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Is Home Burglary Covered in a Travel Insurance Plan?

By Finserv MARKETS - Apr 12,2019
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Home burglary is very common in India. Contrary to popular belief, most burglaries do not occur in the night. In fact, according to the data collected 65% of robbery takes place in the middle of the day. This is one of the primary reasons people are scared to take a vacation or be away from their houses for a longer duration. But, with the inclusion of theft and burglary in travel insurance, it has given people a chance to explore the world without any worry.

First, let’s begin by learning a little more about it. In simple words, travel insurance is a policy that covers the losses associated with travelling. It acts as great protection for those travelling in India or abroad. Travel insurance can be broadly divided into two types:

1.Trip Cancellation Insurance

This particular package includes various benefits like – trip interruption (when you have to return home in case of an emergency), emergency medical expense, and emergency medical evacuation, repatriation of remains (due to non-favorable laws or customs duties), accidental death or dismemberment.

2.Travel Medical Insurance

Travel medical insurance does not offer the benefits as cancellation insurance, and primarily focuses on the medical coverage. This is effective for travelers who travel for many days, to other countries.

Theft insurance in this policy covers only certain household items like:

  • Electronics
  • Cameras, Camera Equipment
  • Jewellery, Gems, Watches
  • Sports Equipment
  • Real Furs

The limit is usually capped by the insurers, so make sure to read the documents thoroughly before you sign on the dotted lines.

Now, suppose you encounter a theft, in this case how does a travel policy work? Travel insurance covers burglary by reimbursing a traveler for the loss of their valuables in their possession during the trip. The policy covers a traveler for any theft that occurs in the airport, in the hotel, and while the traveler is in transit, i.e., on a bus, in a taxi, etc. By providing suitable proof of the worth of a lost item, one can claim a direct reimbursement. However, the amount that is reimbursed cannot exceed the amount already mentioned in your insurance plan.

Listed below are items that are not covered under travel insurance for theft:

  • Money, money orders, stamps, stocks, bonds
  • Musical instruments
  • Hearing aids
  • Animals
  • Artificial limbs, prosthetic devices, artificial teeth
  • Eyeglasses, contact lenses and sunglasses

Besides, travel insurance also covers you in case you are a victim of a pickpocketing incident. All your essential documents will be retrieved, including your passport.

Burglary at your home can bring about a huge financial loss to you. It is important to shield your house from the risk of such occurrences

Burglary insurance, also known as crime insurance covers property damage and any financial loss that occurs to your household property upon the entry of an intruder, while you are on a trip. Policyholders are required to inform the case of theft to their insurance company before they file a complaint. Travel insurance plans on Finserv MARKETS offer home burglary coverage of up to Rs. 3 Lakh.

A travel policy is a great way of protecting your valuables and it is a smart decision one would never regret.

“Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522