Today, more Americans than ever have high-value computers, laptops, smartphones and other electronics in their homes. Many of these products are expensive not only to purchase, but also to replace if they’re damaged or lost. Yet, theft, vandalism and even fire can lead to a loss of these valuables. Are they protected under your home insurance policy?
What Your Home Insurance Covers
There's good news for many people. Many of these assets are covered under a traditional property insurance plan for your home. They are considered assets and possessions as long as they are not used for business purposes and are in your home at the time of the event. This may include:
- Your computers
- Your laptop
- Most electronics such as TVs and stereo systems
- Your sound system
- Your tablet computers
It is important to fully document what you own, including photos. Be sure you've listed them on your policy when needed.
Keeping this in mind, you must also realize there is a limit. Let's say your computer shorts out due to an electrical incident that is covered under your home insurance plan. Most policies will have a specific dollar amount for these types of claims. The amount of that limit depends on many factors, specifically your deductible and your coverage limit.
How to Protect High-End Valuables
There's no reason to put these valuables at risk, though. You can purchase additional coverage to protect the value of these items. In situations where you have a significant amount of computer equipment or very expensive electronics, it is best to get an additional policy that extends your coverage limit to include these items. Do the same thing for jewelry, collectibles or fine art you own that exceeds the maximum coverage value of your policy.
Homeowners should take the time to review their policy on a regular basis. If you purchase any computer system or any other electronic item that is over $100 or more in value, it may be important to determine if you need to adjust your home insurance policy to match that new investment. Most very expensive computer systems should be specifically listed with your agency to ensure they are comprehensively protected from loss. Doing this helps ensure that, if a covered event happens, you do not have to worry about your limits.
Protect your valuables today. Call Insurance Planning Service at (734) 421-9900 for more information on Michigan home insurance.