As Economy Weakens, Home Safety Concerns Rise

With tough economic times hitting Americans hard, homeowners are concerned for their home safety—and for good reason. In the United States, a home is burglarized every ten seconds, with the average insurance claim for a home burglary topping $1,700.

If economic conditions continue to deteriorate in the coming years, incidents of home burglaries could rise dramatically. Now more than ever, ensure that your home is protected with a home insurance policy.

Homeowners “Very Concerned” About Home Safety in Struggling Economy

According to a survey sponsored by the Chubb Group of Insurance Cos, 41% of homeowners polled are “very concerned” about crimes being committed against themselves and their families as a result of the struggling economy. Roughly 25% are concerned about taking additional security precautions at home, but only 8% plan to spend additional money on these needs. In fact, 39% of respondents anticipate spending less on home security devices as economic conditions weaken.

Burglaries Can Occur Anytime, Anywhere

In 2006, 1 in 9 homes was affected by a burglary. According to the Insurance Information Institute (III), there are over 2 million reported burglaries each year, with residential burglaries accounting for nearly two-thirds of those incidents. If economic conditions continue to deteriorate in the coming years, incidents of home burglaries could rise dramatically.

One common misconception is that burglaries only occur at night. In reality, most burglars prefer an empty home to the cover of darkness—which is why most burglaries happen during the day when homeowners are likely to be at work. An empty home during the day is much more appealing to a burglar than an occupied one late at night.

Home Insurance and Burglaries

Under most standard home insurance policies, damage to the home and possessions stolen during a break-in are covered. Adding a personal property rider to your policy can help cover the theft of luxury items such as diamond rings and gold bracelets. Do you own a television? A laptop computer or digital camera? How about necklaces, rings or expensive watches? If so, it’s a wise financial decision to make sure they’re protected. Even if a home is empty, it may take a kicked-in door or a few busted windows for thieves to realize it.

Conduct Background Checks

Homeowners should perform thorough background checks—including credit and criminal histories—on all household employees, especially caretakers. Always check references. Even if background checks were conducted in previous years, be alert: emerging financial pressures may tempt employees to steal.

Burglarproofing Your Home

Studies show that if it appears as though it will take more than five minutes to break into your home, a burglar will usually opt for an easier target. The Insurance Information Institute estimates that 90% of residential break-ins could have been averted had homeowners taken preventive burglarproofing measures.

Some tips that could prevent burglars from breaking into your home include:

  • Install a home security system. It’s a tool that can help keep your home protected no matter how far away you are. Some insurance companies offer discounted homeowners insurance rates for installing home security devices (up to 20%), so it’s a win-win proposition.
  • Invest in strong doors. If a thief encounters a strong door, they will have a louder, more difficult time breaking it down.
  • Set a few house lights to run on a timer. A bright, well-lit home makes burglars think the home is occupied.
  • Enlist a neighbor’s help in keeping an eye on your property. If they notice any strange activity, ask them to alert police immediately.

Short of turning your home into a military fortress, a home burglary is always possible. The best way to protect yourself and your family is to invest in a home insurance policy. Not only will home insurance protect your home against financial loss due to theft, it will help cover loss due to tornadoes, wildfires, and an array of other weather-related damage. Many policies even cover loss due to dog bites and identity theft!