When thinking about taking out a Theft and Burglary Insurance Policy, there are several things you need to consider. If you want the best deal possible then it is important that you compare quotes from several insurance companies before you make your decision on what type of policy you want. The cost of theft and burglary insurance will be reflected in your annual premium but it is also important that you consider how the policy will protect you financially in case you do actually become a victim. You also need to consider what other members of your household will have to cover if they are also unfortunate enough to be involved in a break-in.
Members of your household are usually covered for theft and burglary insurance as part of their normal policy. Household protection can include items such as jewellery and clothing up to a specified amount. There are usually limits to how much can be protected. If you wish to be fully covered for all possible losses in the event of theft and burglary then you could decide to include emergency costs into your policy. These will usually be paid at a set amount and will be reflected in the premiums.
In the event of damage caused due to a break-in you can claim on your policy to recover the cost of the damaged goods. If your property has been specifically protected by your homeowner’s policy then you should be able to claim back all costs associated with the damage. If you’re unsure whether your policy covers break-ins then check the small print of your policy. Many policies do not state explicitly that your possessions are protected against theft.
Some policies will give you the option of adding contents protection onto your existing home insurance. Contents are usually described as material goods and can include clothing, electronic equipment, furniture and appliances. The cost of this will depend on how much the item would cost to replace in the event it were stolen or damaged. If you can prove to your insurer that your contents are not needed and that your dwelling is adequately furnished then you may be able to add this cost onto your homeowner’s or contents insurance without increasing the amount of your home insurance.
When you decide to take out burglary insurance, you should always make sure you understand exactly what you’re and are not covered for. You should always buy the policy from a reputable insurance provider with a good reputation. Insurance providers will also offer discounts for clients who have other insurance cover such as home insurance. If you’ve a credit card you may also qualify for a reduced rate through the credit card provider.
Insurance companies will differ when it comes to their policies relating to theft and burglary claims. Some insurance companies will consider less likely causes of loss and consider them less important. For example, if a lighting system was stolen, the insurance company may consider that the loss of the lighting was due to natural wear and tear and therefore the lighting wasn’t covered by the burglary claim. Sometimes insurance companies will consider more serious causes of loss and will increase the limit of the policy in order to cover more of the damage or theft.
This means if you’re burgled you won’t be covered for the financial loss caused due to the property being burglarised. A financial loss refers to any damage or loss that is caused directly due to the actions of an individual or persons. In the case of insurance policies this usually means any loss that is made as a direct result of theft or burglary. In the case of contents, this would mean the goods that are inside the home. Again, the policy would increase the limit of the cover in order to protect the goods.
When taking out a policy it is important to consider the type of coverage you require. There are several types of insurance policy available to cover all aspects of the property and your possessions. The first type of insurance policy you may consider is a renter’s insurance policy. With this type of insurance policy, you are protected in the event you or your tenants are the victim of theft or burglary. You will be able to insure the full value of the possessions you have left with the tenant. This can include furniture, electronics and clothing.
