What Is Burglary Insurance?

Burglary insurance is a policy that offers an additional security layer for your property. It provides coverage for any misfortune or damages that are caused to your assets and property. This policy provides coverage for your home, office, godown, or factory against burglary or theft. However, the coverage comes under circumstances like:

Burglary Insurance policy broker in Kolkata

Why Is Burglary Insurance Important For You Or Anyone Else?

If someone breaks into your property and steals your assets, then it's definitely an emotional and mental blow. In such a case, if you have burglary insurance, you can get coverage for your costly items like diamonds, stones, and other jewellery. Even if the theft is conducted in your office and things like laptops or typewriters are stolen, under the business insurance policy, you will get a certain amount of monetary relief to help your business adapt to such an occurrence.

The primary reason people opt for burglary insurance is to risk-proof the insured premises from a forceful or violent act of theft. In contemporary times, burglaries and house-breaking occurrences are very common, and having your property coveted with a burglary insurance policy ensures security for the place while you can have your peace of mind and carry on with your day-to-day activities with ease.

Do You Need Burglary Insurance?

Theft and housebreaking incidents are quite common these days, and to risk-proof your premises, this policy is vital. This policy is beneficial if:

You and your family have to leave the premises unattended for a long time. 
Many people have access to your premises on a daily basis. 
If you have a godown where you store goods, then a burglary insurance policy is essential. 

Common Types Of Burglary Insurance

Inclusions Of The Burglary Insurance Policy:

Coverage against unlawful and forceful entry 
Protection against burglary and theft 
Shield for valuable assets and jewellery 
Protection for the money in transit 

Exclusions Of The Burglary Insurance Policy:

Damage by any employee 
Willful damage 
Bills or account losses 
Public unrest and strikes 
War 
Missing property is not covered by the policy. 
Nuclear activities 
Action by any lawful authority or the government 
Removal of contents from the premises not included in the policy coverage 
Natural calamities 
Unattended premises 

Factors That Can Lower The Premium Of A Burglary Insurance Policy

The premiums depend on the market value of the assets and their exposure to risks. However, you can lower the premium amount by:

What Are The Main Aspects Covered By A Burglary Insurance Policy?

Stolen property:  

The coverage amount depends on the value of the stolen property and the limit of the policy.

Property damage:  The coverage offers financial protection for the property’s structure, and the policyholder should provide documentation to support the claim. An inspection might also be carried out to assess the extent of the damage.
Business interruption:  This coverage is vital for businesses relying on a physical location to operate. To claim the insurance benefits, the policyholder needs to provide documentation and financial statements to the insurance company.
Replacement costs:   The policy compensates the policyholder with the complete cost of replacing the stolen item. However, the policyholder might have to provide proper documentation, like invoices and receipts, to establish the cost of the damaged or stolen goods.
Legal fees:   The burglary insurance policy might offer legal fees related to defending against a lawsuit that has resulted from a burglary. However, review the policy carefully to understand if legal coverage is included or if there are any limitations associated with it.

Frequently Asked Questions - Burglary Insurance

FAQ - Burglary Insurance

Yes, you need to have an FIR to claim the burglary insurance.

Yes, after the policy comes to an end, you need to renew it once again. The renewal is not automatic, and before the end of the policy period, you need to apply for a renewal and pay the necessary premium amount.
Yes, you can cancel the burglary insurance policy anytime, but you need to give a 15-day notice in writing to the company for a complete cancellation of the policy. An expert can guide you in this aspect.
There are many kinds of burglary insurance policies, and there are several different kinds of plans on the market. To know which policy suits you the best, caters to your specific needs, and has the lowest premium, you need to compare all of them. Inbest can help you make the perfect choice as we deal with insurance policies every day and stay updated with the latest news and developments in the industry. However, you need to compare, choose, and then take the final call with complete clarity.
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