Burglary Insurance

Burglary insurance is an important insurance policy for your property in order to build a resilient business. It covers unlawful damages caused to the assets like furniture, fixtures, machinery, equipment etc., inside the business premises. Generally, this policy is bundled with fire insurance which includes damages caused due to fire, explosions, lightning, theft, storm, cyclone, typhoon, terrorist acts, riots, etc.

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What Is Burglary Insurance?

A burglary insurance policy offers an additional layer of security to your property. It offers coverage for damages or misfortunes caused to your property and its contents. For example, your home, office, factory, and godown against burglary and housebreaking. It provides cover under the accompanying circumstances:

  • Theft by persuasive/ violent/fierce entry
  • Attempted theft or theft by a criminal on the said premises
  • Armed robbery or Hold-up

Why do you Need Burglary Insurance?

On the off chance that someone breaks into your home and takes the things in your home then it will be both emotionally and monetarily decimating. You can likewise get add-on coverage for your costly jewellery, diamonds or stones, under Home Burglary Insurance policy.

In the event that some pariah breaks into your office premises and figures out how to take the merchandise in trust, fittings, stock-in-exchange, instruments of the exchange, for example, typewriters, number crunchers, and so forth then likewise burglary insurance or theft insurance would act the hero. It offers the ideal money related help to assist you with adapting up to such occurrences.

The primary reason that burglary insurance policies solve is that they risk-proof the insured premises from a violent or forceful attempt to theft. In the event that burglaries and house-breaking incidents are regular in your general vicinity, then at that point, you should get theft or burglary insurance cover to ensure the well-being and security of your house/office /go down.

Who Needs to Buy Burglary Insurance Cover?

The prime intent of buying burglary insurance is to risk-proof your premises against a burglary/burglary attempt.

Incidents such as housebreaking, theft, and so on are the headlines of the newspaper often. Such news and incident are a threat to the safety and security of the home/office/godown.

We are living in times when you simply can not leave hour home unattended over a long duration of time. In case, if you do so, at the back of your mind you are always in stress in regards to the safety and security of the equivalent. Under such circumstances, burglary insurance gives you peace of mind and sense of satisfaction.

These Plans are Beneficial for the Following People

  • People who have to leave their premises unattended for a longer period of time.
  • Owners of a business corporation, with many people entering their business premises on a daily basis
  • Anybody who owns a godown where goods are stored

When far away from home/office, burglary insurance take care of your worries in regards to the security.

These Plans Cater to the Following People

  • Anybody who goes to his/her job, with nobody to take care of his/her house which leaves the house in an unattended state.
  • Anybody who is an owner of a business corporation, with many people entering his/her business premise on a daily basis
  • Anybody who owns a godown for the storage of the goods.

Classification of Burglary Insurance Plans

Burglary insurance plans can be classified into three types, which are:

Full Value Insurance

A full value insurance plan provides the complete value of the property insured.

First Loss Insurance

Under first loss insurance, when there is an improbability of a total loss, it offers the policyholder to select a certain percentage of the stocks to be insured.

Stock Declaration Insurance

This plan is beneficial when a large number of stocks fluctuate frequently during a financial year. The sum assured is locked at the highest stock value that is anticipated by the policyholder.

Salient Features of Burglary Insurance

The features may differ from one insurer to another. However, some of the key features of home burglary/burglary insurance plans are listed below:

  • They are intended to offer protection to business premises against forceful/commanding housebreaking and burglary.
  • Accessibility of add-on benefits, for example, cash cover, other risks emerging because of strikes, riots, theft, and malevolent damage.
  • Accessibility of coverage on the first-loss premise.
  • Coverage for death, disabilities ( perpetual/fractional), and transitory disability.

Advantages of Burglary Insurance

A burglary insurance policy offers financial backing in case if there is any loss/damage caused to the insured property. Let us have  a look at the advantages of buying a burglary insurance policy:

  • It provides security against any damage(s) caused to your property as a result of attempted or actual burglary or housebreaking.
  • If you purchase burglary insurance for your business premises, it covers the damage(s) caused to products, furniture, and property inside your business premises.
  • Even if the sum assured is lacking, the plan will still pay for the proportionate damage(s) or misfortune.
  • Some insurance providers give you a choice of stretching out your insurance intend to cover strikes, cash, jewellery, riots, malicious damages, theft and so on. You can upgrade your insurance coverage after paying an additional insurance premium. 

Importance of Burglary Insurance

A theft at office, shop or home can cause immense money related misfortunes. However, a home burglary insurance policy would offer ideal compensation under such circumstances. In India, the incidences of burglaries are quite common. And to recoup from such immense misfortunes, a burglary insurance policy is required.

