Theft insurance
If you are concerned about theft or the safety of your assets, Burglary Insurance is the answer. Typically, this insurance is purchased alongside home or business insurance, but it can also be purchased separately. To make it easy to understand, this type of insurance has key “conditions” that you should examine closely before signing up:1. Types of Coverage (Categorized by “Signs of Entry”)
In insurance terms, theft isn’t just about items disappearing; it is categorized by the level of severity:- Burglary involving visible signs of entry (B.1): Covers only cases where there are clear “signs of forced entry” to the building (e.g., smashed windows, broken door locks). If you forget to lock your house and a thief simply walks in and takes something, you cannot file a claim.
- Burglary involving visible signs of entry + Robbery/Gang Robbery (B.2): Provides additional coverage for cases involving the use of physical violence or threats to seize property.
- Theft Coverage (B.3): The broadest plan, covering theft even without signs of forced entry (provided it can be proven that a theft actually occurred). This plan has the highest premium.
2. Covered Assets
- Most policies typically cover: Furniture and electrical appliances Electronic devices (computers, TVs) Business tools and equipment (in the case of corporate policies)
- Building Damage: For example, if a thief breaks a window to get in, the insurance will also cover the repair costs for the glass and doors.
3. Common Exclusions
- Inside Job: Theft committed by family members, staff, or employees of the insured.
- Off-Premises Loss: Items must be lost from within the location specified in the policy only.
- Theft without signs of entry: (For B.1 and B.2 plans) If no signs of forced entry are found upon inspection, the insurance company may deny the claim.