Get the right amount of coverage you need to protect your valuables with Lemonade Home.
Most people have at least 1 or 2 important and expensive electronic devices in our homes. If you have homeowners insurance, you may not give these items a second thought. They’re your personal belongings, so of course, they should be covered by your policy, right?
Electronics insurance can be tricky though, and there are some cases where you might need an additional policy to fully cover your electronics and gadgets. Here’s what you need to know.
Key Points
- Renters and homeowners insurance policies offer some coverage for electronic devices
- There are coverage limits on renters and homeowners insurance policies which the value of your devices might exceed
- Several insurance providers offer additional coverage to help you fully cover your belongings, including electronics
Wondering where to turn for electronics insurance, laptop insurance and more? We’ve got you covered. Here are some of the best gadget and electronics insurance providers to consider.
1. AKKO
AKKO is a relatively new company, but it’s quickly risen to the top as a good option for electronics insurance. The company was founded in 2019 and started by offering coverage for college students. There are only 2 plan options to choose from, but this makes the process simple and straightforward while still offering the coverage you need.
AKKO has a phone-only plan to protect your phone against damage, breakdowns and theft. This coverage can be applied to any phone, and it comes with a deductible between $29 to $99. You’ll have unlimited claims under this plan as well as coverage for parts/battery failure and the replacement cost of your phone.
The phone-only plan is available for $5 to $12 per month. The other plan comes at only a slightly-higher price tag of $15 per month. It is the Everything Protected plan and covers your phone as well as other electronics and gadgets. You can cover up to 25 items total under this plan, and best of all, you can swap out your items at any time.
The deductible for this plan is $29 to $99 and there is a $2,000 per claim limit. There is no annual limit on coverage, and you’ll receive unlimited claims with this plan.
2. Lemonade Home Extra Coverage
Lemonade Home offers its Extra Coverage to go above and beyond the coverages of your home insurance policy. This is a good option if you only have a few gadgets and electronics to worry about. It can also be a good option if you’re starting your collection of gadgets and electronics because you can add coverage for additional items throughout your policy.
With Lemonade Home Extra Coverage, you’ll receive coverage for your items against accidental losses and accidental physical damage. There is a $0 deductible on claims for items that are covered by the policy.
The enrollment process is fairly straightforward, as well. You can enroll in Extra Coverage when purchasing or renewing your Lemonade Home policy. Or you can add it later if you need it.
To sign up for this coverage, you’ll need to submit a photo of your items as well as a photo of a receipt or an appraisal from within the last 5 years. The underwriting team will then review your request for coverage and determine whether your items are eligible and the appropriate amount of coverage.
3. State Farm
Whether you rent or own your home, State Farm is well known for protecting your property. But, as we’ve discovered, a standard renters or homeowners policy doesn’t always cover everything you need it to. That’s why State Farm offers personal article insurance to help you bridge the gap. It can be used to cover several types of items, including jewelry, fine art, sports equipment and electronics.
One of the greatest benefits of State Farm is that there are dedicated agents for you to speak with and work with. This can be especially useful if you’re unsure about the types of coverage you need.
The agent can walk you through the process of building your home inventory and tallying up the value of your electronics. Then your agent can use this information to help you find the policy and coverage amount that will work best for you.
4. Allstate
Another insurance giant that you may want to consider is Allstate. Allstate is the parent company of SquareTrade, a provider of protection and warranty services for a variety of gadgets and electronics.
When you choose this provider, you’ll receive the benefits of Allstate’s insurance experience in addition to SquareTrade’s knowledge of electronics and gadgets coverage. SquareTrade can cover smartphones, iPads, laptops, TVs and even home appliances. For most items, you can purchase a protection plan for a period of years and the cost is based on the cost of your item.
SquareTrade’s protection for phones is offered as either a single policy at $8.99 per month or a $19.99 per month family plan that covers up to 4 phones. It covers cracked screens, liquid damage, speaker or audio failure, touchscreen failure, battery failure and charging port failure.
You can protect any phone, even if you’ve had it for a while. When you get a new phone or switch carriers, your coverage will automatically transfer to the new phone or carrier. You can opt for an in-home repair, repair at the Genius Bar for Apple devices, repair at a local shop or a mail-in repair. For mail-in repairs, SquareTrade guarantees that it will fix your phone within 2 days of receiving it.
5. Progressive
Progressive partners with Worth Ave. Group for electronics coverage. This includes phone coverage, as well as laptop and computer coverage.
This is a great opportunity to buy electronic and gadgets insurance from a leader in the field while also getting the benefits of discounts from Progressive. You can review the information and get quotes right from Progressive’s website, but Progressive does not assume responsibility for the policies issued or coverage selections.
A computer insurance policy covers theft and vandalism to help give you peace of mind when you’re traveling with your laptop. It also covers water damage, fire damage, damage from dropping or stepping on your laptop and damage from power surges due to lightning.
Unlike some other electronics insurance policies, you can purchase laptop insurance anytime no matter how long you’ve had your computer. Progressive also offers other electronics insurance coverages, including coverage for smartphones, tablets, cameras and gaming systems.
Why is It Important to Insure Electronics and Gadgets?
The simple answer is that electronics and gadgets insurance is much more affordable than replacing or repairing your electronics if they are damaged or destroyed.
Types of Electronics Insurance
Electronics is a broad term, so it may not be clear what electronics insurance can offer. Each insurance provider has its list of electronics that it can provide coverage for.
Here are just some items that you may want to insure:
- Smartphones
- Tablets
- TVs
- Laptops and other personal computers
- Gaming systems
- Appliances with smart systems
Does My Homeowners or Renters Policy Cover My Electronics?
Standard renters and homeowners insurance policies can cover electronics, but only up to a certain point. Your renters or homeowners policy will come with a coverage limit, and expensive devices could exceed that limit. These types of policies also only cover certain perils.
Electronics insurance policies are designed to protect your electronics from other possibilities. This can include accidental water damage from spilling your morning coffee on your computer, dropping your phone and shattering the screen and more.
What It Covers
A standard renters or homeowners policy will protect your belongings against damages due to unforeseen circumstances such as fire, some weather disasters and theft. Coverage amounts can vary, but typically a standard homeowners insurance policy will cover up to 50% of the coverage limits of your home. For example, if your policy has $300,000 of coverage for the home structure, you might have up to $150,000 of personal property protection.
What It Doesn’t Cover
A standard homeowners insurance policy will only cover named perils. Typically, coverage is excluded for natural wear and tear, earthquakes, floods, rodent and pet damage, mold, corrosion, pressure from tree roots and natural changes in the foundation.
Do I Need Electronics Insurance?
Electronics insurance might be a good option if you have a lot of expensive electronic devices in your home. It can also be a good idea if you want protection for your phone or laptop in cases where a standard homeowners policy might not apply.
Just like with any insurance policy, you should shop around and compare quotes to find the right policy for your needs.
Frequently Asked Questions
Do I need insurance for my gadgets if they are covered by a warranty?
You might. Warranties typically only cover specific issues such as hardware or software failures. Insurance coverage can help you in cases of theft and accidental damage as well.
How much coverage do I need?
This will depend on the value of the items that you are insuring. Most insurers can help you figure out what you need if you tell them the cost of the items you want to insure.
About Ashley Hart
Ashley Hart is a personal finance writer passionate about helping people feel empowered to take control of their finances. She has more than eight years of writing experience, focused on insurance.