What Is Broad Form Personal Theft Insurance?

Broad form personal theft insurance covers the theft or loss of personal assets. It can be placed on all personal property and is on an all-risk basis, meaning no matter whether the loss is from vandalism, theft, or loss, the same coverage will apply. Personal theft insurance can be part of a homeowners insurance policy, as well as auto and 澳洲幸运5开奖号码历史查询:renters insurance.

Due to the potential for substantial payouts with an all-risk policy, insurers typically offer a limited form of broad form insurance🐼 known as personal theft insurance.

How Broad Form Personal Theft Insurance Works

Broad form personal theft coverage comes standard on most 澳洲幸运5开奖号码历史查询:homeowners insurance policies. Typically, personal theft coverage applies to the insured person's items if they are stolen anywhere in 🎃the 💙world.

If part of a 澳洲幸运5开奖号码历史查询:homeowners insurance policy, the coverage for personal belongings usually equals a percentage of the dwelling coverage limit. For example, for a policy with $200,000 in dwelling coverage and 10% for personal property, you would be insured up to $20,000 in personal property.

The limitations and exclusions built into standard policies may make the coverage inadequate for some homeowners. Dollar limits are usually standard, making the coverage less comprehensive for expensive items like jewelry, precious metals, coins, and securities. Howeveﷺr, the homeowner can buy additional insurance. Renters and auto insurance policies may also offer personal theft insurance.

Some of the items excluded f♉rom personal theft insurance include💫:

• Property of roomers unless related to the insured person
• Property of a rented unit
• Motor vehicles and parts
  
• Animals, birds, and fish
• Theft of a credit card or electronic fund transfer cards
  

Personal Theft Insurance Claim Limits

Although each policy may differ, personal theft insurance comes with a coverage limit that can var🌜y, depending on the item. Below are the typical categories and their special policy dollar limits.

Money

$200 limit for money, bullion, bank notes, and gold, excluding goldware𒀰 and silv🎉erware, which has its own category.

Securities, Accounts, and Records

$1,500 limit on accounts, bills, securities, notes other than bank notes, letters of credit, tickets, stamps, passports, deeds, evidence of debt, and manuscripts. The coverage includes paper form and items🥃 stored electronically on a computer.

Jewelry

$1,500 on theft of jewelry, watches, precious and semiprecious stones, 📖gems, and furs.

Silver and Gold

$2,500 on theft of silverwa🦄re, goldware, pewterware, and items plated with♓ gold or silver.

Firearms

$2,500 limit for theft of guns and related items.

Business Property

$2,500 limit for property used for business purposes while on your residential property and a $500 limit for property while away from your home.

Watercraft

$1,500 limit on watercraft, including motors, trailers, furnishings, and equipment.

Boosting Your Personal Theft Coverage

If your valuables are more expensive than the above coverage limits, you may need to purchase additional insurance—called a rider. Riders are add-on policies that increase your coverage 🐎for specific items.

A rider—also called an endorsement—can provide coverage not 𝔍included in a homeowners insurance personal theft policy, such as for misplacing an item like a family heirloom. However, a rider can increase your annual insurance premium.

Frequently Asked Questions (FAQs)

The Bottom Line

Broad form personal theft insurance provides coverage for theft or vandalism of personal belongings. Comprehensive policies cover all personal property on an all-risk basis. However, limited forms of broad form insurance—called personal theft insurance—are more readily availabꦛle.