Is your smartphone covered by home insurance?

It’s not just in the business world. Technology has also become an important part of our personal lives, from the trusty smartphone to the entertaining smart TV, and everything smart in between. Expensive already, these devices seem to become must-haves because of all the data we put inside.

For items of such value, it seems to make a lot of sense for them to have an insurance policy that covers them. After all, in the event of theft or damage, the costs that this would imply would be considerable.

If you’re already paying a premium on an owner or renter plan, you can probably rest easy! The standard coverage that is already in place should protect your interests regarding your devices! In fact, barring any exclusions and limitations, they are likely included in the personal property portion of the policy.

Question: In a nutshell, what does the standard homeowners insurance policy cover?

Answer: Your standard policy does not cover just the actual structure of your home. It also covers personal items inside your home, even transportable ones (like your iPhone). However, for your information, be sure to review the terms of your policy. Check the limitations in the Coverage C part to verify everything that is actually protected by the insurance company.

Question: So if I verify this, will I be covered for related loss or damage?

Answer: It all depends on your deductible. If a thief makes off with your technology device worth $350 and you have a $500 deductible, your insurance will only kick in once you’ve met the $500 deductible. If you have not already paid that amount out-of-pocket for losses, you will not receive any payment for such a loss.

Question: As far as a renter is concerned, does the homeowner’s insurance not cover any personal property inside the house?

Answer: Oh! Now you are highlighting a common mistake among many, many renters. The simple and clear answer is a NO in bold and underlined. But let me explain more. Homeowner’s insurance protects the building itself and not the contents within. To be covered, the renter must purchase their own policy, and by the way, this is usually not a very expensive investment. Renters coverage, like home insurance, must protect smartphones and similar technological devices from general liability and related risks, depending on the terms of the policy.