It is the simple, helpful, convenient and hassle-free way to defend yourself and your property from such risks.

Inclusions Offered Under Burglary Insurance

In the below grid, is the overview of coverage offered in a burglary insurance plan.

It provides coverage for loss/ damage caused to the insured assets within the insured premise, due to any of the following reasons:

  • Forceful and violent entry
  • Any theft attempt or theft by a person who’s hiding in the insured premises
  • Armed robbery or hold-up
  • The plan provides coverage for the damages incurred to the insured premises due to theft or housebreaking
  • There’s a provision to cover bulk items on ‘first loss’ basis. It offers a percentage of total stored stock which is exposed to the housebreaking and burglary and risk. For that, the premium is charged on the basis of the selected percentage only

Exclusions Offered Under Burglary Insurance

In the below grid, is a list of some of the common limitations in a burglary insurance policy:

  • Coverage for jewellery, precious gems, and stones, designs, plans, business books cash etc. unless it is specifically covered.
  • Damage(s) or loss where an insured or his family member or staff was involved in the actual theft or caused any damage(s).
  • When the insured’s property is left uninhabited for seven or more days and nights in a row.
  • If material alterations to the insured premise are done that increases the risk.
  • If the rights of the assets have been transferred to another individual(s) from the insured by either will or operation of law.
  • Any damage(s) caused by a nuclear bomb, weapons, etc.
  • Any damage(s) resulting from war, the act of a foreign enemy, invasion, etc.
  • Any damage(s) due to nationalization, confiscation etc. by government authorities.
  • Any damage(s) due to any type of consequential loss.
  • Any damage(s) caused by strikes, civil, commotion, riots etc.

How to File a Burglary Insurance Claim?

On the off chance, if you need to file a claim for burglary insurance, all you need to follow is the procedure mentioned below:

At the onset, the insured must inform the insurance provider and the close by the police station in regards to the incident. The insured should register the claim in regards to the loss or damage incurred to the insurance provider within 14 days.

Moreover, the insurer should provide all relevant and necessary details, evidence in regards to the loss/damage incurred to the insurance provider.

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Policybazaar for Business - Burglary Insurance - Customer Reviews
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4.3/5
Based on 34 reviews
4.3
out of 5
Based on 34 reviews
6 users
26 users
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4 April 09, 2022
Prashant
Several Advantages
Earlier I had no idea what burglary insurance was until my neighbour informed me. When I learned about the several advantages of burglary insurance, I decided to purchase burglary insurance as well. It has enough loss and damage compensation. As a result, I purchased a burglary insurance policy from Policy Bazaar.
Faridabad
5 April 06, 2022
Sharad
Instantly Online
We finally found the best budget insurance with perks here at PolicyBazaar. We read everything, we liked the deal and bought it instantly online.
Kannur
4.3 April 03, 2022
Ravi
Pleasant Experience
I had recently purchased insurance from the policy bazaar, and my experience with them had been so pleasant that I decided to stay buy from here again. 
Bikaner
4.5 March 31, 2022
Piyush
Ideal Protection
We required burglary insurance for our hardware business. We spoke with PolicyBazaar over the call and were able to obtain the ideal protection. It was purchased on the internet.
Amritsar
4 March 28, 2022
Amit
Helpful And Informative Crew
When you own a manufacturing, it is one of the most important insurances you can have. I m delighted I was able to find the correct insurance provider for it. PolicyBazaar has been really helpful and informative. They have provided me with the ideal insurance.
Bareilly
4 March 25, 2022
Kareena
Right Place
Before I came to PolicyBazaar I didnt know that we can buy insurance online also. Well, happy to say that I have come across just the right place.
Ajmer
5 March 22, 2022
Kartik
Perfcet Cover
For our mobile store we needed burglary insurance. We talked to PolicyBazaar on phone and were able to get the perfect cover. We bought it online.
Delhi
4.5 March 19, 2022
Santosh
Correct Deal
We have a computer institute. We made sure to get burglary insurance as the electronics are rather expesnive. Glad to say found the correct deal at PolicyBazaar.
Kolkata
5 March 16, 2022
Priyranjan
Pay For Losses And Damages
there was breaking and entering in our shop last yaer. Our insurance from PolicyBazaar helped pay for the damages and lossses. It really helped financially.
Ahmedabad
4.5 March 13, 2022
Shivakant
Perfect Insurance
It is one of the most crucial insurances when you have a factory. I was glad I found the right place for getting insurance for it. PolicyBazaar has helped me and guided me a lot. Thanks to them I have the perfect insurance.
Pune

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