There are many reasons to purchase a home or auto insurance policy such as financial protection in case of fire, storm or earthquake damage, requirements set by local regulations and help with replacement costs in the event of an accident. However, one reason that often gets overlooked is the possibility of theft.
Homeowners, renters, and auto insurance offer options that can help cover the cost of replacing broken, damaged, or stolen items. However, insurers can only help when the insurance policy is in place.
In 2016, the total value of stolen property was $257,279,623 in the state of Alabama alone, according to the State of Alabama Law Enforcement annual crime report. Only 17 percent of the property was recovered.
While Tuscaloosa has seen a general declining trend in burglary, robbery, auto theft, and unlawful breaking and entering of a motor vehicle over the past 10 years, there were still more than a hundred of each crime reported to the Tuscaloosa Police Department in 2016 according to TPD’s annual report.
Anyone who owns a home should review and update their policy to cover cases of theft and property damage from unlawful activities.
Tenants who rent or lease their space should invest in low-cost renters’ insurance policies. The Alabama Center for Insurance Information and Research has published a brochure to help streamline the process of choosing and purchasing a policy. This resource can be found here.
While property stolen from an automobile is covered by homeowners or renters insurance, automobile owners should talk to their agents about comprehensive coverage that covers the costs of repairing damages to their vehicles from a break-in as well as the cost of a stolen vehicle.