Theft Insurance
How to get the coverage you need to protect your belongings against theft.
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Reviewed by
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
If you take precautions to secure your home when you leave for work each day and go on vacation, you may still be wondering whether it's truly safe from break-ins. As a homeowner, there are a number of things you can do to thwart burglars. For starters, a good home security system can go a long way toward preventing a break-in attempt from being successful.
But having theft insurance is also key to getting the reimbursement you need should a theft occur. An independent insurance agent can help you find all the theft insurance you need. But up first, here's a closer look at if and when home insurance covers theft.
Burglary Stats for the US
You might be unsure whether burglary is a major concern, particularly when it comes to having enough coverage for your items. Here are a few quick burglary stats for the US so you can see for yourself.
- More than one-third of burglars enter homes through the front door.
- More than 3,000 burglaries occur in the US each day.
- More than half of homes that suffer a burglary will suffer a second burglary within a month.
- Less than 24% of US homes have a security system.
- It's estimated that three-quarters of US homes will have been broken into by the year 2039.
With thousands of burglaries happening in the US every day, it might be time to reevaluate your coverage in case one occurs at your home.
Tips for Keeping Your Personal Belongings Safe from Theft at Home
You can’t keep all of your valuable possessions locked in a safe. Fortunately, there are other ways to minimize your risk of break-ins. These include:
- Not keeping expensive possessions like electronics where they can be easily seen from outside.
- Always securing sliding windows and doors, especially when you’re away from home.
- Securing the yard by keeping foliage away from doors and windows and trimming bushes to eliminate intruder hiding places.
- Contacting your local police to find out if they offer security evaluations.
- Telling only folks who absolutely need to know when you're leaving for a trip.
- Making sure to lock the house whether you're home or away.
- Never hiding spare keys in the yard or garage; instead, leave them with a trusted neighbor or install a security system that requires a code to enter the home
Most of the time, break-ins involve the theft of small appliances, jewelry, and expensive tools. Anything that's small and expensive makes an attractive target. When you can, keep these items locked up or at least out of sight. Store jewelry in a safe or lock box and make sure expensive tools are secured in a locked toolbox, the garage, or a shed. Finally, make sure you have adequate burglary insurance under your home or renters insurance policy, so you can be compensated if you experience theft.
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Does Home Insurance Cover Theft?
Most home insurance policies come with standard coverage against theft. So, if your personal belongings, like clothing, silverware, collections, etc., get stolen, you should receive reimbursement through your carrier up to your policy's limit in the contents coverage section. If you have valuable items like jewelry or electronics, you might need to work with an independent insurance agent to add additional riders or floaters to your policy to increase your coverage. A regular policy limit might not be sufficient to cover expensive items.
When Does Homeowners Insurance Cover Theft Outside the Home?
Homeowners insurance generally covers theft of your personal items outside the home. Most policies include “off-premises” coverage, which covers a loss of personal property away from home, such as in your car, your child’s college dorm room, or wherever you may be traveling.
Off-premises homeowners insurance doesn’t cover every possible loss. Additionally, you might need to purchase a separate rider to make sure any special or expensive items are covered for their full value, the same as you would for losses that occur inside the home.
If you travel a lot or have a second residence where you spend a lot of time, you probably need off-premises coverage more than someone who works from home and leaves only occasionally for short vacations.
Does Home Insurance Cover Laptop Theft?
Home insurance can cover laptop theft, but many laptops have a value that exceeds the policy limits for theft of personal belongings. Ask your independent insurance agent to help you specifically list your laptop on your home insurance policy so it will be covered for its total value. You may need to purchase a special rider or floater to fully insure your pricey electronics, like laptops, or you may be able to just list each specific item on your policy and slightly increase your premium to compensate for them.
Do You Need a Special Theft Insurance Policy for Valuables?
While you might not need a special policy for valuable items, you'll likely need to increase your home insurance coverage in some way. You can purchase riders for your home insurance policy to cover specific items of value, like fine art, jewelry, collectibles, and expensive electronics.
Many homeowners have questions about what items are considered valuables and if extra insurance is necessary for things like taxidermy, heirlooms, signed sports memorabilia, and gem collections. It's a good idea to get appraisals for anything rare or particularly valuable you own and to consider adding a special rider to your home insurance policy that covers them for their total appraised value.
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The Benefits of Working with an Independent Insurance Agent
Independent insurance agents have access to multiple insurance companies, ultimately finding you the best home insurance theft coverage, accessibility, and competitive pricing while working for you. They can help ensure you walk away with enough insurance to meet your needs at the best possible blend of coverage and cost.
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