There are not many things more annoying than theft. It is always wise to be properly insured for financial losses. In this blog, I will explain the types of theft insurance and what the insurance policies mean.
Home Insurance:
While having home insurance is not mandatory, it is advisable to consider. Home insurance covers all movable belongings within the home, including furniture, clothing, jewelry, and more. If these items are stolen, they fall under your home contents insurance. However, there are conditions for theft coverage. Some insurance companies, for instance, only payout if signs of break-in are evident or if theft can be proven in another way. This varies by insurer, so it's important to research this beforehand.
Home Building Insurance:
Home building insurance is not mandatory. However, your bank may well require you to have buildings insurance. Home building insurance covers, among other things, theft-related damages to items like doors or windows. Always research the specific coverage provided by the insurer.
Car Insurance:
If you only have third-party liability insurance (WA insurance), damage from theft or if your car is stolen then this is not covered. With third-party liability insurance, you are only insured for damages caused to others with your car or another motor vehicle. Theft damage is covered only when you have a WA+ (third-party liability plus limited casco) or All-Risk insurance. A WA+ and All-Risk insurance naturally cover more than just theft.
Bicycle Insurance:
With bicycle insurance, you can reassured park your bike, knowing that you are covered in case of theft. However, it's important to note that the bike must always be locked or kept in a secure space. If the bike is inside your home, a shed, or an outbuilding attached to your home, it is insured under your home insurance.
Most insurers require the space to be securely locked as a condition. There should also be signs of break in.
