Hello World! Welcome Friends! Every homeowner should have a homeowner’s insurance policy for their home. For those with a mortgage, these policies are required by most lenders. For those who do not have a mortgage, having insurance does become an option. However, the homeowner’s insurance provides protection for many events that can be unsettling and costly to repair. A home burglary can be a frightful situation for any homeowner. These burglaries often cause damages to the home and losses of personal property. Fortunately, burglaries are covered by most homeowner’s insurance policies. However, these policies often have limits of coverage and deductibles that should be explored by the homeowner before such an event occurs.
Dwelling Coverage
A homeowner’s insurance policy will provide coverage for the main dwelling on the property. This policy will often have a set amount that the insurance company will pay out for damage to the home. There are also various deductibles that must be considered for any claim made to the insurance company. A deductible amount is a predetermined amount the homeowner is responsible for before the insurance company will pay. For example, if covered damages to the home are $1000 and there is a $500 deductible, the insurance company will pay $500 for that damage. Homeowners can find more information about these deductibles and limits by looking at garrity-insurance.com.
There are cases where it may be a good idea to avoid filing a claim with the insurance company for damages. In many situations, an insurance company will offer discounts on the premium amounts for a homeowner going extended periods without making a claim. This can be very beneficial in keeping costs low and saving the coverage for when something major occurs. Also, if the homeowner has a high deductible, the insurance company may not pay much, or anything, for the repairs. For example, if the repairs are $1000 and the deductible is $1000 dollars or more, there will be no payout for those covered items. However, making the claim will reduce any discount the insurance company provides and may increase the costs of premiums.
Other Structures Coverage
If a property has other structures, such as a garage or shed, those structures can be covered on the insurance policy as well. This protects in cases of burglaries or damages to these structures. However, additional structures on the property are often set at much lower limits than those of the home. This is often 10% of the coverage limits for the dwelling. If a burglary occurs in one of the other structures, the homeowners’ insurance will cover any necessary property repairs for those structures up to the specific limits, minus the deductible amount.
Personal Property Coverage
Personal property coverage is probably the most important aspect of the homeowners’ insurance policy when considering coverage for a burglary. Although there may be damage to the home when the burglar enters, the entire goal is to take the property inside the home. There are two major aspects to consider when dealing with personal property coverage.
The first is whether the insurance provides coverage for the replacement of the items or the cash value of the items. The replacement option means the insurance provider will offer the amount needed to replace the items that were damaged or stolen. The cash value, however, will give a value of the items with depreciation factored in. This means, if the television was stolen, the replacement would offer the amount needed to buy a new similar television. The cash value option will consider the price of the television when it was purchased and then reduce that amount by the number of years the television was owned. This can make it difficult to replace that item.
The second consideration with the personal property coverage is ensuring that high-value items are covered by the policy. Certain high-value items, such as jewelry, art, antiques, and even computers, may require special coverage from the insurance provider. If these types of items will be in the home, it is a good idea to check with the insurance provider to get the coverage needed to protect them. In many cases, personal property coverage has a set limit. Items that are more expensive than this amount or fall into certain categories may not be fully protected by the standard policy.
Coverage for a Burglary
Homeowners’ insurance will typically cover a burglary. However, homeowners will need to file a police report immediately after the incident. The insurance adjuster will request a copy of the police report to get as many details as possible to help expedite the claim. It is also a good idea for a homeowner to maintain an updated home inventory list to provide the insurance provider. Locating any receipts, appraisals, pictures or other verification of personal property can also help with the claims process.
After submitting a claim, it is important for homeowners to make temporary repairs on their homes to prevent further theft or vandalism. Maintaining the receipts can be important since most insurance companies will provide coverage for these temporary repairs. They may also send an insurance adjuster to inspect the home and validate the claim. Homeowners should assist with this process and provide any information the adjuster may need to help the process move faster. It may also be a good idea to ask the adjuster for advice on preventing further break-ins. They have seen a lot and may be able to offer helpful advice.
Preventing a Burglary
The best way to avoid issues of coverage and replacement of personal items is to do everything possible to prevent a burglary in the first place. Most burglaries occur when the homeowner is away from home, especially on vacations. Always lock all doors and windows when leaving home, even for short periods of time. Do not leave a key in a “secret” hiding place. Professional burglars know where to look for these, and it can make their job a lot easier. If planning to be away for a long period of time, stop mail and newspaper deliveries or have a friend pick them up. It is also a good idea to not post on social media the vacation plans until after returning home.
Although these steps cannot completely prevent the possibility of a burglary, it can help reduce the likelihood. Fortunately, homeowner’s insurance is a great way to stay protected in these and many other situations that can threaten a home. Homeowners should always keep their homeowner’s insurance policy up to date with any changes to their home or personal property. It is also a good idea to understand all the details of the policy and what it covers to ensure the best protection when something goes wrong.
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