Our smartphones, tablet, and other mobile devices have become our best friends. With them, we can conduct business and communicate with our family, friends, and colleagues. During the peak period of the COVID-19 pandemic, these gadgets kept business activities ongoing and prevented a collapse of the global economy. These gadgets are so critical to our daily lives — personal and professional — that losing them would be a nightmare, especially when data is not backed up or when the loss or damage of the device is not insured. Gadget insurance can solve this problem.
To avoid stress from such situations, you can do two things: schedule regular data backup for your devices, and, second, go for gadget insurance. The latter indemnifies the loss of smartphones, tablets, and other mobile devices that some homeowners’ insurance policy does not.
What About Homeowners’ Insurance and What Will it Cover?
Homeowner insurance is a type of property insurance that reimburses losses and damages to a person’s home/estate. A typical home insurance policy will cover losses caused by fire, natural disasters, floods, vandalism, and other selected disasters.
Does homeowners’ insurance cover a stolen laptop? The answer is potentially yes. A homeowner’s stolen laptop will be replaced by the insurer depending on where, when, and how it was stolen, and if those circumstances are covered under the insurance policy bought.
Does homeowners’ insurance cover burglary? Burglary is a sudden event with a costly implication, and homeowners’ insurance policy usually makes provision for it. In an event like this, ensure that the personal property coverage add-on in your insurance contract covers all items/property you value. That could include art, murals, jewelry, etc. This add-on can increase your premium; however, it’s almost always worth it.
Does homeowners’ insurance cover items stolen from a car? Homeowners’ insurance sometimes also covers items stolen from a car. Our cars no longer act as only a mode of transportation; as it holds so many valuable items for us, including mobile devices, documents, and other accessories. If any item is stolen from a car, a homeowners insurance policy generally covers such losses. However, in some cases, the car location when the incident happens determines whether you qualify to make a claim.
Insurance companies take calculated risks because they exist to make a profit. Hence, it is good to check the insurance contract’s content list to know what the homeowners’ insurance will and won’t cover. As a homeowners insurance policyholder, you should also be very concerned with how your claims will be paid. In receiving claims, you’ll either get the actual cash value (ACV) or the replacement cost value (RCV). The ACV will cover the amount your damaged/stolen device is currently worth. It considers the depreciation cost. The RCV, on the other hand, covers the cost to replace your item in the current market, narrowing the gap caused by inflation.
How Does Gadget Insurance Work?
Gadget insurance is a tailor-made insurance policy crafted to offer coverage to your smartphones, laptops, tablets, and other electrical mobile devices when they get damaged or lost. Device insurance policy premium is generally between $5 and $20 a month, and the exact premium depends on the insurer and the value of the gadget being insured. Smartphone and gadget repairs or replacements run into hundreds of dollars most times, and that is where gadget insurance fits in.
If your smartphone, tablets, and other devices get damaged or lost and need repair or replacement, the role of gadget insurance is to cover the cost you ordinarily would incur. Notably, the more devices you insure, the higher the premium will be. In such cases, a gadget insurer promo code will be helpful. By increasing the number of gadgets insured under a single policy, you can get a percentage discount on each subsequent mobile device. A gadget insurance promo code makes gadget coverage more affordable. The insurers use the discount as a marketing strategy to encourage the public to have more gadgets and mobile devices insured.
Where to Buy Gadget Insurance
Many insurance companies sell insurance policies that are tailored to cover your smartphones, tablets, and other devices. Mobile carriers have also started selling mirrored policies to promote consumer satisfaction and increase their consumer base. Places you can purchase gadget insurance from include:
AppleCare+
AppleCare+ offers affordable coverage for iPhone and other Apple devices. You can get service from Apple-certified technicians who use certified parts for repairs and replacement. This specialization makes it the best option for apple product users. The premium ranges between $9 to $11 monthly, but will likely be paid as an upfront fee. If your iPhone is lost or stolen, the AppleCare+ insurance package covers it, and every signed-up customer is given 24/7 access to Apple technicians via calls, chats, and in-person meetings.
Samsung Care+
This is a great place to buy gadget insurance for Samsung phone users. Samsung technicians offer affordable and trusted repairs/replacement services to Samsung mobile phone users. Since the Samsung brand is their specialty, it’s easy to conclude that they are the best for Samsung users. They offer coverage for accidental damage, screen crack, and liquid spills. However, they don’t cover loss or theft. Samsung Care+ has a premium range from $3.99 to $19.99 per month, depending on the device you are insuring.
Worth Ave. Group
The Worth Ave. Group sells gadget insurance policies for new and refurbished mobile phones and iPhones, iPads, laptops, tablets, e-book readers, gaming systems, and digital cameras. Through the Worth Ave. Group, you can cover multiple devices with a single insurance policy, and its coverage includes damage from liquid spills, fire, vandalism, manufacturing defect, or power surge caused by lightning.
However, it does not approve claims for when you lose your mobile device, commit intentional destructive acts on the device, or suffer device damage caused by a power surge other than lightning. It also does not cover manufacturer defects.
Conclusion
Many insurance policies can cover your smartphones, tablets, and other devices exist. However, you must ensure you look through the contents of the policy before signing. The loss or damage of these devices can happen in ways not predicted or covered by your insurance. Hence, it is better to opt for the most affordable plan that has you covered in any likely situation. Homeowners insurance with a personal coverage add-on is not a bad choice if you want to take that route. Still, individual gadget insurance is always available if you want to be extra cautious.
Featured Image: Twenty20
