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Three Things to know about Break-Ins & Your Home Insurance

Posted Sep 6th, 2017 in Did You Know?, General, Home Insurance, In the News, Insurance Tips, Media

When it comes to home break-ins it’s vital you’re aware of what your home insurance coverage involves.

Did you know that Friday is the most popular day of the week for break-ins?

Facts About Home Break-Ins

Break-Ins & Your Home Insurance, Youngs Insurance, Ontario

Insurance claims for the stolen property are less common than those for water or fire damage. In fact, it is estimated that seven to eight percent of all insurance claims are for the stolen property. The numbers of home break-ins have declined in recent years, but the cost of claims is getting higher, partly due to higher prices for gold and silver. On average, the value of a theft claim has increased by 27 per cent in the last five years!

Home Insurance Coverage

It is important for you to go over your Home Insurance policy to make sure you have the proper coverage. Keeping an updated inventory of your possessions is useful if you ever have to make a claim. Your inventory can be a written list, but video and photographs are helpful. Make sure to review your policy every three years if you have bought or inherited more possessions, or if you make any home renovations.

According to The Insurance Bureau of Canada, insurance policies usually offer enough coverage for families, but you still need to understand your coverage and feel comfortable with your deductibles. Deductibles usually range between $500 and $2,500. You have the option of increasing your deductible to reduce your premium, but you will pay more if you have to make a claim.

Additional Coverage

You can add specific coverage for valuable items, such as art or jewellery, to your policy. Jewellery caps are usually between $2,000 and $6,000 but vary depending on the policy and insurance provider. Home safes can add protection and allow you access to your personal items,  but they can be stolen. Bank safety deposit boxes are another option that offers you more security, but less access.

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