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Does home insurance cover burglary?

 
Burglary

No homeowner ever wants to come home to discover their home has been broken into, their property is damaged and belongings have been stolen. Although the number of incidents involving breaking and entering has been decreasing in Canada over the past few years, Statistics Canada reported in 2015, that about 40,000 incidents were reported in Ontario.

This begs the question; will your home insurance cover you in the event of a burglary?

The short answer is yes, but there are some limitations.

Most home insurance policies provide coverage for theft. Despite the high number of property crimes reported above, the Insurance Bureau of Canada reports that only a small percentage (about seven or eight percent) of insurance claims are for stolen property.

Specialty items may not be covered without a standalone policy

Contrary to popular belief, the majority of robberies take place during the day when a home is less likely to be occupied. Robbers tend to go for items that are valuable and easy to carry. While something like a laptop is typically covered under a standard home or tenants insurance policy, the full value of more precious items like family heirlooms, expensive jewelry, musical instruments and collectible art are not.

These items typically need to be covered under a separate policy called a rider that falls under your home insurance policy. These riders may or may not include their own deductible (the amount you pay in the event of a claim) that is separate from your home insurance deductible.

Large chunks of cash are also not covered, though in some cases a rider can be applied to this as well. This is something we recommend speaking to your OTIP Insurance broker about.

What to do if your home is broken into:

  • Call the police to report the incident. If you are not sure if the perpetrator is still in your home, exit the home immediately.
  • Don't touch anything until the police arrive.
  • Take detailed photos of any damages caused by the break in, both inside and outside of the home.
  • Create a list of all missing or damaged items, as well as any damages that have been caused to your home.
  • Locate your home insurance policy so you can have it on hand when you call to begin the claims process. Our dedicated claims service provider, Curo Claims Services, is available to assist you 24/7 at the emergency number 1-866-952-2876. You are also able to report your claim online using the non-emergency claim form located on our website.

We know how vulnerable and frightening these situations can be and we will work with you to help restore your home to normal as quickly as we can.

How to protect your home from burglary

The best protection is prevention. Here are some of the measures you can take to help protect yourself against burglary, or to better equip yourself in the event someone breaks into your home.

  • Install a security system. Not only does this decrease the likelihood of a break in, but it may, in some cases, decrease your home insurance premiums as well.
  • Avoid keeping valuable items in plain sight, such as electronics near windows that can be seen when someone is walking by.
  • Keep an updated and detailed inventory of items in your home, and have a place where you store receipts for major purchases.
  • Store valuables in a safe that is not easily located.
  • Understand your home insurance policy, including any limitations you may have on certain categories of items and your deductible.

Home burglary and vacations

Burglaries are often strategic. Robbers may walk by a home on several occasions over a period of time to get a better understanding of the homeowner's habits, including when they're most likely to be away. Many also notice patterns such as if something hasn't moved in a while, which may indicate to them that you are away.

If you are going on vacation it's important to make arrangements with a trusted friend or family member to regularly check in on your home. This not only increases the presence at your home, but is also crucial in ensuring your home insurance policy remains active and valid. Most home insurance policies require prevention methods to be in place when you are away.

Questions?

If you have any questions about your home insurance coverage, setting up riders for valuable items, premium discounts for home security systems, or ensuring you have adequate coverage while you're on vacation, give your OTIP Insurance broker a call today at 1-866-523-4111. We are happy to help you with any of your home insurance needs.

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