How to Use Your Burglary Insurance

An invasion of your home can be disturbing. Yet, burglary insurance can help ease the loss and stress if a thief breaks into your home and steals your belongings. Many who experience a home invasion should understand where to turn and how to make an insurance claim.

Contact the Authorities

The first step to making a burglary insurance claim is to contact the police and file a report. Take a clear inventory of what was stolen or damaged and compare it to your list of insured items. Then, contact your insurance provider to start the claim process. Some companies have a time frame on how long you have to wait to make a claim, so it is important to understand this information up front.

Document the Damages

Once you have alerted the police, you will need to make a list of all that was damaged during the burglary in order to continue with your burglary insurance claim. Document any property damage that was a result of the theft, such as a broken window or door, and take pictures as evidence. Some insurance companies will ask for pictures of the damages to make a claim adjustment. Additionally, you may want to consider including repairs that will make your home safer and prevent future thefts.

Make a List of Stolen Possessions

Your should have a detailed list of items that you specified to be covered when you drafted up your burglary insurance policy. This list will help guide you to determine what stolen items and possessions you can claim. Take pictures and provide necessary paperwork detailing the losses in order to make your insurance claim.

Contact Your Insurance Provider

Once you’ve determined the list of stolen possessions that you wish to claim and you have received estimates for cost of repairs related to any damages from the theft, you should contact your insurance provider to complete the burglary insurance claim. The amount you should expect to receive will depend on the type of policy you have in place. Usually, there is no deductible for depreciation or repairs to the damages.

Understand Your Personal Property Coverage

Your burglary insurance claim payout will depend on the type of personal property coverage you have on your belongings. If you have replacement cost coverage, then you will most likely receive the value of the stolen item at the exact cost it would be to purchase the item today. If you have actual cash value coverage, then you should expect to receive payment based upon the item’s depreciation and value of the actual item that was stolen.

Completing the Claim

Once you’ve processed your burglary insurance claim, you will need to pay your deductible in order to receive the payout of your claim. This amount should have been determined when you purchased the policy. If you are unsure, contact your insurance provider to find out what your deductible cost is on this sort of claim.

Consequential loss insurance Policy

If you own a business, consequential loss insurance may be an insurance option you should consider to protect losses that are not covered under standard business insurance. Consequential loss insurance is a type of business insurance related to losses to business property or equipment.

Definition of Consequential Loss Insurance

Consequential loss insurance would cover business losses that arise from damage to an insured property. Consequential loss insurance policies diminish indirect risks that arise from a situation and are typically offered in combination with regular business or property insurance. Consequential loss is considered an indirect loss, as opposed to a loss from a natural disaster or accident.

Benefits of Consequential Loss Insurance

There are several benefits to having a consequential loss insurance policy. Normal insurance policies generally cover the cost of repairing or replacing damaged property, but consequential loss insurance will cover additional financial losses that your business may incur as a result of such damages. Consequential loss insurance is a solution to cover your profits and business interruptions. It can be purchased in conjunction with a standard business policy at a much smaller cost than the effects your business could endure.

Coverage of Consequential Loss Insurance

Consequential loss insurance is not intended to cover actual property damage from storms, fire or theft. It is designed to cover the financial losses due to interruption of business while a damaged property is being repaired or replaced. Consequential loss insurance will cover profits lost due the interruption of business. It can also cover increased cost of working, as such related to the working facility being unusable momentarily during repairs. Salary and wages can also be covered under consequential loss insurance.

Determining Your Consequential Loss Insurance Needs

The amount you will need to ensure under your consequential loss insurance policy depends on the gross profit of a specific time frame. Most insurance companies will determine the time frame based on the maximum time it would take to get the business back to normal operations after damages occur. The annual gross profit should equal a portion of the selected time period and should represent the net trading profit plus any standing charges. The sum insured should be representative of the difference in turnover and total variable and standing charges.

Exclusions of Consequential Loss Insurance

Consequential loss insurance is designed to cover financial losses in the event of a business property needing to be repaired or rebuilt because of a named peril. It does not cover business interruptions unrelated to such events named in your business insurance policy. Typical named perils are storm, fire, theft and vandalism. Most consequential loss insurance policies will not cover financial losses of unnamed perils, such as war, invasion, flood or other events.

Consequential loss insurance is a smart choice for businesses who are already purchasing property or business insurance. It will help protect financial profit losses and give you peace of mind while rebuilding or repairing your business property.

Consequential loss insurance Policy

If you own a business, consequential loss insurance may be an insurance option you should consider to protect losses that are not covered under standard business insurance. Consequential loss insurance is a type of business insurance related to losses to business property or equipment.

Definition of Consequential Loss Insurance

Consequential loss insurance would cover business losses that arise from damage to an insured property. Consequential loss insurance policies diminish indirect risks that arise from a situation and are typically offered in combination with regular business or property insurance. Consequential loss is considered an indirect loss, as opposed to a loss from a natural disaster or accident.

Benefits of Consequential Loss Insurance

There are several benefits to having a consequential loss insurance policy. Normal insurance policies generally cover the cost of repairing or replacing damaged property, but consequential loss insurance will cover additional financial losses that your business may incur as a result of such damages. Consequential loss insurance is a solution to cover your profits and business interruptions. It can be purchased in conjunction with a standard business policy at a much smaller cost than the effects your business could endure.

Coverage of Consequential Loss Insurance

Consequential loss insurance is not intended to cover actual property damage from storms, fire or theft. It is designed to cover the financial losses due to interruption of business while a damaged property is being repaired or replaced. Consequential loss insurance will cover profits lost due the interruption of business. It can also cover increased cost of working, as such related to the working facility being unusable momentarily during repairs. Salary and wages can also be covered under consequential loss insurance.

Determining Your Consequential Loss Insurance Needs

The amount you will need to ensure under your consequential loss insurance policy depends on the gross profit of a specific time frame. Most insurance companies will determine the time frame based on the maximum time it would take to get the business back to normal operations after damages occur. The annual gross profit should equal a portion of the selected time period and should represent the net trading profit plus any standing charges. The sum insured should be representative of the difference in turnover and total variable and standing charges.

Exclusions of Consequential Loss Insurance

Consequential loss insurance is designed to cover financial losses in the event of a business property needing to be repaired or rebuilt because of a named peril. It does not cover business interruptions unrelated to such events named in your business insurance policy. Typical named perils are storm, fire, theft and vandalism. Most consequential loss insurance policies will not cover financial losses of unnamed perils, such as war, invasion, flood or other events.

Consequential loss insurance is a smart choice for businesses who are already purchasing property or business insurance. It will help protect financial profit losses and give you peace of mind while rebuilding or repairing your business property.