How Do I Know If Theft is Covered by Insurance?

Submitted by Pike Mutual on Tue, 11/19/2019 - 9:00am
Home in Ohio during fall

Most homeowners purchase property insurance with the understanding that it will protect them against storm damage and other natural hazards. However, theft can be just as problematic for your property. Because of this, it is essential that you check your policy and speak with an agent to ensure that your policy provides enough coverage for your potential thefts.

When is Theft Covered By Homeowners Insurance?

A standard homeowners insurance policy includes personal property coverage, which will reimburse you for items that were stolen during a break-in. This coverage applies to the vast majority of your personal possessions, such as appliances, clothing, and electronics.

However, certain property categories tend to have special limits placed on them in terms of how much you can get reimbursed. These limits generally apply to valuable, collectable items such as jewelry, guns, and silverware.

When is Theft NOT Covered By Homeowners Insurance?

While theft is generally covered under your homeowners insurance policy, there are a few circumstances that could keep you from getting reimbursed. Failure to file a police report or waiting over 60 days to file a claim could keep you from getting reimbursed. Thefts that occur while the house is under construction or unoccupied are also typically not covered.

How an Agent Will Help

Your possessions and the way you use your property may require that you get extra insurance riders to enjoy full protection from theft. If you have special circumstances — such as renting the property, leaving the home unoccupied for months at a time, or owning valuable property, consult with an agent. They will help you address coverage limitations to craft a policy custom-tailored to your needs.

If you have questions about your homeowners coverage, don’t hesitate to speak to a Pike Mutual agent. We’ll help you find a policy that provides adequate coverage for your family’s needs so you are financially secure, no matter what the future might bring.