Few things are more intrusive than having your personal property stolen or intentionally damaged by others. Being a victim of theft or vandalism is an emotional experience. If your property is stolen or vandalized, the first step is to contact the police. Having a police report filed at the time of the incident will be critical to the filing of your theft and vandalism insurance claim. Make sure to get a copy of the police report & review the report for any inaccuracies, and if there are any errors to then have the police department update the report on file. In addition to the police report, it is also crucial that you document all of your losses, including taking photographs of all property that has been damaged and gathering proof of ownership of the items stolen, like receipts, photographs, etc.
Loss due to theft is generally included in your insurance policy as part of personal property protection. Typically, homeowners (including renters and condominium) & commercial business owners have policies that include coverage for their personal & professional property. Most policies also include coverage for personal property while it is away from the home, subject to limitations. Please note that personal property limits are initially set as a percentage of your dwelling coverage, which determines how much your insurance provider can reimburse you for the theft. It’s important to set realistic limits based on the value of the items in your home so you don’t end up with a significant loss.
It is not uncommon for insurance companies to interpret policies and rules to find any loophole to make sure they don’t have to pay or to minimize the amount of damage they must pay for. Depending on your policy, home insurance covers certain losses differently. There are certain exclusions for example, there may be an exclusion in your insurance coverage for personal property or individual types of damage, like broken windows. There are frequently exclusion rules like the property not being covered if it has been vacant for 30+ days.
