Home theft is a real threat in Canada. A 2020 study by Statistics Canada revealed more than 1.3 million Canadians were a victim to property theft, break-ins and burglaries. Even as we spend more time at home, homeowners need to take steps to prevent theft. This blog provides you with some great information about security tips for your property and how to make sure your items can be replaced.
Yes, most home insurance policies protect against theft, break and enter, and burglaries. Details can be found under the property damage and theft section. It will be replaced or reimbursed for most personal belongings stolen during a break-in.
It will help cover the costs to repair damaged areas of your home, such as doors, windows, and other entry points up to your policy limits. Additional damage caused by burglars while in your home may also be covered, such as damage to landscaping.
Common personal belongings will typically be protected, such as :
Check your documents to clarify what is covered and your specific limits.
Yes, many policies include theft that happens outside of the home. Some personal belongings are also covered when you take them outside of your home and when travelling. Personal property in your car, cameras, laptops, and other belongings are covered within policy limits.
High-ticket items and other personal belongings are not commonly included. However, you can purchase additional insurance for unique items such as :
These are available at an additional cost. Talk with your insurer about your options to make sure your items are protected.
Home theft and break-ins happen to renters, too. This is another important reason why you should invest in tenant insurance. You will have protection for personal belongings in the event of a burglary. If you rent an apartment or condo, are away at college, or share a house, this will protect you.
Here are the steps to take if your home has been burglarized :
If you are a victim of theft, you should notify the police and file a home insurance claim as soon as possible. Waiting too long could create issues, such as forgetting important information.
The process is similar to how you would file other types. You will be assigned an adjuster and are required to fill out documentation and provide proof of the items that were stolen. You will also need a police report.
Any claim could impact your payment. Therefore, it's important to assess your claim's size and compare it to the cost of your deductible. Your history could also come into play and impact your costs.
The amount of money you will receive as part of your settlement depends on what is included in your policy. If you have contents insurance, specific items will be covered for replacement. Damage to your property as a result of the break-in will be replaced with similar materials and quality. The cost to repair this damage rarely meets the limits.
However, the amount you receive for your personal property can vary. You are subject to limits, and some types of personal property may have sub-limits. For example, it may only provide you with up to $1000 for additional jewellery insurance.
Having actual cash value (ACV) or replacement cost will also impact your settlement. ACV provides you with the depreciated value of the items stolen. The replacement cost is based on the price of replacing them at today's prices.
While you may not be able to prevent it from happening completely, there are many things you can do to be proactive. In addition to ensuring you have adequate protection, taking steps to protect your home from thieves and deterring theft is important :
Following these prevention tips will help protect your home and personal belongings.
Standard policies include loss of jewellery from your home during a break-in. Check with your provider for specific information and limits for your home insurance.
To a limit, cash will be covered up to a few hundred dollars. Keep a minimum amount of money in your home and the rest at the bank.
You can insure your credit card to offset any potential loss due to theft or counterfeiting of your card. Many consider adding identity theft insurance as an added precaution.
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