How often have you misplaced or lost your smart phone? If you are like the other 224 million people in the US, it is fairly frequently. Most of us today cannot live without our smart phones. From the moment, we get up in the morning, most of us have our smart phones close at hand. What would happen if you could not find your smart phone? Panic would probably ensue. Contrary to advice given by the AT&T or Apple representatives, your homeowner’s or renter’s policy usually does not cover loss, breakage or misplacing your smart phone.
Your homeowner’s policy does cover your smart phone for damages, such as fire and theft but not for losing or misplacing your phone. Even if you had a covered loss, your loss will be subject to the deductible of your insurance (usually $500-$2500). This deductible when applied, would give you very little money to replace your smart phone.
Coverage for your smart phone can be obtained by adding a special rider to your homeowner’s or renter’s policy. Your smart phone would be scheduled to your homeowner’s or renter’s policy the same way we can add jewelry, collectibles, cameras, firearms or many other items. The cost for this rider is usually $30-$50 depending on your company. Most of our insurance companies will allow for individually listing your cell phone and other electronic devices (ex. iPads). Once your devices are scheduled to your policy, you will not have a deductible applied to your covered loss.
We at Brownell Insurance would be glad to look over your homeowner’s or renter’s insurance. We can advise you as to the cost to schedule your electronic devices. Several of our companies also can provide you with a mobile app to do a home inventory of your belongings. These free apps for your smart phone will provide you guidance in creating an inventory of your personal belongings and their value by using photos, copying your receipts and much more. This inventory app will help ensure you are properly reimbursed at the time of your loss and expedite your claim.
Information for this blog came from Travelers, Safeco and Statista – The statistics portal