Burglary insurance is an alternative route to securing your home from theft. If you are not financially buoyant enough to hire the police to protect your home 24/7, I think you should consider getting a burglary insurance to be on a safer side.
In Nigeria, crime is on the rise due to bad economy, there are some bad guys out there whose their main job is to break into people’s home and steal their belonging. You can not always be at home to protect your property from these bad guys right? very good. This is one major reason you should consider getting an insurance policy that would cover any potential break in, in your home.
If you live in an area with a high crime rate, you should consider getting a burglary coverage as well to protect your home from theft. So burglary insurance coverage is a sure ticket to securing your home from the bad guys without having to go the extra mile of hiring security.
What is burglary insurance?
Burglary insurance is the type insurance policy that covers an individual against looses or damages to the insured property. The insurance company will compensate you for any damage, loss or stolen property as a result of break in, in your home.
What to do first before you file a burglary claim
When someone break into your home, the first thing to do is to file a report to the police, this is because insurance companies would need a police investigation report to confirm actually that the said crime happen. So the first thing first is to call the police for an investigation. After proper investigation by the police, attach police investigation report with your claim and forward to you insurance company.
Note, your report should be detailed enough, stating all the things that was stolen. Your report and the police report should also be saying the same thing. State the time the incident happen, where you were when the incident happened and all the items that was taken away.
Difference between burglary and robbery policy
People often mistake burglary insurance to robbery. They are not the same, under insurance coverage their policies are not the same. In burglary insurance policy, you are not supposed to be at home when the incident happen. While in the case of robbery policy, you may or may not be at home. Here in Nigeria, some insurance companies offers a policy that covers both burglary and robbery.
What is covered under burglary insurance
The main objective of burglary insurance is to cover any insured property damaged, loss or stolen due to forceful entry. They provides no compensation of any kind to the policyholders if the damage done is not caused by violent or break in. So the policy covers your premises against any violent break in.
What is not covered under burglary insurance
They are a lot of exceptions under burglary insurance especially here in Nigeria. But these exceptions vary from one insurance company to the other. Most insurance companies do not cover the following perils under burglary insurance in Nigeria.
- Damage as a result of war
- Damage as a result invasion
- Military break in
- paramilitary’s break in
- Natural disasters
Usually, Insurance companies in Nigeria offers burglary insurance together with other related insurance policies. Burglary insurance is very important for business owner and individuals who have many properties in danger zones. Some other related policies that may be insured together with burglary insurance are:
- Money in transit policy
- Business premises policy
- Private property policy
- All risk policy
Your home might have burglary insurance which might not cover theft/robbery. So it is advisable that get an insurance policy that would cover both burglary and theft.
Related Article: What You Need To Know Before You Buy House Insurance In Nigeria