Walking through your front door only to find your television, laptop, jewelry, and other valuables missing is devastating. Unfortunately home burglaries occur quite frequently. According to the FBI, a home, apartment, or condominium is burglarized once every 15 seconds. Although most people think that their homes are most likely to be vandalized at night, most home break-ins occur during the day when you are away at work, school, running errands, etc.

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Regardless if you live alone in a studio with little furniture or in a sprawling estate with millions of dollars worth of property, you need insurance to protect your personal possessions. Buying the right insurance and knowing the terminology of your plan are crucial. For example, most homeowners are not aware of the major difference between “actual cash value” and “replacement cost.” Actual cash value is the cost to replace the item, minus depreciation. Replacement policies pay enough to replace the stolen item with the exact same item or something as close to it as possible, rather than just paying for the depreciated value of an item.

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• According to the Department of Justice, a burglary takes place every 10 seconds in the United States, producing an average loss of $1,391.
• In 2006, thieves burglarized one out of every 39 homes.
• Property crime makes up more than 75% of all crime in the United States.