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Separating BURGLARY, ROBBERY or
VANDALISM
is key. |
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Vandalism and Malicious Mischief (VMM)
The standard homeowners’ insurance policy does not cover a vandalism loss if your home has been vacant for 60 consecutive days. Going back to the topic of ambiguous language, you need to be aware of exactly what your insurance company means by “vacant”. The dictionary defines vacant as “without content or occupant.” Thus, a home with only one piece of furniture in it is unoccupied – not vacant. The policy places no limitation on what losses it will pay for an unoccupied dwelling.
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If you have a summer vacation home you don’t need to worry about your insurance coverage during your absence as long as you leave your furniture behind. |
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When a home or business owner experiences theft or malicious damage to their property, the insured may be covered in the policy under burglary, robbery, or vandalism. The question that most clients tend to need have answered lies in deciphering which scenario applies to their claim.
For Example:
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Theft is considered to be any act of stealing |
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Burglary is defined as the taking of belongings from inside of a property by a person who has unlawfully entered as evidenced by forced entry |
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Robbery is the taking of belongings from the physical custody of someone by a person who has caused or made a threat to cause bodily injury |
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Vandalism is the evident destruction of an object against the will of the object’s owner |
An important guideline to remember is that most insurance polices place limits on the amount of money to pay out for theft of the following items:
| $1,500: |
Jewelry, watches, furs, precious, and semiprecious stones. |
| $2,500: |
Guns and related equipment. |
| $2,500: |
Silverware, gold-ware, platinum-ware, and pewter-ware. This limit also applies to items such as tea sets and trophies. |
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