Most home insurance policies cover the damages associated with theft. If your home is burglarized and your contents taken, you may be able to receive benefits equal to the actual or replacement value of those items. If you have cash or its equivalent in the home, that may be covered by your policy as well.
Cash and Equivalents: What’s Covered
If you have cash, coins, gift cards, and even foreign currencies in your home and they’re stolen or damaged by fire or other covered perils, your insurance company will cover the damages as outlined by your policy. Your policy deductible will still apply but your coverage for cash and its equivalents may have its own limit separate from your general contents limit. It's important to make note of the limits on coverage for cash to ensure that the money you keep on hand does not exceed what you can get reimbursed.
When considering coverage in terms of theft, a typical break-in is not the only situation that could result in stolen cash and its equivalents. There are many individuals who enter your home and have access to cash hidden inside; any of them could take it without your permission. This includes neighbors, party guests, service providers and even friends and non-resident family members.
What isn't Covered
If you lose or misplace your cash and it isn't stolen or damaged in an insurable incident, then your insurance company is not likely to pay the claim. Likewise if cash is stolen from you while you are away from home it may not be covered.
Another instance in which the damage to or theft of your cash might not be covered is if the cash was received through an illegal activity or while you operated an unreported business in your home. Your home insurance company must be aware of any business activities you operate in the home or your claim could be denied and your policy rescinded.
Proving the Existence of Cash
It's critical that you keep records showing that you obtained the cash that you report as stolen or damaged. You can use a bank statement or deposit receipt showing a cash withdrawal, ATM receipts, or possibly even a handwritten bill of sale. Your insurance company may, in the event of a theft, ask for a copy of the police report as well.
If you want to know more about how your Oklahoma City home insurance policy protects you, or you want to increase your limits, give us a call at Alexander & Strunk Insurance today. 
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