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Definition: Broad Form Personal Theft Insurance
This is the insurance bought for protection of personal assets and coverage can include all types of personal assets. Same coverage applies to all risk basis and different scenarios like theft, loss, vandalism etc. Personal theft insurance is a limited form of this broad form insurance.
In most cases, it is a part of the homeowner’s insurance plan and covers theft or any other act of malicious mischief at the residence. This form of insurance applies to risky, unusual events that lead to serious harm. It has very high premium and is deductible in most cases.
For example, irrespective of whether a building is damaged due to vandals or theft or other reasons, same coverage will be provided under broad form personal theft insurance.