My name is Eric Bowman, and if you have questions about insurance, this is the blog you need to read. I was always confused when I had to purchase insurance. I would either end up paying for insurance I didn't need or I wouldn't buy the right policy. I finally decided that I was going to learn all I could about insurance policies so that I would understand exactly what I was buying. Now, I am completely satisfied with my insurance and the coverage is just what I need. I realized that there are others who are probably just as confused as I was, so I am writing this blog to help others get the best insurance for their needs and budget. I hope that my blog gives you the information you need to make the right choices when purchasing insurance.
Few things in life are more unsettling than realizing that your home has been burglarized. The good news, however, is that most homeowners' insurance policies include coverage for property theft. Before you begin the process of filing a theft claim with your home insurance carrier, however, there are some things you should know.
There Are Some Exclusions
First, understand that there are usually some specific exclusions in a homeowners' insurance policy regarding theft. You'll want to check your policy for exact details, but most insurance companies will not cover theft/damages caused by negligence on your part. This means that if you left your laptop outside on your patio table and it got stolen, you probably won't be covered. The same applies if you're currently renting out your home to tenants. In this case, your tenants would need to have renters' insurance in order for their property to be covered.
You'll Need Detailed Documentation
If your theft is covered by your home insurance policy, contact your agent right away to begin the claims process. There is often a lot of documentation that is needed with a theft claim, including a detailed police report and a list of any items that were stolen (along with their value). This is where having a home inventory list can make a big difference, as can having detailed photos of your belongings and serial numbers from any expensive electronics (such as flat-screen televisions and computers).
Your Coverage Can Vary
You'll also want to know whether your home insurance policy is an actual cash value (ACV) or replacement cost policy, as this can make a big difference in your reimbursement. With an ACV policy, you'll receive the current market value for any items stolen, minus any depreciation costs. With a replacement cost policy, on the other hand, you'll receive reimbursement for the exact amount that it takes for you to buy a new version of the stolen item.
Keep in mind, too, that you may have to pay an out-of-pocket deductible before your coverage will kick in. You can check your policy paperwork or contact your insurance agent to find out exactly what your deductible is for a theft claim.
Dealing with a theft at your home can be stressful, but fortunately, most physical belongings can be replaced. And by knowing what to expect from the claims process, you can get your possessions replaced as soon as possible.
To learn more, contact a resource like the Ronald H. Krupa Insurance Agency.