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  Home Burglary Insurance Policy

The home burglary insurance policy offers protection against the risk of loss or damage by burglary, housebreaking, theft or larceny in residential premises. Protection is offered from burglary to both the premises as well as personal belongings. Although insurance companies define burglary by means of entry and exit through "violent and forcible" means, legal instances have proved that evidence of use of force is not necessary.

The home burglary insurance policy covers any loss of property due to burglary occurring during the policy period. The amount of claim payable would be limited to the sum insured or market value at the time of loss whichever is lower. Apart from compensation for the stolen property, the burglary policy covers damage to the premises like walls, doors, windows, locks, bolts, etc.

Loss of or damage to livestock, motor vehicles, pedal cycles, money, securities, stamps, bullion, deeds, bonds, bills of exchange, promissory notes, share certificates, business books, manuscripts or documents of any kind cannot be claimed under a burglary policy.

If the home burglary policy is not a part of a Householders Package policy, the applicant may have to file separate list of property to be covered, giving detailed description and individual values to avoid ambiguity. Before granting cover, Inspection is carried out by Agents or Brokers or Marketing officers of the insurance company.

The cost of home burglary insurance is payable by way of a monthly premium to the Insurance Company. This premium amount varies from 0.2%-4% of the value being insured on an annual basis. In order to substantiate a burglary insurance claim, one should inform the insurance company immediately (within 14 days) in writing with details of the amount lost along with the evidence.

 

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