Electronic Insurance. What would we do if we didn’t have our smartphones, tablets, and laptop computers? It’s difficult to imagine living without them, and when they break, they can be expensive to fix or replace. This is where electronic insurance and extended warranties come in.
Electronics insurance covers damage to mobile devices that your homeowner’s insurance does not cover, such as when your device simply stops operating. This insurance covers electronic and electrical systems such as communication facilities, computers, and other electronic data processing equipment against perils such as fire, smoke, short-circuiting, malicious actions, and burglary.
Electronic Insurance
Laptops, PCs, iPads, and tablets are now commonplace in most households. Of course, no household can function well without a refrigerator, a washing machine, air conditioners, and so on. While we all take great care in addressing any electronic equipment demands, accidents and unforeseen situations do occur.
To be prepared for such losses, make sure that any necessary electronic equipment or gadgets are protected by an electronic insurance policy. After all, a malfunction or damage to any such item might burn a large hole in your wallet.
Electronic equipment is not only more prone to damage, but it is also more expensive and difficult to replace. Your electronic insurance policy should also cover the theft and burglary of electronic equipment. So, when purchasing home insurance, make sure that the policy covers accidental damage to your electrical and electronic devices.
How Electronic Insurance Works
Accidental spills and drops, for example, are typically not covered by a manufacturer’s warranty or a house insurance policy. You can file a claim to have your device repaired or replaced if it is damaged or malfunctioning. A deductible or service fee may be required. A quick word on terminology:
You may come across words like extended warranty, protection plan, and service contract when looking for electronics insurance. There are variances in how these products are controlled, but from the standpoint of the consumer, they are pretty similar. The name of the plan is less significant than what it covers and does not cover.
Individual gadgets, such as your phone or laptop, are typically covered by electronics insurance. Some providers, however, offer plans that include numerous devices, such as TVs, game consoles, and home theatre systems. Some options are available on a month-to-month basis. Others are only valid for a certain time, such as two or three years.
Do you Need Electronics Insurance?
Whether or not electronics insurance is a good investment is determined by a number of factors. The most important thing is how probable it is that you will need to fix your item. Phone insurance, for example, maybe a waste of money if your phone has a durable, waterproof case and you are careful with your belongings.
However, if you have little children with clumsy fingers who enjoy playing with your phone, purchasing insurance may be a wise decision.
Below are a few questions to think about when choosing a plan:
- Are you satisfied with the coverage provided by your house insurance or credit card?
- What forms of damage would your electronics insurance cover that your current policy does not?
- How much will the plan cost you, deductibles and service costs notwithstanding?
- Would it be a financial strain to have to fix or replace your equipment on the spur of the moment?
Where to Buy Electronics Insurance
You can often buy phone insurance through your wireless provider, while manufacturers like Apple and big-box stores like Best Buy sell extended warranties. But you may also want to check out third-party providers such as the ones below.
Akko
Akko offers two plans: one for only your phone and another for your phone plus up to 25 other goods like computers, tablets, cameras, video game consoles, and even power tools.
Cracked screens are covered under the plan.
- Spills and immersion
- Unintentional damage.
- Phones, other portable electronic gadgets, and televisions all have component failures.
- Lost phone (only customers who pay annually are covered).
Allstate Protection Plans
Allstate sells plans for individual items such as phones, laptops, tablets, TVs, cameras, and fitness trackers through a subsidiary named Square Trade. A family plan that covers up to four phones is also available. A basic plan includes mechanical and electrical failures as well as incidents such as falls and spills.
An upgraded plan includes identity theft recovery services, technical support, and one year of Allstate roadside assistance. Neither plan covers loss or theft. Monthly payments are made for phone plans. For most other gadgets, you specify how long your warranty will be valid, such as two or three years.
Upsie
Upsie offers individual extended warranties for a wide variety of items, including phones, laptops, tablets, and smart-home technology. Warranties are sold for a fixed period of time, such as two or three years. Upsie warranties don’t cover loss or theft, but they do pay for things like liquid damage, cracked screens, and battery failure, depending on the device.
Asurion
Asurion offers one phone protection package and another that covers almost every electronic device you own except your phone. This covers computers, televisions, tablets, smart speakers, routers, and other devices.
Phone plans include the following features:
- Screens with cracks.
- Failures and flaws
- Water harm.
- Replacement of the battery.
- Loss or theft.
- Accessory harm.
Asurion also offers a home+plan for additional devices that covers breakdowns caused by defects.
- Normal deterioration.
- Surges in power.
- Dust, heat, and humidity
- Drops and spills for portable electronics like laptops and wearables
Monthly payments are required for Asurion plans. On the company’s website, you may purchase the Home+ package as well as several phone plans. Other phone plans, on the other hand, maybe accessible only through your wireless carrier.
FAQs
What are the advantages of having electronic equipment insurance?
The plan, which is flexible insurance coverage, covers the majority of the damage or loss caused to the equipment by the following causes: Damaged equipment coverage: Replacement costs for insured property, such as freight, erection costs, and customs duty.
Is it possible to purchase insurance for electronics?
Insurance protects your gadgets beyond what the manufacturer’s warranty covers, ensuring that you are protected in the event of an accident or natural disaster. Progressive can insure practically any electronic equipment, including mobile and smartphones, laptops, and desktops.
What exactly is iPhone insurance?
Both AppleCare+ plans offer repair or replacement hardware for your iPhone. Depending on the plan you select, you will receive limitless incidences of accidental damage protection and up to two instances of theft or loss coverage each year. A service fee or deductible applies to each incident.
What are the advantages of having equipment insurance?
Equipment breakdown insurance not only covers equipment that has to be fixed or replaced, but it also covers losses caused by business disruption. For example, if critical equipment is broken, a company may not be able to resume operations immediately, which could have serious financial and reputational consequences.
Is it possible to insure a computer?
You certainly can. The cost of computer insurance varies depending on the firm and the level of coverage required. More expensive machines will cost more to insure. Progressive offers computer insurance packages with terms ranging from one to three years and deductibles beginning at $50. Compare this to the plans of other laptop insurers.
