Homeowners insurance will compensate you for a variety of losses, including theft. Stolen belongings usually fall under the personal property protection portion of a homeowners insurance policy. Many people are unaware that their insurance may cover stolen items even if they weren’t in the house at the time of the theft.
When Will Homeowners Insurance Cover Stolen Property?
Your homeowners insurance will cover property belonging to anyone named on the policy, such as you, your spouse, your children or any other individuals who live in the home. The policy may even cover stolen property if a named individual who owns the item isn’t living in the house at the time of theft. For example, if your child lives in a college dorm and a laptop gets stolen, you’ll be able to file a claim with your homeowners insurance company to have it replaced. Note that this coverage typically applies if a child lives in campus housing, but not in an off-campus apartment.
If someone steals your car, you’ll have to file a claim through your auto insurance policy. If your personal belongings get stolen from inside the car, however, you can file a claim under your homeowners insurance policy. Your homeowners insurance may even reimburse you if someone steals your wallet or purse while you’re walking down the street.
How Much Compensation Will You Receive?
Check your homeowners insurance policy for information on coverage for items stolen while away from the house. Your policy will have a limit, or a maximum amount that it’ll pay for a claim. The policy may also have coverage sublimits for certain items, such as jewelry. If the value of a stolen item exceeds that sublimit, you’ll have to pay the difference out of pocket, unless you purchase scheduled personal property coverage to protect the full value of the item. You’ll also have to pay a deductible before the company will reimburse you for any additional expenses.
If your policy covers replacement cost, it’ll give you enough money to replace a stolen item with a new one that is identical or as similar as possible to the one that was taken. If your policy covers actual cash value, it’ll give you the current market value of an item, taking depreciation into account.
What to Do If You Get Robbed
If you discover that any of your personal property has been stolen, contact the police right away to file a report. Then contact your insurance company to file a claim. Provide a copy of the police report or the case number, as well as any photos or videos showing evidence of a break-in. Keeping receipts for valuables can help you prove that you owned the property that was stolen so the insurer can expedite your claim.
This article is intended for informational purposes only and should not be construed as professional advice.
