Simply put: device insurance covers what warranties won’t
You can obtain device insurance for a variety of electronic devices such as iPhone, laptop, iPad, Chromebook, cell phone, tablet, iPod, e-reader, gaming system, and camera. If you are a business owner, you can even apply for corporate insurance for electronic devices.
Who Falls into the Category of Independent Contractors?
Electronic devices depreciate quickly. For this reason, you might want to consider obtaining insurance coverage that also offers you replacement cost value for covered losses and items. In the event your electronic device sustains damage due to a natural or unexpected disaster such as fire, water damage, or rainstorm, your insurance company will provide you what you’ll need to buy a new electronic device.
For people who live in rented homes or apartments, they too should look into obtaining electronic device insurance for their gadgets. Their landlord’s insurance policy will not cover their personal belongings. You should obtain renters’ insurance.
Renters’ insurance includes coverage for electronic devices, but you should still check in with your insurance company to see if it is included or not. If it is not included, you should consider getting device insurance for your gadgets added to it. It will be a minor expense, but worth it in the end.
Here’s Why You Need Device Insurance for Your Gadgets
Here is a list of statistics that will convince you to get device insurance for your gadgets:
- Around 33% of people either break or lose their smartphone in the United States
- 50% of people from around the world have broken their smartphone
- People from the age of 18 to 24 are more likely to break their smartphone
- Men are 70% more likely to lose their smart phone whereas women are 42% more likely to lose their mobile phone
- The most common places to damage a smart phone include the garage, bathroom, kitchen, bedroom, and living room
- The top five ways to break a smart phone include dropping it on a hard surface (43%), dropping into water such as bath, sink, or toilet (35%), standing or sitting on it accidently (32%), leaving it on the roof of the car (12%), and a child breaking it accidently (10%)
Most of these incidents can be prevented if you take care of your smart phone and be more vigilant on where you are placing it. You should also not take it in the bathroom even if your mobile phone is waterproof or give to a child to play with it.
How Device Insurance Works
Your device insurance coverage will go into effect when you suffer from a loss that is higher than your deductible. For example, your mobile phone costs you $300 and someone steals it. Your device insurance’s deductible is $500. Your insurance company will not reimburse you for the loss. If your device costs $800 and your deductible was $500, your insurance company would reimburse you for the loss.
Inquire about Policy Exclusions and Electronic Devices
When you are taking out an insurance policy, you need to understand that some policies exclude certain items or place specific limits on them. You need to check in with your insurance company and find out what is covered or not and what items are excluded from your insurance coverage.
If you want to provide coverage for an item or you want to increase the policy limit, you need to acquire a separate insurance policy for the items not covered or items that are covered, but the policy limit on it is low.
It is advised that you obtain device insurance when you are obtaining personal property insurance coverage. You should also take additional measures to back up your data, as your insurance policy will not coverage loss of data or recovery costs.
Other Types of Insurance Coverage You Can Get for Your Device
Some add-ons to think about include theft protection insurance and cracked screen and other accidental damage insurance. Theft protection insurance will reimburse you in the event a thief steals your device. If your mobile phone or other devices such as your brand new and very expensive DSLR camera ends up being stolen by thieves, theft protection insurance will kick in.
Your insurance company will reimburse you if a thief steals your electronic device from your car or home. However, you will have to ask your insurance provider if they will reimburse you in the event your electronic device ends up being taken while you are walking in the street, shopping at the mall, or sitting in the park for instance.
The other type of insurance coverage you need to keep in mind include insurance for cracked screens and other accidental damage that can occur to your electronic device. The most likely things to break, shatter, or crack are the screens of our smart phones, which are expensive to replace.
If you do not want to pay the costs of repairing your cracked screen, you can always purchase cracked screens and other accidental damage insurance. If you do not want to get cracked screen insurance, you should take measures to protect your smart phone such as placing it in a hard case and adding a screen protector to its screen.
Businesses Should Also Obtain Device Insurance
Corporate insurance for electronic devices is important for businesses to obtain. If you provide laptops or mobile phones to your employees, you should obtain device insurance. It will provide coverage to their company supplied electronic devices in the event they are stolen or sustain damage.
If you provide your employees with any type of electronic item that leaves the office with and takes home, you need to protect your investment by obtaining corporate insurance for electronic devices to save you from unexpected losses that may occur.
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