Burglary Insurance

Burglary insurance policies are designed to offer an extra layer of security to your property such as your house, office, factory, and godown against burglary and housebreaking. However, it will not cover any such incident resulting due to riots, shoplifting, and war conditions. It usually doesn’t cover items that are stolen from a safe using a duplicate key unless there is involvement of violence or threat.

Burglary insurance is often confused with theft insurance. But they are two separate insurance policies. Unlike, theft insurance, burglary insurance involves theft conducted with violence and an even armed robbery. It provides coverage for damage(s) or loss (es) caused to your property and its contents, under the following situations:

  • Theft by forcible/ violent entry.
  • Attempted theft or theft by a criminal on the said premises.
  • Armed robbery or Hold-up.

Types of Burglary Insurance Plans

There are three types of plans available:

  • Full Value Insurance -The plan offers full value of the insured property.
  • First Loss Insurance -In case of an improbability of total loss, it provides a policyholder to select a percentage of the stocks to be insured.
  • Stock Declaration Insurance -This plan is ideal when a large number of stocks fluctuate frequently during a financial year. The sum assured is locked at the highest stock value that is anticipated by the policyholder.

Features of Burglary Insurance

The features may vary from one insurer to another. However, some of the key features of home burglary/burglary insurance plans are listed below:

  • They are designed to offer protection to business premises against forceful housebreaking and burglary.
  • Availability of add-on benefits such as cash cover, other risks arising due to strikes, riots, theft, and malicious damage.
  • Availability of coverage on first-loss basis.
  • Coverage for death, disabilities ( permanent/partial), and temporary disability

Key Benefits of Burglary Insurance

Burglary policy provides financial support in case there is any loss/damage caused to your insured property. Here are the key benefits offered by a burglary insurance plan:

  • It offers protection against any damage(s) caused to your property because of attempted or actual burglary or housebreaking.
  • If you buy burglary insurance for your business premises, it covers the damage(s) caused to goods, furniture, and property within your business premises.
  • Even if the sum assured is inadequate, the plan will still pay for the proportionate damage(s) or loss.
  • Some insurance providers give you an option of extending your insurance plan to cover strikes, cash, jewelry, riots, malicious damages, theft etc. You can enhance your insurance coverage after paying an extra-insurance premium.

Importance of Burglary Insurance

A theft at office, shop or home can cause huge financial losses. However, a home burglary insurance policy would offer the desired compensation under such situations. In India, the incidences of burglaries are quite common. And to recover from such huge losses, a burglary insurance policy is required.

It is an easy, convenient and hassle-free way to safeguard yourself and your property from such risks.

Why do you need Burglary Insurance?

If somebody breaks into your house and steals the belongings in your house then it will be both emotionally and financially devastating. You can also get add-on coverage for your expensive jewelry, gems or stones, under Home Burglary Insurance policy. If some outsider breaks into your office premises and manages to steal the goods in trust, fittings, stock-in-trade, tools of the trade such as typewriters, calculators, typewriters etc. then also theft insurance or burglary insurance would come to your rescue. It offers the desired financial support to help you cope up with such incidents.

The main purpose that burglary insurance policies solve is that they risk-proof the insured premises from a violent or forceful attempt to theft. If burglaries and house-breaking incidents are common in your area then you should get theft or burglary insurance cover to ensure the safety and security of your house/office /go down.

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