If you specifically list your electronic devices on your homeowners policy, they can be partially covered. However, it’s rare that the full replacement value is covered for a wide range of potential risks unless you specify those circumstances with your insurer. For this reason, most people don’t have enough coverage for their electronics, which are often some of the most expensive possessions that people own. Let’s take a look at the two most common electronic devices.
Computers and Laptops
Manufacturer warranties typically cover hardware defects for a limited time, which can exclude the keyboard, monitor and software that either was preinstalled or installed after purchase. But computers and laptops face many more risks than manufacturer defects, such as accidental damage, loss of data, theft, vandalism, loss, spills or leaks, short-circuits and more. Buying computer/laptop insurance offers more comprehensive coverage than offered by either your homeowners insurance or the manufacturer’s warranty.
Approximately 60 million cell phones are damaged or lost each year, resulting in over $30 billion worth of damages. Just like with computers, the manufacturer’s warranty typically covers only defects or mechanical failure for a limited time (usually one year). But additional risks include dropping, smashing, spills or leaks, accidental damage, theft, vandalism, loss and more. Cell phone insurance can cover these accidental damages or losses, with deductibles ranging from $50 to $150, an amount much less than the cost of a brand new smart phone.
You may be able to add a rider onto your homeowners or contents insurance, or it may be best to buy an individual policy to cover your electronics. That decision lies in how often you use your devices, for what purposes and how valuable they are to you. Speak with an independent agent to evaluate your personal needs and learn if computer/laptop and cell phone insurance is right for you.
Ask us about protecting all of the other valuables in your home as well. Call Pro Player Insurance Group at (954) 316-4662 for more information on Fort Lauderdale home insurance.