If you walk into your home and realize your home has been burglarized, your heart will likely sink in your chest and you will feel upset and violated. However, once these feelings begin to subside, you will need to contact your homeowner’s insurance company. They can cover the value of the items that were stolen so you can move on with your life. Here is some information you should know as you prepare to file a homeowner’s insurance claim for a home burglary.

You Will Have to Cover Your Deductible

When you file a claim for burglary, you will likely have to cover the deductible before your policy kicks in. If the value of your items stolen was $2,000 and your deductible is $500, you will only receive $1,500 as your claim is adjusted to compensate for the deductible.

You Receive the Value of the Items, Not What You Paid for Them

Another important factor to keep in mind is that you will only receive the value of the items, not what you paid for them. For example, you may have paid $1000 for a laptop two years ago. But that is not what the laptop is worth today. It may only be worth half of that, or less. You will receive the amount it will cost to purchase a two year old used laptop, or the fair market value of the item, not the amount you paid for the item when it was new.

There Are Limits to What You Can Claim

Lastly, you need to keep in mind that there are limits to how much you can claim. Your policy typically will say that items over a certain amount, such as jewelry or art, need to be carried under a separate policy or be appraised before they can be insured. Your policy will also have a limit to the value of the items you can claim, such as $50,000 or $100,000. Always read over your policy carefully to find out about the limits and restrictions of your policy.

When you are getting a homeowner’s insurance policy, it is important that your coverage is set to a value that is high enough to cover your belongings in the event of a home burglary. If you are not sure if you have the right coverage, or are looking for a new policy and need to know how much coverage you need, contact CO Insurance Specialist, serving the greater Wheat Ridge, CO area. We would love to help you determine what your coverage needs are and then draw up a policy that best fulfills your needs.