Does Homeowners Insurance Cover Theft?

Understanding what your homeowners insurance covers is crucial. One common concern for homeowners is whether their insurance policy provides financial protection for losses stemming from theft. We will explore the details of theft coverage in a standard homeowners insurance policy, including what is typically covered, any limitations and additional coverage options.

What Does Homeowners Insurance Typically Cover?

Homeowners insurance generally includes personal property coverage and dwelling coverage. Personal property coverage can provide financial protection for your belongings against a variety of covered losses, including theft both inside and outside your home. If your personal items are stolen from your house, garage or vehicle, this coverage can help pay for the cost of replacing them. If your home is damaged during a break-in, dwelling coverage can help reimburse the related repair expenses. Keep in mind that a deductible—the amount of money you pay before your policy covers a loss—may apply.

Limitations and Exclusions

While homeowners insurance provides broad protection, there are some limitations. Specifically, protection for high-value items such as jewelry, fine art and collectibles may come with sub-limits, meaning the coverage amount for these items is capped.

For example, if you have a valuable piece of jewelry, you might need to purchase additional coverage to ensure adequate theft protection. It’s also important to note that homeowners insurance typically does not cover losses resulting from the theft of your vehicle; this would fall under your auto insurance policy.

Additional Coverage Options

To enhance your theft protection, consider adding endorsements or riders to your homeowners insurance policy. These offerings can provide extra coverage for high-value items or extend protection to specific scenarios not covered by standard policies.

In particular, it may be beneficial to secure replacement cost coverage, which can help reimburse you for the full cost of replacing stolen items without accounting for depreciation.

Choose a Reliable Insurance Provider Near You

For residents of Oakbrook, Illinois, Insure All, LLC can offer reliable insurance solutions. With years of experience and a commitment to personalized service, we can help you find homeowners insurance suited to your unique needs.

Contact us today to learn more and secure appropriate financial protection for your home.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.