There is little scarier to a homeowner than the thought of the space they deem to be the safest could be breached by a stranger, attempting to take their belongings.
This is why it is important to make sure that the home insurance policy you choose has an insured peril that includes coverage in case of theft and the potential damage that may occur as a result.
The following are a few of the most commonly asked questions regarding theft and home insurance and what you need to know to best protect yourself and your family.
IS THEFT COVERED BY ONTARIO HOME INSURANCE?
The short answer is yes.
Home insurance covers theft of personal property, as well as damage that is caused due to the theft.
Something to be aware of is that there are different types of insurance depending on your living situation:
The different types come with different coverage levels as well as different ways to make the report to your insurance company.
This coverage DOES NOT include theft or damage:
- That happens at any other dwelling that you own other than your normal residence unless you are living there at the time.
- That is caused by any tenants or members of their household while they are living in your residence.
- To any property that is under construction until it is ready to be lived in. (Speak with your agent for specifics regarding this part of your policy if it applies to you)
ARE ITEMS RELATING TO MY BUSINESS COVERED IF STOLEN FROM MY HOME?
Depending on the policy that you have, you may be partially covered for items that are inside your home.
Talk to your insurance agent to make sure that you have the proper insurance to protect your business as well as your home.
IS THEFT OF ITEMS OUTSIDE THE HOME COVERED BY HOME INSURANCE?
Yes. Items that belong to you and are on your property are covered under your homeowner’s insurance policy but at subject to your policy deductible.
Talk to your agent for details on what the specifics of your policy entail.
MAKING A HOME INSURANCE CLAIM RELATED TO THEFT
When making a claim related to theft, it is important to contact your agent directly to get your claim started.
However, with this in mind:
- Even though after-hours services are available, being that the crime has already been committed, there is little that can be done at that moment, so filing the claim can wait until the morning after some rest.
- There may be a loss of discount when you claim your insurance (Claims Free Discount), so you will need to decide if it is worth it to make a claim. A child’s bike is a relatively small, easily replaced item, whereas a lawnmower is more expensive and potentially more worth the hassle of filing a claim.
- Your claims frequency will also be considered by any insurer when it comes time to assess the risk of at renewal. An increased policy deductible or non-renewal may be the consequence of numerous claims deeming the property to no longer be a desired risk by an insurance company.
There is normally a 30-day waiting period before any settlement is paid out, to allow for the potential recovery of the stolen items.
WAYS TO PROTECT YOUR HOME FROM THEFT
There are many ways to prevent the theft of your personal belongings and many of these don’t require high-tech gadgets and are not very complicated to implement.
According to the Insurance Bureau of Canada, when going on vacation, take care not to post the details on social media and if possible have someone come to check on your house as often as possible while you are gone. Have them leave some lights on when they leave and alternate, which are on and which are off.
Having sensor lights on the outside of the house is another common and effective deterrent. The light suddenly turning on, makes it seem as if someone inside the house knows that they are there.
Having a solid home insurance plan can be reassuring to all homeowners, especially those with young children or the elderly. Making sure to protect your family and your belongings is an important first step in becoming a homeowner. Be sure to talk to an agent today to make sure that you have the right policy for you and all of the coverage that you and your family need to keep yourselves and your possessions safe.
Erie Mutual Insurance proudly serves the commercial insurance, farm insurance, home insurance and auto insurance needs of members throughout Southern Ontario including Haldimand, Niagara and Hamilton.
Please don’t hesitate to contact us with any questions you may have about this or any other topic related to your insurance.
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SOURCES
1 – Canada.ca
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