When it comes to protecting your electronic devices, it's important to consider all of your options. Most phones, laptops, and other electronic devices come with a standard warranty that only covers manufacturer defects. However, electronic devices can be a major purchase, and it's reasonable to consider additional insurance for mobile phones, computers and laptops or electronics insurance to protect your new device. Whether electronic insurance is a good purchase depends on several factors.
The most important is the likelihood that you will need repairs for your item. Homeowner's or renter's insurance could cover your laptop and other electronics in the worst case scenario, such as acts of vandalism, fire, or theft, even if someone steals it from you when you and the laptop aren't at home. If you're looking for comprehensive coverage for your electronic devices, Lemonade (Opens in a new window) is one of many new, peer-to-peer, online-only, application-based insurance providers that offer reliable, high-quality electronic device insurance for cell phones and up to 25 of your most precious items. Standalone device insurance policies for electronic products are also available from companies like AKKO.
Business owners can also get protection for their electronic business equipment and other assets through a Business Owner Policy (BOP). This type of coverage is sometimes referred to as “electronic device insurance” or “device protection” and provides protection for mobile devices in situations where home insurance doesn't, such as when the device simply stops working. When considering an insurance policy for your electronics, it's important to understand the exceptions and limits that determine how much the insurance company will cover a claim. It's also important to remember that homeowner's or renter's insurance could cover your laptop and other electronics in the worst case scenario, such as acts of vandalism, fire, or theft.
