Although we don’t always anticipate it happening, the property is stolen every day across the country, not just in low-income areas. Theft has also affected homeowners of the middle and upper classes.
Your insurance attorney has experience in these types of cases and we would be happy to give you more information about the theft.
Do Homeowners Have Insurance That Covers Theft?
Most basic homeowners insurance will cover theft. This covers items that are stolen from your home or outside of your home. Any person listed on your policy will be covered. This includes children, as long as they are dependents of your household. Even if they’re not living at home while they study or go to college. Your policy will cover you if they are robbed in their dorm rooms.
It is important to explain the different options you might have. You’ll get reimbursed for the current value of the property if you have actual cash value coverage. Inversely, replacement cost value coverage will reimburse you for the amount it would take to replace the property.
If your laptop is more than a decade old, its current value will be lower than it was when you bought it. However, with Replacement Cost Value you’ll receive compensation for the cost of buying a new computer in the current year.
Standard homeowners insurance usually only provides a limited amount of compensation. Your insurance company may not be able to cover the theft of valuable items such as jewelry. To cover more costly items, you may need additional insurance. You may also need to add additional policies to cover more expensive items..
This post was written by Kelly-Ann Jenkins of Jenkins Law P.L. Kelly-Ann is an insurance lawyer in Pinellas Park. The information on this site is not intended to and does not offer legal advice, legal recommendations, or legal representation on any matter. Hiring an attorney is an important decision, which should not be based on advertising. You need to consult an attorney for legal advice regarding your individual situation.
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