Most homeowners insurance, renters insurance as well as condo insurance policies will cover personal items that are stolen, whether or not they were stolen from your home or while you are on the move somewhere. There are limits to the maximum amount that the insurance companies will cover depending on your policy. For example, some renter’s insurance will only cover up to $10,000 worth of losses meaning that if you lost $20,000 worth of items, you will not be able to claim that amount. Make sure your insurance policy accurate covers what your personal belongings are worth.
The items below are in no particular order, but it should not be to anyone’s surprised that the most commonly stolen items are electronics that are high in value.
- Laptops – Macbooks, Dells, Acers
- Cell Phones – iPhones, Galaxy
- Tablets – iPads, Galaxy
- LCD TVs/LED TVs – Sonys, Samsungs, etc…
- Game Consoles – Xbox360, PS3, Wii
- Digital Cameras – Canon, Nikon, Sony
Most insurance companies will require some sort of proof of purchase or documentation that you own the items in order to process the claim. Take pictures, videos and note down serial numbers once a year so that if anything is stolen from your home, you will have proof.
Insurance companies are used to dealing with fraudulent claims so the more documentation and proof you have, the easier the claim process will go. Keep in mind that the process is not instant. The insurance company will need to have an adjuster check out your claims, determine the dollar value in present value and then process the claim. The whole process can take anywhere from 4-8 weeks or even more depending on the value of your losses.
Talk to friends and family to see what their experience with insurance companies go as far as dealing with losses. Some insurance companies, although may cost a bit more a month or a year, may be more flexible on claims, while some of the budget insurance companies may make you jump through hoops to get the claim to go through.