If you are in the market for a new computer this fall, it is important to know how it will be insured in case of theft or damage.
If you simply choose to insure it under your Renter’s or Homeowners insurance, then coverage will be based on the covered losses listed in your policy, and subject to your deductible.
Therefore, if your laptop cost $600, and your Renter’s insurance deductible is $500, you will be better off not filing a claim and purchasing a new computer on your own. Furthermore, the average Homeowners insurance deductible is $1,000. So in the example above, you wouldn’t be able to file a claim because you are responsible for the first $1,000 on your policy.
So what are you left to do? Consider insuring your new computer on a Personal Articles Floater, or in the case of some insurance companies, on a separate Personal Articles Policy.
Insuring a computer on a Personal Articles Floater/Policy will allow you to have broader coverage, and you can elect to have a zero dollar deductible. This means, that if your college roommate leaves your dorm or apartment door unlocked, and your computer is stolen, your insurance policy will cover the cost of replacing the computer without you having to pay a deductible (Given you are paid up on your premiums).
With the hassle that comes from a theft or a damaged computer, especially if you are a college student nearing completion of a 10-page research paper due tomorrow, you will appreciate not having to scrape up an extra $500 to pay a deductible or to buy a new computer.
So talk to your agent today to discuss the best way to insure your computer.