Homeowners' Secret Weapon: Insurance Coverage For Auto Theft In Attached Garages

Homeowners insurance covers theft in many cases, including auto theft from an attached garage. This type of insurance covers personal property both inside and outside the home, including in a car or storage unit. However, there are some limitations to this coverage, and it's important to understand the specifics before filing a claim. For example, there may be limits on the amount of coverage provided for valuable items, and some policies may not cover theft if the home is vacant or unoccupied for an extended period. Additionally, homeowners insurance does not cover the theft of a vehicle itself; separate comprehensive car insurance is needed for that.

Homeowners insurance covers theft of personal belongings inside and outside the home

Homeowners insurance covers theft of personal belongings, both inside and outside the home. This includes personal property that is stolen from your car or from a hotel room, for example. However, it's important to note that there are some limitations to this coverage. Most policies offer limited coverage for items stolen outside the home, typically around 10% of your total personal property coverage or $1,000, whichever is greater. Additionally, coverage for expensive valuables like jewelry and collectibles may be limited, and certain items such as watercraft and trailers may not be covered at all.

To file a theft claim, you will need to report the incident to the police and file a police report. It's also important to take photos of any damage to your property and provide as much information as possible when filing your claim. Keep in mind that your insurance company may require you to take reasonable steps to protect your insured assets, such as locking your doors and securing valuables. Failing to do so could jeopardize your claim.

In terms of reimbursement, your insurance company will typically pay you the actual cash value (ACV) of the stolen item, which is the depreciated value of the item at the time it was stolen. However, many insurers offer replacement cost value (RCV) coverage for an additional cost, which covers the value of the item without factoring in depreciation. When purchasing homeowners insurance, you will need to decide between ACV and RCV personal property coverage.

It's worth noting that homeowners insurance does not cover theft of your actual vehicle. Car theft is typically covered by your auto insurance policy if you have comprehensive car insurance coverage.

Coverage for theft outside the home varies by insurance company

Some insurance companies offer a lower limit for items stolen off-premises, which may be around 10% of your personal property coverage limit or $1,000, whichever is greater. For example, if you have $50,000 of personal property coverage on your homeowners policy, your coverage off-premises limit would be $5,000. This coverage would apply to personal belongings stolen from your vehicle or while traveling.

It's important to note that homeowners insurance won't cover the theft of your actual vehicle. Car theft is typically covered by comprehensive car insurance coverage. Additionally, certain valuable items, such as jewelry, watches, and furs, may have lower coverage limits or sub-limits.

To ensure that your expensive valuables are fully covered while away from home, consider adding a scheduled personal property coverage endorsement or a personal article floater to your policy. This will provide higher coverage limits and broader coverage for items that may not be sufficiently covered under a standard policy.

Homeowners insurance does not cover theft of your vehicle

While homeowners insurance covers theft of personal property, it does not include vehicles. This is because vehicles are not considered personal property and require separate insurance. Comprehensive car insurance coverage typically covers car theft. This means that if your car is stolen, you would need to file a claim with your car insurance company, not your homeowners insurance company.

It's important to understand the limitations of your homeowners insurance policy when it comes to vehicle-related theft. In addition to not covering the theft of a vehicle itself, homeowners insurance also does not cover theft of items permanently installed in your vehicle. For example, if you have a built-in navigation system or custom stereo system that is stolen, your homeowners insurance will not cover the loss.

However, homeowners insurance can provide coverage for personal items that are stolen from your vehicle. This includes items such as purses, backpacks, laptops, or other valuables that are not permanently installed. In this case, your homeowners insurance policy may cover the loss, up to the limits of your policy and minus any deductible.

It's always a good idea to review your insurance policies, including both your homeowners insurance and auto insurance, to understand what is covered in the event of theft. By being informed, you can take the necessary steps to protect your belongings and know what to do if you ever need to file a claim.

If your home is damaged during a break-in, your policy can cover repairs

If your home is damaged during a break-in, your homeowner's insurance policy can cover repairs. This includes damage to real property, such as windows, doors, and gates, as well as personal property, like electronics, appliances, and jewellery.

The coverage for real property is known as "Coverage A" and "Coverage B". Coverage A, or dwelling coverage, insures your home against damage, while Coverage B protects other structures that are unattached to your home, like guest houses or detached garages. Vandalised walls and flooring are also covered under dwelling coverage.

Personal property coverage, or "Coverage C", insures against damage and theft of personal property within your home or, in some cases, outside. This includes items stolen from your car or while travelling. Most homeowner's insurance policies will pay the actual cash value (ACV) of the stolen or damaged item, which is the replacement cost minus depreciation. However, you may be able to purchase replacement cost value (RCV) coverage, which does not factor in depreciation.

It's important to note that there are usually coverage limits, or maximum amounts that the insurer will pay out, for both real and personal property. Additionally, certain items like jewellery and cash typically have lower sub-limits.

Before making any permanent repairs, be sure to take pictures of the damage and check with your insurance company, as they may have specific requirements or recommendations.

Homeowners insurance covers theft from a garage, whether attached or detached

Personal property coverage on your homeowners insurance policy may cover burglary and vandalism by paying to replace stolen or damaged items, up to your coverage limits and minus any deductible. If your theft claim is approved, your home insurance company usually pays you the actual cash value (ACV) of the stolen item. Many insurers allow you to purchase replacement cost value (RCV) coverage for an additional cost. RCV covers the value of your item without factoring in depreciation.

It's important to note that homeowners insurance does not cover theft of your actual vehicle. Car theft is typically covered by your auto insurance policy if you have comprehensive car insurance coverage.

Frequently asked questions