Theft insurance covers losses from theft, robbery, and burglary. Theft includes all acts of stealing, while burglary involves forcibly entering a premise to steal. This insurance is essential for protecting homes, shops, and offices from financial losses. In India, where thefts are common, having separate policies for theft and burglary is important for complete coverage.
Get right expert advice
Hassle-free policy
Speedy Claims
A theft at home, shop or office can cause huge financial losses. You can cover the risk of theft in your premises with a theft insurance policy. In India, incidences of theft are quite common. And to cover up that a theft insurance policy is important. However, theft and burglaries are two separate things. There is separate cover for theft insurance and burglary insurance plans.
To file a claim for theft you need to furnish proof of non-violent and unforceful attempt into the premises. Whereas, a burglary involves ‘forceful and violent entry’ into the premises in order to conduct the loot.
There are plans that offer both theft and burglary cover as well.
While purchasing a theft insurance policy, there are certain things that one needs to be aware of. Read in detail about the coverage, add-on benefits, limitation and the amount of sum insured. You can make or break a plan by choosing the riders.
A theft insurance policy will cover the following various risks:
| You May Also like to Read: 7 Questions You Should Ask About Burglary Insurance |
Firstly, read the policy terms and conditions before buying a theft insurance cover. While reading the policy documents you will know its features and the risks that are covered by the policy-
Every insurance policy has some limitations. And a theft insurance policy will not offer compensation for the following items or you will need to buy it as an add-on cover. The limitations may vary from one insurance provider to another -
If you want to claim for items or stocks whose value will vary as per the market conditions, then you should do that using a claim proposal form.
Under the following conditions, your theft insurance provider can invalidate your claim-
| You May Also like to Read: Burglary, Theft & Additional Covers in Home Insurance |
The cost of the premium is decided on the basis of the risk associated and also the preventive measures taken by you:
There are different types of coverage that insurance companies provide. You can choose a declaration policy, standard policy, or a policy that offers the features of both standard and declaration. You can also buy a theft insurance policy to cover different stocks located at various places.
| You May Also like to Read: 6 Ways to Save an Extra on Fire Insurance Policy |
When lodging a claim it is imperative to present complete information to the insurance provider:
You can buy a theft insurance policy to get compensation for the valuable items and stocks at market price. And if you do not want to pay much premium you can opt for higher deductibles. But this would mean a reduced compensation amount at the time of claim.
And if you want all the items to be covered you can buy a comprehensive theft insurance policy. By opting for an optimum policy you can get restoration cover for items stolen and property damaged to its original state.
It is always a good idea to read the online reviews and understand the different features of burglary insurance policies provided by different insurance companies in India. You can find a plan that works the best for you and most of your needs and requirements.
Keep in mind that the sum insured amount will be equal to the market value of the items lost and property damaged. It will be calculated on the basis of the current replacement value of items. Theft insurance offers compensation for expenses towards betterment, wear & tear, and obsoleteness. Hence, you can easily recover the maximum amount possible with an adequate theft insurance cover.
Theft insurance is imperative for households as well as small or large-scale businesses as it will reimburse for the loss or damage that took place within the premises of your house or business. You have the option to select from various types of theft insurance policies or Home Burglary Insurance policies provided by the insurance companies in India. This way you can enjoy your peace of mind and also protect your family members and other belongings in your house or office from any possible theft and related consequences.
Insurance
Calculators
Payment Methods
Secured With
Follow us on
Expert advice made easy
