Can I Make a Claim for Theft?

If you have recently purchased a homeowners insurance policy and are trying to understand your coverage, it's a good idea to look over your policy and make sure that you know what is covered. One thing that is often important for homeowners to figure out is whether or not their policies are actually going to cover them for thefts that occur. The good news is that most homeowners insurance policy are going to offer coverage for theft of your personal items.

When you sign up for a basic homeowners insurance policy, you're going to be getting coverage that will protect your home and your belongings from a variety of different perils. In most all cases, theft is one of the things that your basic policy is going to cover. Not only will these coverage help pay for personal property that gets stolen, but it will also help to pay for damages to your home that arise due to the theft. So, if a thief decides to break one of your windows to get into your home, then your policy is going to cover that.

How Much Will Policies Cover

Just because your policy will cover theft does not mean that you are always going to get compensation for every item that you lose to thieves. One thing that is going to limit this is how much coverage you have on your policy. If you got robbed and thieves end up taking $15,000 worth of stuff but you only have $10,000 worth of personal property coverage, then you are not going to be able to get any more than what you have selected for your policy. As this is the case, you need to make sure that you get enough coverage.

If you want your insurance company to be able to replace everything that could get stolen from your home, then you're going to need to accurately assess your items and get a policy that will cover all of them. In order to do this, you're going to need to make a home inventory list. This is the best way to keep track of all of your items so that you can easily identify the things that have been stolen from your home. When you do make this important list, it's a good idea for you to spend some time gathering any receipts you might have for these things.

Getting Compensation for Items

Keep in mind that although you may think that your items are worth a lot more, your homeowners insurance company is going to get to decide what the fair value of them is. That means that you may not get the amount that you have calculated on your own. Even if you paid a lot of money for an item a few years ago, it may not be worth that much now and a used version will certainly be cheaper. Just bear this in mind when dealing with your insurance claims.

Theft and Your Vehicle

You may also be wondering if you can make a claim for theft that occurs in your vehicle. This is a question that often plagues a lot of homeowners. Fortunately, the answer to this is usually yes as well. However, you need to make certain of this before you elect to get a policy. If you do want the items in your car to be covered, then you may have to add this type of coverage when you are selecting your policy. Because things inside your car may be expensive, it could cause your premiums to go up.

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