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Burglary Insurance: What is it and How Does it protect you?Burglary insurance is an insurance policy that compensates you financially for loss or damage of your valuables which is caused by a burglar. Burglary takes place when a person unlawfully enters a place to commit a crime such as theft or robbery. This insurance policy gives you protection in case a burglary occurs on your premises or even if there is an attempt at a burglary that takes place. It can also protect you from losses that occur during a theft, hold-up, or armed robbery in your premises. Burglary insurance can be extended to cover you from losses that can occur during riots, strikes, fire, theft, etc. as well.
Why Should you Buy a Burglary Insurance in India?
The main reason for insuring your properties against burglars is to stay risk-free. These risks are especially high in our country with the increasing rate of crime. Hence, it’s always better to stay safe than sorry.
Any damages to your valuable assets in your premises whether it be a home or a workplace can cause huge financial loss. When you have a Theft and burglary insurance policy you have the financial security that in the off-chance a burglary does take place, you can protect yourself from the monetary loss.
Who Should Buy Theft / Burglary Insurance?
No matter how many safety and security measures you use on your premises there exists a risk of burglary, especially when the property is unattended.
It can be for any of these people who seek the peace of mind and financial security for themselves:
- Homeowners and tenants, especially those who leave their houses unattended for longer periods.
- Owners of business organizations of any scale, particularly where many people enter the place daily.
- Owners of warehouses and godowns.
Types of Burglary Insurance Plans in India
There is a huge variety of insurance policies available for all kinds of people depending on their requirements. But these are the broad categories:
Key Features of Burglary Insurance
- When business premises are insured, this insurance can offer protection against any forceful housebreaking and burglary.
- Under the first loss premise, coverage is accessible for a certain percentage of stock insured.
- Coverage is also offered for disability, transitory disability, and death.
- Add-on benefits are also accessible to any policyholder for covering cash, strikes, fire, monovalent damage, and many other misfortunes.
Advantages of Theft & Burglary Insurance
- It provides you financial protection against any loss or damages caused to your possessions in case of an actual or attempted burglary.
- In case the insurance is purchased for your business organization, any damages to the products, assets, and property inside your premises are insured.
- Even if the sum assured is insufficient, you can avail financial value for proportionate damages.
- The burglary insurance can also be extended to cover many other mishaps by paying an additional premium. These include fire, riots, strikes, cash, jewelry, malicious damages, theft, etc.
Inclusions Provided Under Burglary Insurance Policy
It provides compensation for loss/ damage caused due to the following reasons:
- Unlawful, forceful, and violent entry.
- Theft or attempted theft by someone hiding in the insured property.
- Hold-up and armed robbery.
- Theft and housebreaking.
Many assets such as cash, valuables, jewelry, electronics, appliances, stock, business assets, plant and equipment, machinery, etc. are covered in the insurance.
Bulk items can also be covered on a first-loss basis to protect a certain percentage of stock against burglary and premium is only for the selected percentage as well.
Exclusions Under Burglary Insurance
- Cash, jewelry, books, precious stones and gems, designs, plans, etc. are not covered unless they are specifically included.
- Damages or loss where the insured or his family member or employee were in on the burglary.
- When the property remains unoccupied for 7 or more days continuously.
- If substantial changes are done on the premises that increase the risk of burglary.
- If the rights of the assets insured are transferred from the insured to another individual by law or by will.
- Damages caused by nuclear weapons, bombs, etc.
- Damages that are the result of war, the act of a foreign enemy, an invasion, etc.
- Damages occurred due to confiscation by the government, nationalization of property, etc.
- Damages that occur due to any consequential loss.
- Damages that happen due to strikes, riots, civil commotion, etc. unless specifically covered.
Process of Filing a Claim for Burglary Insurance Policy
The procedure for filing a burglary insurance claim includes the following steps:
- First of all, the insurance provider and the nearest police station must be informed about the burglary.
- Then, the insured must register the claim with respect to the loss or damages caused due to an incident within 14 days of when it takes place.
- The insured should also provide the insurer all the necessary details that are relevant to the claim procedure.
- contact details,
- policy number,
- claim form,
- copies of police F.I.R.,
- claim bill,
- the final survey report,
- documentary support about the value of the assets,
- copy of insurance policy,
- letter of indemnity in the insurer’s favor, in case of any right of recovery
- photographs and supporting evidence, and
- any other details required by the insurance provider to complete the claim procedure.
After this, the insurance provider will analyze all the relevant facts and ascertain the amount of financial loss that you will be covered for.