Coming home to a burglarized house always elicits feelings of violation. Sadly, after contacting the insurance company, some people can feel even more victimized as they try to figure out what their insurance policy does and does not cover.
While all basic homeowners’ insurance policies cover theft, things like deductibles, minimums, and procedures differ from company to company. Some companies will replace belongings at full value, and others set reimbursement values at a pre-determined amount. Very few companies cover expensive items like jewelry and artwork without a supplemental policy or rider in place.
Retaining receipts, or at least keeping records of when, where, and how much an item cost, can go a long way toward getting a claim settled promptly. However, insurance companies understand that most people are busy and it can be easy for something so small to slip someone’s mind, so most will approve a claim for “stolen goods” without requiring individual receipts. All companies require filing a police report immediately following the burglary.
No matter how the insurance company handles the claim, there is one certainty after filing a theft claim: it will remain on your insurance record. This can result in raised premiums and even cancelled policies. In fact, simply living in an area known for higher crime rates is cause for higher premiums. Before you make a home purchase or a theft claim, it’s best to contact a knowledgeable insurance agent for facts. Legacy Insurance Partners is a great source of information in Texas.