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Does Homeowners Insurance Cover Replacement of Stolen Items?

We often don’t anticipate it ever happening, but property gets stolen across the country every day, and not just in poor areas. Many middle-class and upper-class homeowners have also become victims of theft.

If this has happened to you, there may be questions you’re looking to have answered. “Does homeowners insurance cover theft?” is possibly the most common one theft victims ask in an attempt to see if their insurance company will provide financial compensation.

We at Your Insurance Attorney have experience with these kinds of cases and would like to provide more information on theft for you. If you live in Miami-Dade County, one of the best things you can do after your property has been stolen, however, is contact a property damage lawyer Miami homeowners can trust to help you receive compensation for the stolen property.

What Defines “Theft?”

At face value, theft means someone has stolen something from you, but since we’re talking about insurance and law, it’s important to establish a more defined explanation of theft to identify the nooks and crannies of the crime.

To ensure that a crime is indeed classified as theft, the act must be describable by these three details:

  • Tangible goods have been taken from their rightful owner
    • Basically, theft only counts for tangible items. Crimes like stealing someone’s land or ideas, for example, are not classified as theft.
  • The intent of the act was of ill will
    • The intent of the crime must be to have deprived the property owner of that property indefinitely. If someone took something with the intent of returning it, and they can prove that in Court, then their act is not classified as theft.
  • It goes against the property owner’s wishes
    • An act of theft is one that goes against the wishes of the property owneri.e. they do not want you taking said property. 

Does Homeowners Insurance Cover Theft?

When it comes to theft, most basic homeowners insurance plans will cover it. This applies to items stolen both inside your home and outside your home, and anyone listed under your policy will have their belongings covered. This also includes one’s children so long as they are a dependant of your household, even if they’re away at student housing for college. Should something be stolen from their dorm room, your policy can cover them.

The important details to discuss are the two different ways you may be covered. If you’re covered for Actual Cash Value, you’ll be reimbursed for the value of the stolen property currently. Inversely, Replacement Cost Value coverage will have you reimbursed for how much it would cost to replace the property today.

For example, if you have a laptop that’s several years old, the current value will be much lower than when you bought it, so you’ll get less with Actual Cash Value coverage, but with Replacement Cost Value, you’ll get compensation to buy a brand new computer of the current year.

Lastly, standard homeowners insurance typically provides up to only so much compensation. Theft of expensive items like jewelry may only partially cover the cost up to the max your insurance company provides. You may need to add additional policies to cover more expensive items. Also, certain forms of property may not be covered by homeowners insurance, like your car, which will need to be covered by car insurance.

Miami Insurance Attorney

Contact Us for a Property Damage Lawyer Miami Residents can Trust

Now that we answered your question of “does homeowners insurance cover theft,” you may be on the lookout for a property damage lawyer Miami residents can rely on to ensure proper compensation. If so, we at Your Insurance Attorney Miami can help homeowners throughout Miami-Dade County. Contact us today so that we can help you get properly compensated for your stolen goods.

 

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