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With the best security at the place, you might feel that your home or office is free from any kind of external damage caused due to theft or forcible entry by burglars. But, there can never be absolute assurance of safety in today’s world. No one is free of forming bad and disharmonious relationships with people, and one may not be even aware of the enemy when someone tries to trespass the limits of decency. Moreover; with the progress in technology, the criminals have enhanced on the kind of technology that they use to meet their personal goals. In one go, a single burglary attempt can ruin your life’s savings and damage or destroy the most precious assets of your life: your home and office.

It can become difficult to incur such losses through personal income or savings as there is no fixed way to estimate the loss. In some cases, the loss can be huge leaving you helpless and forlorn. You might have to build or renovate the place which has been destroyed the burglars, and the renovation costs are already too high. It is thus, feasible to opt for a safety cover that will enable you to estimate the cost of damage done to the property and contents and insure the same. It will thus, save you from spending money from your own pocket in case of such unwanted mishap.

There are several ways in which a burglary insurance policy can help you recover from the loss, and you need to be aware of all such provisions before availing a suitable plan according to your requirement.

1. Cover for company assets:

The insurance policy comes in handy when there is extensive, minor, or irrecoverable damage to the assets in the property upon forced or forcible entry. The assets may include assets, machinery, furniture, fixtures and fittings and electrical installations.  In the case of any such incident, the compensation can be availed for all such assets under the limit of the sum insured.

However, there are certain notable exclusions in the policy which include money, jewellery, company books, antiques, and money or money bonds.

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2. Property used as are fuge (extended cover):

In some situations, like riots in the city, it may be that someone breaks in your house or business premises just to hide. Few insurers extend the burglary cover to include the damage because of riots, strikes and other such incidents that may affect your home or office premises and lead to damage to its contents. So, if you operate from a riot-prone area consider availing this option to reduce the business or personal risk.

3. All-burglaries covered:

Damage or destruction because of burglary in any manner is covered under the policy. A burglary can be violent, or it can be done under covers. There may or may not be physical damage to the place. The assets might be damaged or stolen. There is no fixed way of damaging that the burglars follow. They may devise new ways every time to avoid getting caught. The insurer covers all kinds of burglaries.

However, if the crime involves some relative or a family member of the insured, such a case will not be covered under the policy.

4. First-loss cover available:

The first-loss cover is aimed at the fair assessment of the loss or damage to the property which has been the target of the burglars. There may be a huge loss and damage caused to the place during the violent theft. Sometimes, the damage may be difficult to ascertain in monetary terms. For example, if an asset is impaired, it may be that according to the current market rate, its price may come lower than the amount it had been purchased at. In case a fixed estimation of loss is not possible, the first loss cover will enable the insurer to judiciously assess the situation and calculate the probable maximum loss amount which may be a fixed percentage of the total stock damaged.

5. Third-party stock cover:

Third-partystocks might be stored in warehouses and factories. Sometimes, the goods of some other company are stored for a considerable period in good interest. Certainburglary insurance policies cover the stock that is not owned by the insured but was kept with it in trust. However, such stock is included only if it has been mentioned in the policy wordings.

You should compare the features and quotes offered by various insurers before buying a burglary insurance for your valuables and property. Online insurance brokers can be very useful in this direction. They can provide you multiple quotes, assist you in filing your proposal form, and offer 24x7 support for management and claim filing.

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