What is Burglary Insurance?
Burglary Insurance is a type of insurance policy that provides financial protection against losses or damages caused by burglary or theft involving forceful entry or exit from a premises. It typically covers stolen property, damage to the property during the burglary, and sometimes other related losses.
Benefits of Burglary Insurance
- Financial Protection: Covers loss or damage to insured property caused by burglary.
- Property Damage Coverage: Repairs for damages like broken locks, doors, windows caused during forced entry.
- Peace of Mind: Protection against unforeseen burglary incidents.
- Business Continuity: Helps businesses recover quickly by reimbursing stolen goods or assets.
- Customized Coverage: Can cover residential, commercial, and industrial properties.
- Third-Party Liability: Some plans may cover liabilities arising due to burglary events.
Risks Covered Under Burglary Insurance
- Theft involving forcible and violent entry or exit.
- Loss or damage to property during the burglary.
- Sometimes cover for loss of cash, valuables, or stock (depending on policy).
- Losses due to attempted burglary.
Risks Not Covered (Exclusions)
- Loss due to simple theft without forced entry.
- Loss caused by employees or insiders.
- Loss due to natural disasters or fire (covered by other policies).
- Losses due to negligence or failure to secure premises properly.
Top 10 Burglary Insurance Plans in India (Examples)
| Insurer | Plan Name | Coverage Highlights | Sum Insured Range | Claim Settlement Ratio* | Premium Range |
|---|---|---|---|---|---|
| Tata AIG | Burglary Insurance Policy | Property and stock coverage | ₹1 lakh to ₹50 lakh | 97% | ₹1,000 to ₹10,000+ |
| HDFC ERGO | Burglary Insurance | Includes burglary and housebreaking | ₹50,000 to ₹1 crore | 95% | ₹1,200 to ₹12,000+ |
| ICICI Lombard | Burglary and Theft Insurance | Stock and property damage cover | ₹50,000 to ₹1 crore | 96% | ₹1,000 to ₹15,000+ |
| Bajaj Allianz | Burglary Insurance Policy | Property and business stock insured | ₹50,000 to ₹1 crore | 94% | ₹1,100 to ₹14,000+ |
| Reliance General | Burglary Insurance | Property and valuables insured | ₹1 lakh to ₹50 lakh | 93% | ₹1,000 to ₹9,000+ |
| New India Assurance | Burglary Insurance | Loss due to burglary and housebreaking | ₹50,000 to ₹1 crore | 92% | ₹900 to ₹11,000+ |
| Oriental Insurance | Burglary Insurance Policy | Property damage & stock theft cover | ₹50,000 to ₹1 crore | 91% | ₹1,000 to ₹10,000+ |
| SBI General | Burglary Insurance | Includes loss of stock and property | ₹50,000 to ₹1 crore | 90% | ₹1,100 to ₹13,000+ |
| National Insurance | Burglary Insurance | Business premises coverage | ₹1 lakh to ₹50 lakh | 89% | ₹1,000 to ₹12,000+ |
| United India Insurance | Burglary Insurance | Property and valuables protection | ₹50,000 to ₹1 crore | 88% | ₹900 to ₹11,000+ |
*Claim Settlement Ratio is approximate and based on recent insurer data.
Comparison Table: Pros and Cons of Top Burglary Insurance Plans in India
| Insurer | Pros | Cons |
|---|---|---|
| Tata AIG | Strong claim service, wide coverage options | Premiums can be slightly higher for large sums |
| HDFC ERGO | Comprehensive coverage, flexible sum insured | Higher premium for high-value assets |
| ICICI Lombard | Good claim settlement ratio, customizable plans | Limited add-ons compared to peers |
| Bajaj Allianz | Affordable premiums, good network | Some policies may exclude certain valuables |
| Reliance General | Competitive pricing, simple claim process | Limited coverage for very high-value items |
| New India Assurance | Government-backed, trust factor | Slightly slower claim process |
| Oriental Insurance | Affordable, covers property and stock | Customer service varies regionally |
| SBI General | Wide branch network, easy claim filing | Less flexibility in policy customization |
| National Insurance | Affordable premiums, reliable | Smaller claim settlement ratio compared to private |
| United India | Covers broad risks, competitive premium | Some policy terms may be less transparent |
FAQs About Burglary Insurance
Q1: What is the difference between burglary insurance and theft insurance?
A1: Burglary insurance covers loss due to theft involving forced entry, whereas theft insurance covers theft without necessarily forced entry.
Q2: Does burglary insurance cover damages to property?
A2: Yes, most burglary insurance plans cover damages to doors, windows, locks caused during the burglary.
Q3: Is burglary insurance mandatory?
A3: No, it’s optional but highly recommended for businesses and homeowners for financial protection.
Q4: What documents are required to file a claim?
A4: Police FIR, insurance policy document, proof of loss, estimate of damages, and sometimes photos of the damage.
Q5: Can I insure valuables like jewelry under burglary insurance?
A5: Yes, but often subject to specific limits or additional coverage riders.
Q6: How can I reduce the premium on burglary insurance?
A6: By installing security systems, alarms, stronger locks, and maintaining good premises security.
Q7: What happens if the insured property is not properly secured?
A7: Claim may be denied if negligence or failure to secure premises is proved.
Q8: Is coverage worldwide?
A8: Generally, burglary insurance covers the specified insured premises only.
Q9: Does burglary insurance cover losses due to employee theft?
A9: Usually, employee theft is excluded and covered under separate fidelity or employee dishonesty policies.
Q10: How quickly can I get a claim settlement?
A10: Typically within 30 to 60 days, depending on claim complexity and documentation.