Uncovering the True Cost of a Home Burglary
Victims of home burglary are often forced to shell out big bucks in order to replace their stolen items. But there are other costs associated with burglary, as well.
Stolen Property
The most obvious cost associated with a home burglary is stolen property. According to the Federal Bureau of Investigation (FBI) Uniform Crime Reports, the average value of stolen property among victims of residential burglary in 2010 was $2,119. Of course, some victims will suffer even greater losses, especially if the burglar is able to find high-value items like jewelry, cash, and firearms.
Damaged Property
Burglars don’t just steal your property when they break in, they may also damage it. From kicking in doors and smashing windows to turning over furniture and breaking fragile items, a burglar can do a lot of damage in a short period of time. As a homeowner, you must repair damaged doors and windows to protect against future burglary incidents. Leaving the back window broken could result in the same burglar coming back for seconds — something that’s actually relatively common.
Loss of Work or Vacation Time
One of the lesser-known costs associated with home burglary is missed work or having to cut a vacation short. When a homeowner first receives a call about his or her home being burglarized, chances are they will leave work or their travel destination immediately to survey the situation. They may need to pay fees to change flights and receive no refunds on prepaid hotels and activities. Furthermore, they may need to take a couple extra days off work to clean up, create a list of stolen items, repair damaged doors/windows, and to keep an eye on the property. All of this missed work or travel expenses can really add up, compounding the monetary damage done during a burglary.
Psychological Stress
There’s very real psychological stress that burglary victims experience. A study conducted in the UK found burglary to be more stressful than divorce, which is a pretty bold statement to say the least. Many homeowners and their families assume their property is safe, but it’s not until they are burglarized when they realize this isn’t the case. The stress created by burglary incidents can affect victims’ sleep quality, health, and their level of happiness.
Doesn’t Homeowner’s Insurance Cover Property Theft and Damage?
While it’s true that most homeowner’s insurance policies will reimburse you for the cost of stolen and damaged property, there are some caveats that you need to be aware of. For starters, a typical insurance company will only reimburse you for the coverage limit specified in the policy. If the value of your stolen property exceeds this amount, you’ll have to forfeit the difference.
There’s also the issue of meeting your deductible. It’s not uncommon for homeowner’s insurance policies to have a $1,000 or $1,500 deductible, meaning this amount is “deducted” from their reimbursement check to you. Assuming a burglar stole $2,000 worth of items and your deductible is $1,000, you’ll only receive $1,000 in return.
Image attribution: https://www.flickr.com/photos/teegardin/
