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How Do You Know What Personal Property Is Covered by Theft Insurance?

When you purchase your home, you’ll have to buy homeowner’s insurance as well. While the main reason you do this is to protect your home, you also need to protect your personal property. If someone happens to break into your home and steals these items, you should call an experienced property damage attorney in Miami to help with your theft insurance claim.

Your property damage attorney in Miami will help you make a list of all the items that were stolen. They’ll also help you figure out which items will be covered by theft insurance.

Most Homeowners’ Policies Cover Theft of Personal Property

If you’re like most other homeowners, your insurance policy will cover your personal property as well as your dwelling. After all, what good is it to protect your home if none of the items inside the home are protected?

When you buy your insurance policy, you’ll have to choose the sort of coverage you want. One of the most important decisions will be the amount of insurance you want. At a minimum, you’ll need enough coverage to protect the unpaid mortgage or loans on your home.

Part of your policy will be dedicated to theft insurance for personal property. The amount of coverage you buy for your dwelling will be important when it comes time to file your theft claim. We’ll discuss this in detail below.

Make Sure You Show Your Property Damage Attorney a Copy of Your Theft Insurance Policy

After the theft, you need to make sure you provide your Miami property damage lawyer with a copy of your policy. This is the only way they can help determine what items are covered. They’ll also need to see the policy to determine how much of your property will be covered.

We suggest that you forward a copy of the policy to your property damage attorney in Miami before your free, initial consultation. This will give them ample time to review the policy before your meeting.

Each Policy Is Unique and You Choose Your Levels of Coverage

While most homeowners’ theft insurance policies are similar, they are all unique in their own way. Some policies have named perils while others cover everything but specific excluded items.

Your policy will also be unique to the value of your dwelling. For example, if your house is worth $500,000, you would want to make sure your coverage is for at least that amount. This will impact the amount of personal property coverage you have in the event of theft.

Most Insurance Policies Will Cover Up to 50-70% of Your Dwelling Coverage

One thing your Miami property damage lawyer will explain is how much coverage you’ll be entitled to. Most policies will cover the theft of personal property up to 50-70% of the dwelling coverage.

As in the example above, if you have $500,000 dwelling coverage for your home, then you’ll be covered for anywhere from $250,000 to $350,000 in personal property. The coverage limit can be lower for some expensive belongings. Your property damage attorney in Miami will let you know how much you can expect to receive.

Homeowners theft insurance covers stolen belongings.

You Can Expect Up to 10% of This Coverage to Extend to Personal Property Off-Site

Interestingly enough, even personal property that isn’t located in your home is usually covered by your homeowner’s insurance. However, the limit for off-site property is only 10% of your dwelling coverage.

What this means is that your Miami property damage lawyer can only demand 10% in personal property coverage. If you have $500,000 dwelling coverage, then about $50,000 in off-site personal property will be covered by theft insurance.

Only Certain Personal Property Will Be Covered by Theft Insurance

It’s important to remember that only certain types of personal property will be covered. It doesn’t matter which insurance company you choose. They all have certain exclusions when it comes to the theft of personal property.

Some of the items that will likely be covered by your homeowner’s policy include the following:

  • Furniture
  • Appliances
  • Televisions
  • Entertainment center
  • Art
  • Jewelry
  • Bikes
  • Exercise equipment
  • Clothing
  • China
  • Computers

Of course, this isn’t an exhaustive list. There are bound to be items covered that we haven’t mentioned above. It would be impractical to list them all here.

Some Items Are Not Going to Be Covered by Your Homeowner’s Policy

While there are many types of personal property that are covered from theft, many others are not. Some high-ticket items are excluded from coverage by most if not all, insurance carriers.

Some of the items that our Miami property damage lawyers have seen be excluded from coverage include the following:

  • Motor vehicles
  • Hovercraft
  • Business data, credit cards, and account receivables
  • Your tenant’s property
  • Animals, birds, and fish

If you’ve ever experienced a theft before, you may already know this. However, if you aren’t sure, make sure you ask your property damage attorney in Miami.

Your Miami Property Damage Lawyer Can Help File Your Claim

Once you know what items were stolen, it’s time to file your claim. This is something your Miami property damage lawyer can help you with. Not only can they help you file your claim, but they’ll let the insurance carrier know they are representing you.

Your attorney can also help you find an insurance adjuster. They can help get your stolen items appraised. The insurance company may only be willing to cover a certain amount of the value of your claim. You don’t want to be taken advantage of.

Reach Out to an Experienced Property Damage Attorney in Miami

If someone has broken into your home and stolen your personal property, you’re going to feel violated. You’ll also feel angry. However, you’ll need to set these feelings aside and call a Miami property damage lawyer.

Your property damage attorney in Miami will help you make a list of all the items that were stolen. They’ll also help you figure out which items will be covered by theft insurance. When the insurance company realizes that you’ve retained a Miami property damage lawyer, they’ll be more likely to pay your claim.

Contact our office as soon as possible after the break-in. We offer all new clients a free, initial consultation.

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