By Imani Moise
Thieves who grab packages off the front porch have become so common that shoppers can now spend hundreds of dollars to protect themselves.
Online shopping has become the main way millions of people buy everything from gifts to groceries. But there is a pitfall at the front door. Nearly half of shoppers can expect to have at least one delivery fall victim to porch pirates during the holiday season, according to the personal-finance site ValuePenguin.
To deter them, Americans are shelling out for such high-tech gadgets as doorbell cameras, $400 lockboxes or self-service locker rentals.
Now there is also insurance. PorchPals, a subscription-based startup that launches nationwide on Monday, says it will cover the cost of your stolen packages. It costs $120 a year and covers up to $2,000 of deliveries, or up to three claims a year.
None of the options are foolproof. For shoppers, whether to buy insurance comes down to the price of what you are buying and the risks of your porch. There are also free ways you can avoid package theft, such as being at home when items are delivered or picking them up in person at a warehouse or store, though those options are less convenient.
“A lot of insurance products duplicate what you already have access to as a consumer,” says Terri Bailey, a Florida-based financial counselor.
Insurance gap?
Victims of package theft can often get the retailer to send a replacement item. Even though the retailer doesn’t have to, it doesn’t want to lose a customer. Retailers typically pay carriers, including FedEx or the U.S. Postal Service, for shipping insurance, but that coverage ends once the package makes it to your door, and might not cover the full value of the purchase.
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