A hacker is shown from the back, wearing a hoodie, committing Bitcoin fraud on a laptop The court looked to multiple examples of California state cases that found a requirement for physical alteration of property in claims for direct physical loss. (Credit: Marc Bruxelle/Adobe Stock)

The federal district court for the Northern District of California has ruled that a homeowner's claim for stolen cryptocurrency is not covered because there was no direct loss to physical property. The case is Burt v. Travelers Commer. Ins. Co., 2022 U.S. Dist. LEXIS 147564 (N.D. Cal. 2022). 

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