The life of the modern-day man revolves around electronic gadgets. In the past, having a budget for a device was not a basic necessity, but over time this has changed. With constant improvement in technology, these items have become relevant in our lives, increasing demand and price. For this reason, if your smartphone, laptop, tablet, smart watch, etc., gets stolen, breaks or chips, only an insurance cover will save you from the resulting damages. While some people have directly secured insurance for their electronics, others may be having this insurance without their knowledge.
Home insurance is among the insurance policy covers that at times factor in electronics. Therefore, it is highly likely that most people are not aware that some of their electronics are already covered within home content insurance policies. It is essential to be mindful that it is not all the time that these types of policies cover electronics. It would be best not to assume that your electronics are covered. For certainty, it is advisable to talk to your home content insurance provider to clarify the items covered. This way, you will avoid abrupt costs that might arise if an electronic break or is stolen.
What Electronics Does Home Content Insurance Cover?
The good news, most home content insurance covers factors in your electronics. Some of the items that are likely to be covered are tablets, televisions, home theatre systems, computers e.t.c. One of the requirements for these items to be covered is that they have to be within the home. So what happens to those electronics that are likely to exist outside the home, like smartphones and smartwatches? Once you leave home with these electronics, the home content insurance policy ceases to cover them.
Your mobile electronics are at a high risk of destruction outside the home. For example, your smartphone is highly likely to be stolen outside the home rather than within the home. Getting another insurance cover for your mobile electronics is one of the ways of securing yourself and your gadgets. Also, some insurers have an option for you to upgrade your existing home content insurance policy so that you can cover both mobile and immobile electronics.
When upgrading your home content insurance cover, informing the insurer of the exact price of a gadget like a phone is very important. Gone are the days when phones used to be of a standard price. With the upgrade in technology, most smartphones are costly. Instead of letting the insurer place a random value on such a gadget, an actual or estimated price can help them to advise you on the right policy for you.
How do I Include Electronics in my Home Content Insurance Policy?
To include all electronics in your home content insurance policy, you need to first talk to your insurer about it. A home content insurance policy covering both mobile and immobile electronics has a specific feature that caters to all electronics. The feature is known as an all risks possession feature. With this feature, you can be content that your smartphones are duly covered, just like your immobile electronics. Therefore informing your insurer guarantees you that the policy cover you get has the required feature.
The all risks possession feature covers other items like jewelry when taken outside the home. Suppose you have been scared of wearing your gold bracelet outside the home. This type of cover gives you the freedom to enjoy your valued items within and outside the home. An additional cost might arise with this cover, but it is a small price to pay compared to the actual cost of your items.
Should I Get a New All Risks Insurance Policy For my New Electronic?
All risks insurance cover has their advantages and disadvantages. If you are prone to losing or breaking your gadgets often, it means you will have to make a claim more than once each year. In this case, your insurer will require that your premium be increased. The reason for the premium increase is that if you lose the replaced gadget, your insurer will still be required to compensate you for the loss. In this scenario, a new gadget equals more money going towards premiums.
Get a new policy for your entire home content to avoid incurring more costs on your home content insurance policy. Your insurer can always guide you on the best available options for the type and value of costs of the electronics in your possession.
When seeking to secure a home content insurance policy, you should conduct your due diligence on the available insurers. Working with a company that prioritizes its customers will help you get a policy that fits your needs. With the right insurer, you can be certain that information like the cost of the premiums and the electronics covered by the policy is at your disposal.
We hope you found this blog post Do Home Content Insurance Policies Cover Electronic Gadgets? useful. Be sure to check out our post Top 8 Essentials for Your Complete Office Security for more great tips!
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