Is Theft a Growing Concern and How to Stay Protected if It Is

A recent report outlines that catalytic converter thefts from cars have increased by 400% since 2019. Likewise, a survey by reveals how 54% of small businesses witnessed increased shoplifting in 2021. The survey also sheds light on the fact that around 89% of small businesses suffer from such thievery.

These statistics are startling, and small business owners cannot afford to be complacent. It is also important to understand that it is not only the small businesses that are being targeted but also the average consumer who can fall prey to such crimes. 

Citizens and businesses alike must be alarmed about these trends and must take measures to protect themselves and their properties. Owing to the increased incidents of theft in the country, insurance companies now offer many insurance schemes to keep businesses and citizens covered. To that end, let’s understand how individuals and businesses can stay protected.

Is Theft Covered Under Insurance?

Insurance policies do cover theft, depending on the plan. There are two types of plans: 

  • Third-party plan that covers the finances against third-party injury/death or damages to their property.
  • Comprehensive plan that covers against damages or losses incurred by the insured vehicle.

So, for instance, to ensure that your car is covered by theft insurance and to avail financial protection, you must have the Comprehensive Insurance Plan. 

Benefits of Theft and Burglary Insurance Policies

Buying insurance policies that cover theft and burglary can be a boon in areas where theft is becoming common. There are certain advantages of such policies:

  1. Broader eligibility: Anyone can buy – homeowners, business owners, tenants, etc., to keep their property safe. 
  2. Wide coverage: Theft or burglary insurance covers money in transit, business premises, cash, jewelry, and other valuables too. 
  3. Theft and robbery protection: Once you have insurance, you are protected against theft and robbery and can claim the desired amount to cover the financial loss. 

What Type of Insurance Coverage Should You Target?

The kind of environment that a business operates in or an individual lives in gives an idea about the threats they are likely to face and what type of insurance coverage to target. To that end, there are majorly three types of insurance covers to look for:

1. Home Insurance

Theft can happen at any time and at anyone’s home. It can be distressing to know that your house has been broken into. These days, housebreaking and theft cases have become quite often. The theft of valuables like jewelry, furniture, gadgets, etc., results in a major financial loss. 

Having home insurance that covers theft and burglary can be a financial savior during the incidence of theft. Home insurance plans include coverage against damage to the property. Most of these plans are affordable and offer coverage against vandalism, theft, riots, etc.

2. Valuable Property Insurance

Often, business properties and homes have valuable and expensive belongings, like jewelry, fine art, electronics, etc. These belongings are highly prone to theft and burglary. Unfortunately, basic home insurance or commercial property insurance policies do not adequately cover valuable property or offer compensation for the same. Therefore, buying valuable property insurance to ensure that the loss incurred is compensated for and you are not left broken, emotionally and financially, is essential.

3. Commercial and Personal Auto Insurance

Whether you own a fleet of vehicles or an individual vehicle, insurance to cover the loss and theft is essential. Commercial and personal auto owners often need help to get the deserving amount of coverage for theft. For that, they must ensure that their policy covers the theft of commercial or personal vehicles – keeping the financial losses at a minimum. 

Gonzalez Insurance Is Here to Help!

With the increasing theft, as much as individuals are worried about their properties, the insurance industry is dedicated to keeping them safe and making sure that the final losses are minimum. While we should try and protect our valuables from theft, it becomes very important to buy a premium plan that covers all kinds of theft.

Gonzalez insurance is here to take care of all your insurance needs. From valuable property insurance to home and auto insurance, we ensure that you are financially covered against thefts. Most importantly, we help you in choosing the best plan for your needs. For more information about theft and burglary insurance, you can connect with our representatives here