When you are facing financial loss as a result of someone else’s actions, it may be possible to file a claim with your home insurance. Your insurance policy helps you to minimize the financial losses you are likely to experience, but there are limits. Most people think about this type of insurance as it pertains to real estate loss, such as damage from fire or storms. However, most policies also cover your home’s contents as well, up to 50% of the policy’s value. Could you get help when something has been stolen from you?
Your First Steps After a Theft
In some situations, you just don’t know when the theft occurred. You simply know that the item you own is no longer there and others had access to it. In common types of theft incidents, you may need to call the police and report the criminal activity. This creates a police report that the insurance company should then use to help you recover some of the financial loss. However, in instances when you do not know when the loss occurred or even who did it, what should you do?
- Contact the police and file a theft report. It is still going to be a requirement under most home insurance companies. The police should look into the potential scenarios leading to the loss.
- Report the incident and file a claim with your home insurance. Your agent can verify that the item is something covered under your policy. You may need to show proof of ownership, such as a receipt for the item or a photo of it in your home’s inventory.
- Realize your insurance company may wish for you to file charges or receive compensation from the person who stole the item whenever it is possible to determine this. If the theft occurred in your home, and there is any evidence to point to who did it, criminal charges are likely to occur.
Home insurance can help you by paying you the replacement value or the actual cash value of the item, depending on the terms of your homeowners’ insurance policy. The amount is limited to the limit of coverage on your policy.
Do you have the right protections? Call Floss Agency at (716) 688-5115 for more information on home insurance Buffalo.