A burglary in your home or the theft of items you own that occurs away from home can be stressful and upsetting. Either results in inconvenience and financial loss that impact your life. Fortunately, your home insurance policy can help you replace the items that were stolen. But to benefit, you need to understand how personal property coverage works.

Understanding Personal Property Insurance

The amount of coverage you have for your possessions depends on the terms of your policy. Most policies provide 50 to 70 percent of the insured value of the home. For instance, if you insure your home for $180,000, and your policy insures your home contents and personal possessions for 60 percent of that amount, you have up to $108,000 personal property coverage.

Know the policy details, as insurance coverage for personal property often carries a deductible. Deductibles typically run from $250 to $1000. The personal property section of your policy also may include exclusions and coverage limits on certain items.

Claiming Personal Items Stolen Away From Home

Usually, you can file a claim for possessions that are stolen when you are away from home, particularly when you are traveling. However, insurers often limit the off-premises coverage for personal belongings that are stolen from a location other than your home to 10 percent of your policy's total value.

Claiming Personal Items Stolen From Your Vehicle

Items that are stolen from your vehicle may be covered by your homeowners insurance. Normally, your auto insurance will not cover the theft of items from your vehicle unless they come factory-installed. But your home insurance typically covers items stolen from your trunk or glove box – even items, such as an iPhone or laptop, that you leave on the seat. Packages containing newly-purchased items that were stolen from your vehicle while parked in a store parking lot may be covered by your home insurance as well.

Compiling an Inventory of Personal Belongings

Insurance companies require proof of ownership when you file a claim for stolen items. Creating a detailed home inventory checklist documents ownership of the items, but it's important to follow these steps:

• Keep careful records. Generally, the more details you can provide your insurance company about the stolen items, the faster the insurer can process your claim.

  Take photographs and scan the receipts for high-ticket items. You also may want to have valuables, such as artwork, antiques, collectibles, and fine jewelry, appraised. It's important to know how much your home contents and valuables are worth so that you have adequate insurance to cover a loss. You may even have to insure some valuables separately.

• Document the serial numbers of any cash you keep in your home. Insurance companies usually don't cover cash that is stolen from your home since it's difficult to prove you had the money. But your home insurance policy may cover cash – particularly collectible currency or old paper currency – if you take photographs of the bills and list them on your home inventory along with the serial number on each bill.

  With documented proof, your insurance company may reimburse you the face value of the stolen cash. If the market value is significantly higher than the face value, you may want to consider buying collectibles insurance to cover a potential loss.

• Store documentation that proves ownership of personal property in a location outside your home. Keep the information in a bank deposit box and email yourself copies of your home inventory, scanned receipts, photographs, and appraisal reports to keep in a digital file. Having electronic copies in addition to print copies allows you quick access to the information when you contact the police and your insurance company following a theft.

  If your home has been robbed, you must file a police report. Unless you provide proof of loss, you can't file a claim with your insurance company.

For more information, contact Clifford P Beauvais Insurance Agency or a similar company.