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Understanding Theft CoverageBefore I was an insurance agent my home was burglarized and boy did that make me angry. The crack heads from the low budget housing in town robbed five homes in my development, mine being the fourth. They were eventually caught but none of the items were returned. So I filed a claim.When I first got my homeowners insurance I was told I was covered for Fire, Wind, and a lot of other things including Theft. I figured this was a no brainer. I was going to be compensated for all my stuff through my insurance company. Especially since they caught the guys and they admitted to stealing everything I had listed in my claim. This is when I became very upset. My claim was for more then $10,000. They stole my brand new playstation 2 system (at the time it was only out for 3 month and was hard to get), my surround sound, brand new compact lap top, a bunch of my new wife’s jewelry, a TV, a couple of hundred dollars that was in my 5 gallon water jug bank and a bunch of other stuff I can’t recall now. Oh yeah, they also stole my wife’s snowboard bag; I guess they filled it with stuff. Guess how much the insurance company paid me? You would think $10,000 minus my $500 deductible. NO!!! They only sent payment for just under $3,000. They said that was all I was covered for. I didn’t understand. I had theft coverage. Well how it is written in most homeowner’s insurance policies is that there are specified limits for theft. Not only that but they are broken down into separate categories based on what is stolen. So there is a limit for computer merchandise, electronics, jewelry, cash and so on. While every other peril in my policy is covered for replacement cost of the items, theft is different. I want to make everyone aware of this and let you know you can buy extra coverage to protect you against theft. Theft is one of the worst claims you can file. First off, you are violated by strangers breaking into your home and taking your hard worked for possessions. Then, the insurance company that covers you doesn’t make you whole again. Since there are low limits they pay for theft. Lastly, after all of that you insurance premium doubles for the next 3 years. Be careful when buying homeowners insurance. Try to understand everything you are paying for and what happens when you have a claim. People buy insurance for two reason, one because we have to and more importantly to protect us if something goes wrong. I hope you found this information useful. | 
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