Insurance Definition of Theft
The Insurance Definition of personal theft is the coverage on an all risks basis for loss due to theft or mysterious disappearance of personal property; damage to premises and property within resulting from theft; and vandalism and malicious mischief to the interior of the premises as well as to other property of an insured that is away from the insured's premises. Sublimit is in effect on specialty property that is particularly susceptible to theft, such as money, securities, paintings, coins, and jewelry. This insurance is most often found in Part I Coverage C of the homeowner’s insurance policy and is expressed as a percentage of the home's structure.
