The recent survey conducted by FBI Uniform Crime Reporting Statistics shows that property crime rates including larceny, burglary, and motor vehicle theft have declined in the last few years. Although it feels quite mitigating to know about the dropping numbers, hundreds of areas around the world are still prone to these forceful crimes which not only impact the owners financially but also leave a great brunt on their emotional patrimony. In this blog post, we will discuss five important questions you need to ask the insurance company before selecting the best burglary insurance that will cover a number of risks for your property.
It is always recommended to carefully go through the fine print of the insurance policy before finalizing it. A policy document includes details about the risks that the policy doesn’t cover. Some risks that are covered with the insurance are damage to the property through the act of burglary and the inherent value that is lost in the property premises. The premium amount paid towards burglary plan depends on numerous factors like claim history of the premium policy, items at the premises/ nature of stocks, and security measures available at the property. Some items that aren’t covered by the insurance includes cash, precious metals like gold and silver, items that family members steal and employees, share certificates, and loss caused by riots, wars, strikes, natural calamities, and terrorist activities.
The premium paid to the insurance company depends upon the risk assessment done by the insurer. There are numerous ways which can help you to reduce the cost of the premium significantly. Some of these include installing safety devices like CCTV cameras, burglar alarm, and fencing which not only help you get the discounts on insurance premium but also reduce the risk of all these crimes at your place.
During the process of filing the claim, it is always recommended to share the complete details related to the activities held at your property including every loss that has occurred and needs to be documented to the insurance company. It is also recommended to keep the contracts and receipts of all the expensive and essential products purchased in the property as proof of your claim. You can also document the record of the phone calls you make to the insurance provider in digital mode for improved protection.
It is always advisable to ask the insurance company about all the types of policies based on the type of coverage. You can purchase a standard or a declaration policy or the one that covers both features. It is also possible that you can buy an insurance policy that covers various stocks located at various locations of your property.
It is possible to buy a policy that can safeguard the value of your property so that you can get compensation at the market price. For this reason, it is advisable to choose a higher deductible to cover low insurance premium which can include all kinds of losses. Restoration of the items and the property to their original state by condoning to the optimum cover can be done.
Although there are numerous factors that should be kept in mind before buying the burglary insurance, the above-mentioned questions will help you save a lot of time and money and make a correct decision for your property. Before looking forward to owning a house or a business place, make sure to purchase a cover which includes both burglary and theft regardless of the property location.
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