Is Your Smartphone Covered by Homeowners Insurance?

It’s not just in the business world. Technology has become so much a part of our personal lives as well – from the trusty smartphone to the entertaining smart TV – and every smart thing in between. Expensive in their own right, these gadgets seem to become indispensable items due to all the data we place inside of them.

For items of such value, it seems to make perfect sense that they should have an insurance policy that includes them. After all, in the event of a theft or damaging event, the involved costs would be considerable.

If you already are paying a premium on a homeowners or renters plan, you probably can rest assured! The standard coverage that is already in place should protect your interest in regard to your devices! In fact, save for exclusions and limitations, they likely are included in the personal property part of the policy.

Question: In a nutshell, what does the standard Homeowners Insurance policy cover?

Answer: Your standard policy does not just cover the actual structure of your home. It also covers personal items within your home – even transportable ones (like your iPhone). For your information, though, be sure to look over the terms of your policy. Check the limitations in the Coverage C portion to verify all that is actually protected by the underwriting company.

Question: So, if I verify this, I will be covered in the event of related losses or damages?

Answer: It all depends on your deductible. Should a thief make off with your technological device worth $350 and you have a $500 deductible, your insurance only kicks in once you have met the $500 deductible. If you haven’t yet paid that sum out of the pocket for losses, you will not receive any payout for a loss of this kind.

Question: As far as a renter goes, doesn’t the landlord’s insurance cover any personal property within the home?

Answer: Ah! Now you are highlighting a common misconception among many, many renters. The simple clear cut answer is a bold, underscored NO! But let me explain further. Landlord Insurance protects the building itself and not the contents within it. In order to be covered, a renter must purchase his own policy – and by the way, that usually is not a very expensive investment. The Renters coverage, like home insurance, should shield smartphones and similar technological devices from general liability and related risks, according to terms of the policy.

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