Protect Your Technology with These Insurance Policies

The advancements in technology have afforded the average consumer a plethora of modern conveniences. Many would agree, that going without certain technologies today, would prove difficult. Going a day without a smartphone, tablet, computer, television set, or gaming console would be challenging for some, and impossible for others. As these modern conveniences cost a lot to invest in and are also susceptible to being damaged or burglarized, adding a layer of protection such as insurance coverage makes the most sense.

Though an insurance policy won’t be able to prevent your devices from being stolen or damaged, it provides you with the financial support you’ll need to replace your technologies. Below, is a closer look at insurance policies worth considering if you rely heavily on digital devices.

 

Property Insurance
Property insurance such as renters insurance for your apartment or homeowners insurance for your house provides financial protection for all of your personal belongings. For a low monthly payment, insurance coverage kicks in for belongings like your phone, computer, tablet, gaming console, television, and other tech gadgets you might have in the home should your property be burglarized or damaged in any way (such as a fire, flood, or natural disaster). To ensure that you get the most money back for your devices, it is imperative to provide a detailed list of your belongings including the year it was made, the model, and, if possible, the price you paid for it. This provides insurers with a baseline to use when paying out your claim.

Mobile Device Insurance
Tech gadgets like smartphones are often with you wherever you are. Essentially, should something happen to your phone while you’re outside of your home, your property insurance will not cover the cost of repairing or replacing the device. Not all smartphones are durable, and there’s nothing worse than dropping your phone by accident only to find it damaged. Therefore, it is beneficial to consider a mobile phone insurance policy. Often offered by your cell phone carrier, the insurance can average a few dollars per month. Decent quality policies will include coverage for repairs and replacements and offer loaner phones while you wait for yours to arrive. The extra $5 or $10 per month you’ll pay your cell phone bill beats having to pay $500+ to replace a phone out of pocket.

Equipment Protection Plans
Purchases of big-ticket items like televisions, computers, laptops, and tablets are common. However, because of their expense, popularity, and fragility, the likelihood of them being stolen or damaged is much higher and the out of pocket costs would multiply. Therefore, most stores offer equipment protection plans or in addition to whatever warranties or protections are offered by the manufacturer. Most will cost an additional price to cover the annual rate and include covering the cost of repairs, lost, or stolen devices.

Your tech gadgets mean a lot to you. Without them, doing some of the things you need and want to do can be challenging. Unfortunately, accidents happen, and things get stolen all the time. Rather than be reactive and have to pay thousands of dollars out of pocket, it is best to be proactive and invest in insurance. If you do not currently have the three insurance policies or protection plans in place, contact your service provider or do some online research to find the best policy possible.

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