Burglary & Homeowner’s Insurance

October 1st, 2018 abriinsurance
Burglary & Homeowner's Insurance

What Homeowners Need to Know About Burglary

While you prepare your home for Halloween and the upcoming holiday season, take a few minutes to evaluate your home security measures. By taking preventative measures now, you can save yourself time, frustration, money, and even injury or death, down the road.

A High Price to Pay

Nationwide, 7 million property crimes, which include burglary, larceny, motor vehicle theft, and arson occurred in 2016, according to FBI estimates. While burglary accounted for just over 19% of all property crime in 2016, an estimated 1.5 million burglaries occurred with $3.6 billion in property loss prove burglary is no small matter. More than half of these offenses occurred on residential properties. In 2014, only 13.6% of burglaries resulted in arrests. You need to make sure your homeowner’s insurance covers break-ins to ensure your home and all that you keep in it stays protected.

Homeowner’s Insurance and Burglaries

Typically, homeowner’s insurance covers items stolen inside and outside of the home due to burglaries and theft. Dwelling coverage helps to cover cost of repairs due to a break-in. Personal property coverage helps to cover the cost of personal belongings stolen or damaged. When reviewing your policy, you have to distinguish between Actual Cash Value (ACV) or Replacement Cost Value (RCV).

ACV will cover you for the amount your damaged or stolen items are currently worth. RCV reimburses you for the amount to replace the same item in the current market. “For example, if you bought your TV five years ago, its actual cash value may be $700 due to depreciation. However, you might need $1200 to buy a new TV with the same features in the present day”, according to ValuePenguin. Speaking with an insurance professional at Abri Insurance, you can decide which coverage fits your needs better.

Important Insurance Caveats

Homeowner’s insurance coverage doesn’t include car theft. However, it does typically cover personal belongings stolen inside and outside of your home. If you have items taken from you while you are outside of your home, your insurance can cover them. Also, if you have family members listed under your policy, their personal belongings are covered against theft as well, until they move into their own home.

Prevent Burglaries and Save Money

Take these simple steps to decrease your chances of a break-in. Make an inventory of valuables inside of your home, with receipts and proof of purchase if available. This will become an invaluable document if you have to make a claim with your insurance company. For your home, get started on these tasks right away:

  • Check your security basics: your doors and windows have working and secure locks.
  • Set up exterior lights and motion detectors. Lighting up the exterior of your home will go a long way in preventing would-be burglars.
  • Install security cameras. These exterior cameras are easily purchased now, and a quick install will add another layer of protection around your home. Many camera systems provide 24-hour recording, night vision, and smart phone applications so you can check your home anytime, anywhere.

Before the rush of the holiday season makes its way here, filling up your schedule, review your homeowner’s insurance to ensure you have the right coverage. Follow the steps listed above to get your home ready. Our experts can help you choose the right coverage! We shop and compare. You feel safe and save!

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