Filing a claim: Don't get burglarized by your insurance!

The events leading up to filing a claim can be some of the worst in a person’s life. Burglary is one of those events that can cause emotional damage that far outlasts the financial, leading one to feel unsafe and insecure for years to come. Fortunately, much of the value of one’s stolen property can be regained through an insurance claim -- if done correctly. Insurance companies are notorious for trying to save the most money when it comes to claims, and they’ll look for any discrepancies or issues during the claims process in order to save the most money and fulfill the least amount of the claim as possible. When filing a theft claim, don’t be burglarized by your insurance company too. Here are some tips to keep in mind.

Burglaries occur once every 14.6 seconds according to the FBI. For most of those victims, they’ll rely on their insurance to cover much of the loss. Preparing before the crime ever happens can save you a headache down the road, but it will also pay to know what to do should the worst ever arise.

Prepare Ahead of Time

Big purchases are going to be some of the biggest points of contention in the case of burglary. If you ever need to file an insurance claim due to theft, it will save a lot of time and energy if you already have the receipts from these big-ticket items. Take inventory of your personal property, and organize your items in a checklist. Keep the original sales receipts for these important items (especially if they are covered for Replacement Cost Value). If you’re unsure where to start, then begin with items that a burglar would target first like electronics and jewelry.

Immediately After a Burglary

After a theft has been committed and you’ve ensured the safety of all, then it’s time to begin securing your property and taking stock of what’s been stolen. Right after a burglary, follow these steps:

• Call the police and file a police report.
• Call your insurance company to begin the claims process.
• Take inventory of items that appear to have been stolen, and be sure to take photos as well.

If you adequately prepared with inventory checklists, then you can match up your current items with your checklist to see what may have been stolen during the burglary. Even better, those items that you’ve kept receipts for can easily be reported to your insurance company with all pertinent information attached.
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File Your Claim

If you don’t have a checklist, then it’s time to start recording information about each item that has been stolen. Report the following to your insurance company for claims purposes:

• Where your item was purchased
• When your item was purchased
• Cost of the Item
• Brand Name

Remember that even damaged property still left in your home after the burglary can also be reported to your insurance for compensation. Before making any payment on your claim, your insurance company will likely send out an adjuster to inspect the damage and theft. Once they’ve finished their investigation, then they’ll make a payment on your claim, minus your deductible and any depreciation.