Kolkata: Theft is possibly one of the earliest professions of mankind. And there is a saying that thieves always stays a step ahead of the locksmiths. Though CCTVs have become an important weapon in the armoury of the householder, the combination might make the thief’s task a bit difficult but can never put the burglar out of business.
A theft insurance provides a safety net against acts of burglary. Theft at your home, shop or office can cause huge financial injury. A theft insurance policy is important to take care of the possible crippling financial impact. However, one has to bear in mind that in the language of insurance, theft and burglary carry different meanings, though the common person uses the terms loosely and interchangeably.
What is theft insurance
While purchasing a theft insurance policy, bear in mind a few things. Like any other insurance policy (say, a health insurance policy), comb the details about scope of coverage, add-on benefits and limitations. The riders are extremely important.
A theft insurance policy often offers protection against the following risks:
It can offer protection against theft at your home, and/or office.
The insurer will offer you the cost of the objects stolen from your office/house. This is the primary responsibility of the insurer.
Significantly, when they strike if the thieves damage your home/office, an insurance policy can cover that risk as well.
Experts point out that the premium of theft insurance premium is decided on the history of claims, type of objects or items that are in the house/office and safety/security measures employed at the premises that is insured.
Theft insurance claim will be denied if this happens
There are a few situations where insurance companies will not pay compensation to the insured even if theft takes place. These will include the following – theft in riots or war, natural calamities and even terrorist activities. If family members are found to be involved in the act of theft, the insurer won’t pay up. If domestic helps and employees are involved in the theft, the insurance company won’t pay.
No matter how clever the locksmith is, the thief or burglar always stays one step ahead. Therefore, buying a theft insurance is always a prudent step no matter how much you invest in locks and/or CCTV cameras. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
