When it comes to protecting your home and belongings, one common question is, “Does homeowners insurance cover theft?” The good news is that most standard homeowners insurance policies include coverage for theft and vandalism without the need to add separate provisions. This means your policy is designed to safeguard your property against such incidents. However, understanding the details of your coverage, including deductibles and claim processes, is essential to making the most of your policy.
Homeowners insurance typically requires you to pay a deductible before the policy kicks in. For many homeowners, this deductible is around $1,000, although it can vary based on your specific plan. Whether or not filing a theft claim is worthwhile often depends on the value of the stolen or damaged items compared to your deductible. For example, if the stolen items are worth less than your deductible, it might make more sense to cover the loss out of pocket. On the other hand, significant losses may justify filing a claim.
It’s also important to evaluate the extent of damage caused during the theft. Items stolen, property vandalized, or structural damage all factor into the decision. By reviewing your homeowners insurance policy and discussing it with your agent, you can better understand your options and feel confident in how you’re protecting your home. With the right coverage in place, you’ll have peace of mind knowing your policy is ready to help when unexpected events occur.
Our owner and founder, Pat Brennan, explains more. Check out the video below!
Does Homeowners Insurance Cover Theft? – Entrust Insurance, St. Clair Shores
Video Transcription
“ It is. Yeah. And it’s different than what I explained about auto insurance, because you don’t have to add a separate coverage to that. And sometimes it’s covered under theft and vandalism. So your, your standard homeowner’s policy will, will cover you and safeguard you against that. The things that keep in mind though, are you have a deductible that you have to pay.
And in most cases, at least most of our clients, it’s a lower deductible at a thousand dollars. And so it’s just a matter of. what damage was done, how much was stolen, how much did you lose versus what your deductible is, and that will help you determine if you use your insurance to file a theft claim or a vandalism claim, or if you end up paying for it out of pocket.”
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