Take a quick inventory of the electronic devices in your life right now. It’s more than likely that you are reading this on your laptop, or tablet, or smartphone. You could be reading this on a desktop computer, while you have your television on in the background. Regardless of how many devices are in your presence, it is important to have insurance to protect those items.
Here are some simple ways to work with insurance companies to make sure your valuable possessions are protected, and that you are covered in the event of a claim.
Home Contents Coverage
When some cell phone owners look for mobile phone insurance, they opt to look into the device protection provided by their home contents insurance. This coverage is designed to protect personal items in your home in the event they become damaged or lost. For greater peace of mind, most people who opt for this coverage usually lump their policies for each device on their list into a single policy.
You may be able to add your mobile phone to your existing contents coverage, which some people may find to be a more cost-friendly option in the event of a crack requiring screen repair or even liquid damage. This will add on your monthly premium. You will need to request specific coverage for a cell phone, as many personal effects or portable extras coverage won’t insure mobile devices.
Separate Insurance Policies
Beyond a home contents policy, mobile insurance can be available through your phone carrier. A wireless provider may offer insurance that you can get along with your cell phone, they may even offer you the opportunity to add it on later as a charge to your monthly cell phone bill. Be sure to consult your phone plan contract or ask your provider. Some retailers may also offer a limited warranty plan to protect you in the event of any damage.
Mobile phone and electronics owners can also look into credit card purchase protection, usually giving you a 90-day warranty on any items purchased with a Visa card, Mastercard, or most credit providers.
Some insurance companies will offer on-demand insurance when you buy a separate policy. This will cover your electronics and mobile devices when they’re in use. An option commonly used for smartphones, an app alerts an insurer when the device is used, and it is switched off when out of commission. This is usually a cheaper option through an insurance provider than full coverage.
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Being Specific About Your Items
When establishing an insurance policy for your electronics, be sure to be specific about what it is you are getting protection for. Most coverage has limits on how much you can claim on each item, and may also limit the total amount of an insurance claim. It is worth listing your more valuable devices separately and protecting them for an agreed-upon amount. While it may cost you more in terms of your insurance premium, it is actually worth it in the long run to avoid out-of-pocket expenses.
Be wary of any exclusions on insurance policies, like accidental damage (such as dropping your phone). Gradual wear and tear, weather damage, and even theft can be listed as exclusions in some plans.
If you are having concerns about paying too much for smartphones, laptops, or other electronic devices, you may want to look into repaired items, like refurbished tablets. Companies selling these fully restored items will sell them alongside their original accessories, and with assured capabilities, such as logging onto your Wi-Fi successfully. These refurbished devices come with a warranty plan that will allow for a full refund, or even exchange, for another item if a customer is not satisfied. This could be a good option if you have a tendency to have a disappearing cell phone.