What is Theft?
Theft is a criminal act in which someone unlawfully takes another person’s property without permission, intending to deprive the owner of its use or enjoyment permanently. In the context of insurance, theft can refer to a wide range of incidents, including burglary, shoplifting, or other forms of property theft.
For homeowners, renters, and business owners, theft coverage is a crucial part of their property insurance policies. Depending on the policy’s specifics, this coverage can help recover the value of stolen items, including personal belongings, equipment, and even intellectual property. Theft coverage is especially important for businesses, as losses from stolen inventory, equipment, or cash can severely impact operations.
Many property insurance policies include theft protection, though there may be exclusions or limits, such as coverage only for certain types of theft (e.g., forced entry) or for specific valuable items like jewelry or electronics. It’s important to review the terms of your policy to understand what is covered and what is excluded in the event of theft.