Renters insurance is a type of insurance policy that helps individuals who rent their homes get coverage in the case of an accident, theft, or intentional damage, such as a fire, or a burglary. Since most people own at least a few valuable electronic items – such as laptops, televisions, and more – renters insurance will become a source of security, knowing that the value of these items is protected. There’s one particular thing you may be wondering when you’re thinking of choosing your renters insurance policy: does renters insurance cover electronics? Most renters insurance policies do cover a renter’s electronic belongings, and in this article, we what types of electronics are typically covered, what types of situations warrant coverage, and how much this coverage typically costs for a renter. Let’s take a look at the nuances of renters insurance coverage for personal items, such as electronics.
What Types of Electronics Are Covered?
So, when it comes to coverage for your electronics in your renters insurance plan, most of your electronics are more than likely to be covered. Televisions, smartphones, video games, computers, laptops, stereos, and more are all typically covered. But, the coverage of these items all depends on how they were damaged and what value they held to begin with. In the case of an item needing replaced, the insurer can provide the actual cash value or replacement cost value. In the event that your insurance company provides the replacement cost value, you will receive compensation equal to the cost of buying the item new. In the event that your insurance company provides the actual cash value, you will receive compensation equal to what you originally purchased it for. In both cases, you still have to pay a deductible.
When Does Electronics Coverage Come Into Play?
There are many nuances to renters insurance, and these nuances establish how and when your personal items get covered. Perils that can occur and damage your home include unforeseen things like fires and windstorms. Other perils include burglaries and other forms of intentional harm. So, if someone breaks into your home and steals your laptop, then you should be able to claim that incident under your renters insurance plan. Or, if you experience a fire in your home, and it damages your television and smartphone, then you should be able to claim those damages as well. But, if you break your own electronics device out of your own negligence, then you won’t be able to get it covered. Other electronics that are not covered by renters insurance include illegal items, or items that are owned by a business.
Renters Insurance Costs
There are different costs to consider when it comes to renters insurance plans. Most renters insurance plans cost around $15 per month ($180 annually). Outside of these general costs, you should also consider the cost of the deductible. Deductibles can cost anywhere from $500 to $1,000 when you file a claim. There are also limits of liability. A limit of liability essentially means that there is only a certain amount of coverage available to you. Make sure to consult your agent or check the renters insurance plan to know what exactly is covered and what your limit of liability looks like in detail. Electronic device insurance is one of the most important things to account for when purchasing renters insurance. Whether you operate out of a home office or simply have valuable entertainment electronics you want to protect, make sure you consider a renters insurance policy that suits you.