What You Need to Know About Burglary and Home Insurance in Colorado

No one wants to think about their home being broken into, but it's important to be prepared if it happens.

For starters, burglary is defined as illegally entering a home or other building with the intent to commit a crime. This can be anything from stealing property to causing damage to the property.

Other forms of burglary include attempted burglary, which is when someone tries to enter a home or building illegally but is unsuccessful; and aggravated burglary, which is when someone uses a weapon or threatens violence while committing burglary.

Even attempted burglary can come with its own share of losses, such as a broken window that needs to be replaced.

To help you recover from these kinds of losses, most home insurance policies include coverage for burglary. However, there are some things you need to know about this coverage before you make a claim.

What is Burglary Insurance and What Does it Cover?

Burglary insurance is a type of coverage that helps to protect your home or business against the financial losses associated with a break-in. This can include things like:

• The cost of repairs to any damage caused by the burglary
• The cost of replacing any items that were stolen
• The cost of staying in a hotel if your home is not livable after a break-in
• The cost of hiring a security company to increase security at your home or business

Burglary insurance can also help cover the cost of a lawsuit if you are sued by someone injured during a break-in at your property.

What Does Burglary Insurance Not Cover?

Burglary insurance does not cover the full value of your stolen belongings. Most policies have a limit on how much they will pay out for stolen items, and this limit is usually based on a percentage of the overall coverage limit on your policy.

For example, if you have a $100,000 homeowner’s insurance policy with a 10% limit for burglary, your insurer would only pay out up to $10,000 for stolen items.

Burglary insurance also does not cover the cost of repairing damage caused by vandals. This is a separate coverage type typically included in homeowners and business insurance policies.

While you can customize your policy to include higher limits for burglary coverage, it's important to keep in mind that this will likely result in a higher premium.

What is Home Insurance and What Does it Cover?

Home insurance, also known as homeowners insurance, is a type of property insurance that helps to protect your home and belongings from perils such as fire, theft, and vandalism.

Most home insurance policies include four main types of coverage:

• Dwelling coverage, which helps to pay to repair or rebuild your home if it is damaged by a covered peril
• Other structures coverage, which helps to pay to repair or replace detached structures on your property such as a shed or fence
• Personal belongings coverage, which helps to pay to replace your belongings if they are damaged, lost, or stolen
• Liability coverage, which helps to pay for medical expenses and property damage if someone is injured on your property

Of these four types of coverage, dwelling and other structures coverage are typically required if you have a mortgage on your home.

What Does Home Insurance Not Cover?

Unless clearly specified or customized, most home insurance policies exclude damage caused by floods and earthquakes. This means that if your home is damaged by either of these natural disasters, you will not be able to make a claim on your home insurance policy.

To get coverage for these types of events, you will need to purchase a separate flood insurance or earthquake insurance policy.

Home insurance also typically excludes damage caused by poor maintenance. For example, if your home is damaged by a fire that was caused by faulty wiring, your insurer may deny your claim because the damage was caused by your failure to maintain your home in a safe condition.

In some cases, you may be able to purchase an endorsement or rider to your home insurance policy that provides coverage for certain types of perils, such as earthquakes or floods. Endorsements typically come with an additional premium.

What is the Difference Between Burglary Insurance and Home Insurance?

The main difference between burglary insurance and home insurance is that burglary insurance only covers losses caused by break-ins, while home insurance covers a much wider range of perils.

Burglary insurance is typically cheaper than home insurance because it only covers one type of peril, but the downside is that it will not cover damage caused by other events, such as fires or storms.

For this reason, it's typically a good idea to have both burglary insurance and home insurance to ensure that you are fully protected in the event of any type of property damage.

How Much Does Burglary Insurance Cost?

The cost of burglary insurance varies depending on the amount of coverage you need and the value of your belongings. The best way to get an accurate estimate of the cost of coverage is to get a quote from a reputable insurance company.

When you are shopping for burglary insurance, be sure to compare quotes from multiple insurers to make sure you are getting the best rate.

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