How to Claim Theft to Home Insurance

man breaking in to home with a crowbar

Theft Covered Home Insurance

Having something stolen from your home is a traumatizing experience. For all of us, our homes are a refuge where we’re supposed to feel safe and our things are secure. When you’re a victim of theft, it can leave you feeling exposed and not knowing what to do. After reporting a theft at home to the police and exhausting other legal recourse, what else can you do to protect yourself against the effects of stolen property? Have you ever wondered, “Does insurance cover home theft?” Let’s take a look at how you may be able to recover some of your losses with the right insurance policy.

When you are a victim of theft, and even before you something’s stolen, you need to know if you’ve got theft covered home insurance. Most homeowner’s insurance policies offer protection against things like weather damage, fires, but they also cover things like vandalism and even theft. Theft prevention home insurance solutions are widely available but vary from policy to policy.

The main issue with a theft home insurance claim is how much of a deductible you’ll have to pay and how much of the value of stolen goods the policy will cover. Your property coverage will have specified limits that payout on a percentage of damaged or stolen goods. That means in many cases you won’t be able to recover the full amount if something’s taken from you.

If you look at your policy, you should be able to find an explanation of the Actual Cash Value (ACV), which lays out how much it will cover. One thing you can do to get larger payout amounts is to upgrade your policy to Replacement Cost Value (RCV). That will compensate you for how much it costs to replace what was taken. Be aware, though, that it will also likely increase your policy cost.

How Long Do You Have to File an Insurance Claim for Theft?

Ideally, you’ll file an insurance claim for theft insurance as soon as possible. Certainly, your priority is to file a police report in hopes of catching the thief and recovering your actual stolen property. Getting your policy to cover the lost goods is, however, a good consolation prize. Most policies encourage you to file a claim quickly, and some specify that you have 48 to 72 hours to report the loss to your insurance provider after the damage occurred. You need to understand whether that time frame starts from the time the theft occurred or from the time you discovered an item was stolen.

When in doubt, get some theft claim help. You can call your insurance provider directly to ask about the process you should follow to ensure your claim is accepted and approved.

What Is the Difference Between a Dwelling Policy and a Homeowners Policy?

Understanding the difference between a dwelling policy and a homeowner’s policy is very important. Don’t make the mistake of confusing the two. On the most basic level, a dwelling policy covers only the actual home structure. That means is something happens to the roof or a wall, the policy will cover repairs. It does not, however, cover anything inside the property. That means your furniture, jewelry, electronics, or any other valuables are not covered under dwelling policies.

Homeowner’s insurance policies, on the other hand, cover the contents of the home. That means all of your possessions. This is in addition to the structure, so with a homeowner’s insurance policy, you get structural coverage and protection for your possessions.

Why would someone choose only a dwelling policy? Well, they’re usually cheaper, so a lot of property owners who have rental properties or vacation homes use them. They opt for the more affordable option because they don’t store personal valuables in those properties or whatever is in there isn’t that important to them (or has low replacement costs).

theft occuring in the home

Is There a Deductible for Theft?

The simple answer is yes. You’re going to pay a deductible on any theft insurance claim. A common deductible on a homeowner’s insurance policy is around $500. That’s a lot to pay if your TV was stolen, but not such a big deal if your wedding ring was taken. However, you also need to know that most policies will put a reimbursement cap on certain items. Here’s a list of some common items that most insurance companies recognize for theft claims:

  • Cash – Only up to a certain limit
  • Jewelry
  • Antiques
  • Art
  • Coins
  • Tools
  • Bicycles
  • Electronics

This is just a general list. You should read your homeowner’s insurance policy to fully understand what’s covered and what’s not protected under theft insurance. Another thing to keep in mind is that, for example, if you have a very valuable art piece of diamond ring stolen, the insurance payout limit will likely be far less than the worth of the item. It’s worth considering adding a separate policy to specifically cover those items in case they’re stolen. That way you’ll have peace of mind knowing you’re fulling protected with theft insurance. Call 833-312-5246 today for your theft claim help needs in Indianapolis, IN.