Normally the lock coverage that is contained in many home insurance policies, provides for payment of replacement of your locks when your keys have been stolen. This coverage is provided in the hope that you will replace this locks immediately and avoid someone entering your residence and making off with a large amount of your personal property which would result in an even larger claim. The lock coverage is not subject to the normal policy deductible and in essence is meant to save the insurance company money, i.e. they pay a $100 or $200 vs. paying thousands of dollars in a theft claim. Bottom line though it requires a triggering incident such as your purse being stolen with the keys.
The lock coverage does not provide coverage for just failure of the lock--that would absolutely be a maintenance issue and would not be covered under any homeowners policy.
Certified Insurance Counselor, Licensed Insurance Agent & Broker for over 29 years.