Are Electronics Covered By Renter’s Insurance?

Computers, TVs, iPads and other devices can quickly exceed coverage limits if you’re not careful

There’s a good chance you’re reading this right now on a $1,000 laptop, a $500 iPad or a $200 iPhone or Android device. How confident are you that your insurance would cover it if someone stole it or a power surge fried it?

Policyholders should check to make sure their renter’s insurance policy will pay to replace all of their electronics. (Photo courtesy of Qwerty1219, via Wikimedia Commons)

Coverage limits can dictate the fate of claims on electronics covered by renter’s insurance. Many standard policies limit claims on electronics to $2,500, which might sound like a lot until you start adding up the price tags for your phone, computers, television, Xbox and stereo equipment. If a thief wipes out your apartment — and valuable, portable, easily sellable electronics are a popular target — you could easily break through that $2,500 cap and be left without the money to replace all your devices.

Besides, some policies use “actual cash value” rather than “replacement value” to determine your coverage amount. If you bought a MacBook Pro two years ago, cash value insurance will pay out what the laptop is worth now, not new.

For many renters, standard policies provide all the coverage they need. If you have plenty of electronics, though, a rider that supplements your coverage is worth considering. An extra $10,000 in coverage can cost as little as $100 a year. In exchange, you won’t have to fret over whether to replace your iPad or your Xbox.

Gotham Brokerage has helped New York residents buy insurance policies for 50 years. We specialize in getting people excellent coverage quickly. We can help you understand whether you need extra coverage for all of your gizmos, your jewelry or your grandma’s china.

To get started, fill out our quote request form or give us a call at the number above.

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