Personal Insurance Update
Does anyone not have a smart phone, tablet, smart TV, laptop, E-book, or Kindle? In addition, many homes are being retrofitted with smart home technology for controlling heating and cooling systems, lights, and appliances. Most people have thousands of dollars tied up into all their electronic devices. It is a significant investment, and an investment that your homeowner’s or renter’s insurance can likely help you protect.
Just how are these devices covered? A homeowner’s policy or a renter’s policy typically includes personal property coverage to help protect the investment you have made in your possessions--and yes, that usually includes your electronics.
Renter’s Insurance and Your Devices
If you rent, and have renter’s insurance with coverage for your personal property, your devices will be covered per the terms of your specific policy. The landlord does not cover any of your personal property or personal liability.
Your homeowner’s insurance covers not only your home, but also the personal property inside. Your policy has a specific limit for personal property, so it is important to make sure you have enough to cover all your personal property. Most policies have some additional coverage for items while away from your home. It would be a good idea to check your policy for specific terms.
For coverage to apply, it must be considered a covered loss under your homeowner’s policy. Typically, flood damage is excluded. All losses will be subject to any deductibles on your policy. Make sure you have replacement cost coverage as well.