These days, most people own a number of electronic devices, and they’re likely the first possessions to consider when looking for insurance. While renters insurance covers all the electronics in your home, such as computers, smartphones and flat-screen TVs, you may want to opt for additional coverage for higher-end items. In this post we’ll explain the ins and outs of insuring some of your most valuable possessions.
Personal property coverage — also called contents coverage — protects everything you own within your rented space from theft or damage during an unexpected incident. This includes everything from your clothes, to your dishes, to your record collection and even your electronics. However, some insurers have limited coverage for expensive electronics so it’s a good idea to ask if your top-of-the-line camera is covered by your policy.
Personal property coverage can be particularly important if you’re a student. Even though your second-hand coffee table might not cost a lot to replace, you probably have several valuable electronics that are necessary for getting your schoolwork done.
If you ever need to make a claim, all you need to pay is the deductible and your policy will take care of the rest. Renters insurance deductibles can range from $500 to $1,000.
How much personal property coverage you need depends on how much your stuff is worth. Before you get a quote, take an inventory of your belongings, particularly the pricier items, and add up how much it would cost to replace everything in a worst-case scenario. Typical renters insurance policies offer between $30,000 and $100,000 in property coverage.
Renters insurance policies come with replacement cost coverage. This means that if your smartphone gets stolen during a break-in, or your laptop gets damaged in a fire, your policy will cover the cost of replacing those items with the same model or one of a similar quality.
For this reason, it’s important to be as detailed as possible with your personal belonging inventory — take note of brand names and models, or, better yet, take photos of all your devices and electronics.
Like we mentioned above, some policies have limited coverage for higher-end electronics. If your policy doesn’t cover the cost of replacing your vintage record player and custom-built speakers you might need additional coverage called floater insurance. This extra coverage can be used for any of your special or expensive items — like your grandma’s wedding ring or your video game console collection. If you’re not sure whether you need floater insurance, you can ask for more details when you get a quote.
Renters insurance gives you peace of mind, especially when it comes to the most expensive things you own. Electronics are a necessary part of life these days and you don’t want to miss a beat if your phone or laptop gets stolen. Learn more about renters insurance with our renters insurance tools and resources.