If you are a victim of theft, it can be scary and frustrating. Not only did someone invade your home or property and take your goods, but they also left you without a vital part of your property. Theft is often covered by homeowners insurance, but does it cover catalytic converter theft?
Your homeowners insurance will not cover catalytic converter theft. Although your vehicle is considered your personal property, a vehicle is covered under auto insurance. In this case, a homeowner would need comprehensive coverage for their auto policy to cover the theft of a catalytic converter.
While your homeowners insurance policy will not cover the theft of your catalytic converter, it will cover other things related to your vehicle. Below we outline exactly what that is.
Does homeowners insurance cover your vehicle for any damage?
Homeowners insurance will not cover damage to your vehicle. Your auto policy covers vehicle damage. What homeowners insurance will cover is the personal property inside of your vehicle that is ruined or damaged due to a covered peril.
For example, if your car is parked in your driveway, and a tree falls and smashes into it, the personal belongings inside your vehicle that are damaged will be covered by your homeowners insurance policy. Your auto insurance company will cover the actual damage to the vehicle itself.
This is because your personal belongings are covered as part of coverage type C. Depending on the type of personal property coverage you have, for example, actual cost or replacement cost. Remember, this will affect the total amount of the processed claim.
It is also important to remember that the claim will be subject to a deductible. A standard homeowners insurance deductible can range from $500 to $2,000 dollars depending on the policy and the insurance agency. So, if the damaged property is less than the deductible, a check will not be processed and provided for the claim.
Cover your car
The best solution for most homeowners is to ensure they have comprehensive vehicle coverage on their auto insurance policy. This will cover damage that occurs to the vehicle, which is not covered by homeowners insurance.