Does My Home Insurance Cover Theft?

1. 

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   David G. Pipes, CLU®, RICP®

   Business Development Officer, T.D. McNeil Insurance Services, Fresno, California

   Generally speaking theft is a covered peril in the more common homeowner’s policies.  There are situations where the company will deny coverage.  If you rob yourself it won’t be covered.  If the residence is under construction or remodeling, the building materials and supplies are not covered.  It doesn’t cover the theft of a stone from its setting.  It doesn’t cover theft by credit card.  There are other limitations but the most important thing is to recognize that there are restrictions in recovery for jewelry, guns, collections and other items that are detailed in the policy.  In addition recovery is reduced by the deductible.

   Answered on June 13, 2014

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   Tom Sheehan

   Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482

   It is important to talk to your insurance professional about the specific terms and conditions of your policy, but generally speaking, theft is a named covered peril in most Home Insurance policies. This would include theft of your personal property from within your home of course, but also includes theft of your property outside of your home. Personal property outside of your home is usually covered up to 10% of the total personal property amount listed in your policy. If covered, the loss settlement would be subject to your deductible. The claims specialist will also be looking for a copy or a police report.

   Answered on August 12, 2014

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