Is PC and Laptop Insurance Included in Homeowners Insurance in the U.S?
What’s the best laptop insurance policy in the United States?
How does laptop insurance work?
Does homeowners insurance cover for PCs and laptops?
What’s the difference between home insurance and household contents insurance policies?
And where can college students get the best laptop insurance quotes at an affordable price?
Statistics show that around 92% of all households in the United States have access to a computer according to a 2018 report. A vast majority of Americans can connect to the internet, stream music and video, and, in many circumstances, work from home, whether they use a desktop PC or a laptop computer.
A personal computer or laptop cost roughly $700 on average in 2019, making it a high-end purchase for most people. And if you bought a Macbook or a Microsoft Surface, you probably spent twice as much.
So, what happens if something goes wrong with your computer? Will a stolen or damaged PC or laptop be covered by insurance? What you need to know about computers and insurance coverage is outlined here.
Personal computers are protected
Take comfort in knowing that your personal-use computer is protected as personal property under your homeowners insurance coverage if it is damaged or stolen in a covered risk.
Of course, the personal property coverage you’ve chosen has limits, and the value of your PC or laptop will count against that claim amount.
You can easily reach and surpass the policy limit on personal property if your home has been significantly damaged by an insured natural disaster. And if your home is broken into, some of your high-value possessions can quickly push you over the limit. Even if an isolated electrical surge destroys your laptop’s electronics, it may be covered if your policy allows it.
You should plan on paying your deductible
Your deductible will apply if you file a claim for a computer lost due to a covered risk.
After you’ve paid your deductible, you’ll be able to file a claim with your insurer for the computer’s worth, as well as any other belongings affected by the same claim, up to your policy maximum. You’re responsible for any further charges once your claim reaches the coverage limit.
The amount your insurance will pay for a stolen or damaged computer or laptop is determined by the type of coverage you select: actual cash value or replacement cost. An aging device will be valued significantly less than new in actual monetary value, forcing you to pay the gap.
However, if you insure your personal property for replacement cost, you may be able to recover the price you bought for the computer before depreciation, allowing you to replace it with a contemporary model.
Take into account the rising cost of laptop insurance
If the only item you’re claiming is a computer or laptop, think about how a claim may affect you in the future. If you have a $500 deductible, a claim for a $1,000 computer might seem justified, but you could lose your claims-free discount for three to five years, and your premiums could rise.
In the end, you may end up paying more than if you had simply purchased a new laptop altogether. Of course, the value of your machine plays a role.
You may require additional coverage for company property
Your home insurance policy may not cover you as well if you conduct a home-based business or carry your work laptop home with you. For company property, there may be lower coverage limitations or no coverage at all. If that’s the case, you’ll need to familiarize yourself with your policy’s coverage and restrictions.
One option is to purchase commercial insurance with its own set of restrictions for any business-related expenses. Another thing to think about is whether your insurer offers home-based business endorsements or riders to fill in any gaps in your coverage.
What does laptop insurance cover?
PC and laptop insurance covers the following: fire and lighning, explosions, vandalism, falling objects, freezing, theft, smoke, volcanic eruption, windstorm and hail, damage by aircraft or vehicle, and civil unrest.
Get enough laptop insurance coverage that you will require
You should determine how much coverage you require for your home laptop or PC, as well as for work equipment. It’s usually a good idea to list your goods, including model and serial numbers where applicable, as well as purchase price and receipts, to make choosing coverage and processing claims easier.