Theft Cover: What to Expect When You Have a Claim

The Australian Bureau of Statistics (ABS) estimated that in 2010, more than 215,000 households in Australia were the victims of a break-in. According to America’s FBI, a theft or burglary occurs every 14.6 seconds. While we all hope that theft never affects our home, it is always wise to be prepared. You can take steps to secure your home and protect your valuables, including installing a high-quality security alarm system. However, if you are ever the victim of theft, you should make contact your insurance provider as soon as possible to make a claim.

Immediately After Theft

As soon as you discover that a break-in or theft has occurred, you should phone the police and file a police report. Prior to the arrival of the police, or with their assistance, you should determine what has been stolen. Many homeowners find it helpful to keep an inventory of all valuable items kept in their home or on the property. Referring to this checklist following a burglary can ensure all belongings are accounted for, and can be particularly helpful in the wake of emotions and shock that often accompany such an incident.

After you’ve dealt with the police, you can focus on making your claim to your insurance company. When making a claim on stolen items, you’ll need to provide as much detail as possible about the item, including where and when it was purchased, the brand and model of the stolen item, the purchase value, and the current condition.

Next Steps

After your claim has been received and process, a few things will need to happen. Your insurance company may request further information for certain items. A physical home investigation may also take place if necessary. Unfortunately, insurance fraud is far too common these days, and insurance companies take careful measures to ensure your claim is legitimate. If you’ve recently purchased any especially-expensive items, it is advisable to keep receipts, credit card statements, or photographs of your valuable. You may need to gather these documents to assist your insurance company in handling your claim. In addition, you may need to provide a copy of the police report or answer questions regarding the circumstances of the break in and theft.
After your deductible or any depreciation of your items has been assessed, the insurance company will settle your claim and provide payment for stolen property covered by the policy.

Protecting Your Property

If you’re a homeowner, it’s vital that you ensure you have the proper insurance coverage to protect your belongings. Policies can vary greatly, and many require supplemental insurance for protection of certain items. Working with a qualified and experienced broker can assist you in determining whether your policy protects your property fully and completely. Contact us today at Macey Insurance Brokers for a straightforward consultation regarding your current coverage.

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