If you take precautions to secure your home when you leave for work or go on vacation, you may still be wondering whether it's truly safe from break-ins. As a homeowner, there are a number of things you can do to thwart burglars. For starters, a good home security system can go a long way toward preventing a break-in attempt from being successful.
But having theft insurance is also key to getting the reimbursement you need should a theft occur. An independent insurance agent can help you find all the personal property theft insurance you need. But first, here's a closer look at whether and when home insurance covers theft.
Does Home Insurance Cover Theft?
You may have been wondering, "Will insurance cover stolen items?" Most homeowners insurance policies come with standard coverage against theft. So, if your personal belongings, like clothing, silverware, collections, etc., are stolen, you should receive reimbursement from your homeowners insurance theft coverage. Your carrier can provide you with a claim payout up to your policy's limit in the contents coverage section.
It's important to be aware that theft coverage in home insurance may not cover your more expensive belongings. If you have valuable items like jewelry or electronics, you might need to work with an independent insurance agent to add additional riders or floaters to your policy to increase your coverage. A regular policy limit might not be sufficient to cover expensive items.
What Is Covered Under Theft Insurance?
The theft coverage included in a home insurance policy can pay for the replacement of your personal property if it's stolen from your home, car, or somewhere else, up to your policy's limits and minus your deductible. Keep in mind that valuable items often require additional coverage. But one of the best and easiest ways when considering how to insure against theft is to get set up with a homeowners policy.
When Does Homeowners Insurance Cover Theft Outside the Home?
Homeowners insurance generally covers theft of your personal items outside the home. Most policies include “off-premises” coverage, which covers a loss of personal property away from home, such as in your car, your child’s college dorm room, or wherever you may be traveling.
Off-premises homeowners insurance doesn’t cover every possible loss. Additionally, you might need to purchase a separate rider to make sure any special or expensive items are covered for their full value, the same as you would for losses that occur inside the home.
If you travel often or have a second residence where you spend a lot of time, you probably need off-premises coverage more than someone who works from home and leaves only occasionally for short vacations.
Does Renters Insurance Cover Theft?
Yes, standard renters insurance policies include coverage for theft of your personal belongings, both within your unit and away from home. Renters insurance theft coverage can reimburse you in a similar way to homeowners insurance if your personal property is stolen. You'd have to pay your policy's deductible first when filing a claim.
Does Car Insurance Cover Theft?
If you have a complete auto insurance policy, you're likely covered against the theft of your vehicle by comprehensive coverage. Vehicle theft insurance will only be included if you added comprehensive insurance to your policy. However, for theft of your personal items from inside your car, you'd file a claim through your home insurance or renters insurance policy.
Tips for Keeping Your Personal Belongings Safe from Theft at Home
You can’t keep all of your valuable possessions locked in a safe. Fortunately, there are other ways to minimize your risk of break-ins. These include:
- Not keeping expensive possessions like electronics where they can be easily seen from the outside
- Always securing sliding windows and doors, especially when you’re away from home
- Securing the yard by keeping foliage away from doors and windows, and trimming bushes to eliminate intruder hiding places
- Contacting your local police to find out if they offer security evaluations
- Telling only people whom you trust and absolutely need to know when you're leaving for a trip
- Making sure to lock the house, whether you're home or away
- Never hiding spare keys in the yard or garage; instead, leave them with a trusted neighbor or install a security system that requires a code to enter the home
Most of the time, break-ins involve the theft of small appliances, jewelry, and expensive tools. Anything that's small and expensive makes an attractive target. When you can, keep these items locked up or at least out of sight.
Store jewelry in a safe or lock box and make sure expensive tools are secured in a locked toolbox, garage, or shed. Finally, make sure you have adequate burglary insurance under your home or renters insurance policy, so you can be compensated if you experience theft.
Does Home Insurance Cover Laptop Theft?
Home insurance can cover laptop theft, but many laptops have a value that exceeds the policy limits for theft of personal belongings. Ask your independent insurance agent to help you list your laptop on your home insurance policy so it will be covered for its total value.
You may need to purchase a special rider or floater to fully insure your pricey electronics, like laptops, or you may be able to just list each specific item on your policy and slightly increase your premium to compensate for them.
Do You Need a Special Theft Insurance Policy for Valuables?
While you might not need a special policy for valuable items, you'll likely need to increase your home insurance coverage in some way. You can purchase riders for your home insurance policy to cover specific items of value, like fine art, jewelry, collectibles, and expensive electronics.
Many homeowners have questions about what items are considered valuables and whether extra insurance is necessary for things like taxidermy, heirlooms, signed sports memorabilia, and gem collections. It's a good idea to get appraisals for anything rare or particularly valuable you own and to consider adding a special rider to your home insurance policy that covers them for their total appraised value.
How Much Does Theft Insurance Cost?
Personal theft insurance costs can vary depending on the type of policy you have theft coverage under. The current average cost of homeowners insurance is $2,466 annually, while the average cost of renters insurance is $170 per year. An independent insurance agent can help you find affordable homeowners or renters insurance near you.
The Benefits of Working with an Independent Insurance Agent
Independent insurance agents have access to multiple insurance companies, ultimately finding you the best theft insurance policy, accessibility, and competitive pricing while working for you. They can help ensure you walk away with enough insurance to meet your needs at the best possible blend of coverage and cost. And down the road, your agent can help you file claims and update your coverage when necessary.
Sources
https://www.bankrate.com/insurance/homeowners-insurance/best-renters-insurance-companies/
https://www.bankrate.com/insurance/homeowners-insurance/homeowners-insurance-cost/
