
This endorsement provides higher limits on expensive valuables than your standard policy, and it also covers itemized valuables against a greater number of risks, insuring you if they’re misplaced or lost, in addition to theft. Another perk of scheduling your personal property is you don’t have to pay a deductible for the scheduled items.
If you’re a victim of identity theft, this endorsement will reimburse for any expenses you incur while recouping your identity.
Safeguarding your home and personal property against theft is crucial for your safety and well-being, as well as your assets. But adding certain levels of theft protection to your home also helps keep your rates down, as you may be able to save anywhere from 5% to 20% if your home is fixed with certain safety features. To keep your home secure and see discounts on your next bill, you should consider the following:
If you come home and it’s apparent that someone broke in, the first thing you should do is call the police. Not only is this for your general safety, but your insurer is going to require a police report before your theft claim is accepted. Once the coast is clear and it’s apparent that everyone is safe, be sure to contact your insurance agent or go to your carrier’s website and begin your claim.
Be sure to give your claims representative as much information as possible during your claim submission. At this point, you’ll hopefully have a detailed inventory of your property, professionally appraised records of any expensive valuables, receipts, any additional proof-of-ownership documentation, and detailed photographs surveying any property damage.
Your carrier will then have you fill out a burglary and theft claim form which will ask for everything from your basic information to the date and time the crime occurred to a detailed description of each item you’re claiming a loss on.
During this time, be sure you’re making any temporary repairs to your home and securing it against further breaking and entering. If your claim is accepted, your insurer will reimburse you for any temporary repairs you made.
To validate your claim and losses, your insurer may send an insurance adjuster to your home, so be prepared to show them any structural or property-related damage that you reported in your claim. If there was something you missed, you may also be able to use this opportunity to have them survey the unreported losses. Be sure to use this opportunity to ask the adjuster how to better protect your home against theft – your adjuster has probably seen a number of break-ins, so they may know a thing or two.
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