Home insurance provides a variety of protections for property owners. One type of protection is for stolen property. When a person enters your space and takes something, you may have the ability to file a claim for that lost item. In every situation like this, it’s important to know what to do to prove your loss and to get help with it. Here’s what you can expect.
What to Do as Soon as Possible
When a theft occurs, your first reaction may be to clean up the mess and to figure out what happened. Instead, leave the home and call the police. This provides an opportunity for the police to ensure your property is safe and to preserve any evidence possible. It also helps the home insurance agent to gather key information from the police about the theft. Even in minor situations where no break-in or home damage occurs, you should still call the police to create a report.
Proving the Worth of Your Items
Your agent can help you file the claim. To do so, he or she needs to gauge information about the stolen items. If possible, provide a receipt that proves ownership. It should also give you some idea of the value of the item. If, for example, you know you purchased it using a credit card, try to visit the merchant to obtain a copy of the receipt. This is your best way of proving ownership and value.
If you cannot do this, the agency will work with you to determine the best value point for the item. The more information you can share, the better.
How Much Will They Pay You?
The amount you receive varies on numerous factors. Most of the time, home insurance policies pay you at the actual cash value of the item prior to the theft. This may be less than what you paid for it due to depreciation. If your policy pays for replacement value, on the other hand, it pays you the cost to buy a replacement of the item at today’s costs.
In all situations, home insurance agents are there to help you. Filing a claim like this does not have to be challenging. If you have a home inventory or a receipt for your purchases, it may be a straightforward process to get the funds you need to replace the item lost to you.
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