Does renters insurance cover your laptop or mobile device?

Your tenant insurance can help pay for the repair or replacement of any portable electronic device, including a laptop, smartphone, tablet, or PC if it is stolen or damaged for any reason.

Personal property protection in tenant insurance typically helps insure your personal property if it is damaged or destroyed by an insured risk, often referred to as a risk. The risks covered by tenant insurance can vary but generally include fires, storms, lightning, and certain types of water damage. Tenant insurance can also help you cover the theft of your belongings.

WHAT COVERAGE DO I HAVE FOR MY LAPTOP?

The amount of coverage for your laptop computer depends on the personal property coverage limits set out in your policy. A limit is a maximum amount that policy pays for a covered claim. You want to know what policy restrictions you have and what coverage they offer for your electronics (as well as other items). Note that you must also pay your deductible before your insurer reimburses you for the covered damages.

When purchasing tenant insurance, you will likely have to choose between “actual cash value” and “replacement cost”. The type of coverage you choose will determine the amount you will be reimbursed for a covered loss.

For example:

Actual Present Value Coverage - Take depreciation into account when determining how much your policy will pay after a covered loss such as laptop theft or damage from lightning or power surges. You might have spent $ 800 to buy your laptop or tablet a few years ago, but due to depreciation, that's not necessarily what your insurance company will cover if you make a claim today. hui.

Replacement Coverage - Covers the cost of a similar replacement laptop or tablet of a make and model in current dollars. The premium cost for this coverage may be higher than the cost of the actual present value coverage, but you will likely have more protection.

In some cases, you may be able to purchase additional protection for a laptop. A local agent can explain your coverage options to you.

WHAT DOES RENTAL INSURANCE COVER ON MY LAPTOP?

Since personal property protection in rental insurance typically only covers damage caused by specific risks, it is important to understand when your laptop or another electronic device may or may not be covered.

For example, if your laptop is damaged by a fire in your home, renters insurance will likely help pay for the repair or replacement. Likewise, your rental insurance can double as laptop insurance and provide protection in the event that a laptop is stolen at the location you are renting. (Your coverage limit and a deductible also apply here.)

However, renters insurance does not cover accidental damage to your laptop. So if you drop your laptop from your desk, the cost of repairing broken screens will not be covered. Renter's insurance does not cover lost or misplaced items either.

Renter's insurance also does not cover repairs to a laptop or electronic device if a part breaks or simply stops working. (However, check your device's warranty to see if necessary repairs are covered by the manufacturer.)

It can be hard to imagine life without a laptop, tablet, or smartphone. Therefore, it makes sense to understand what type of coverage your tenant insurance provides. Your agent can help you review your policy so that you can determine if it's the right coverage for you.