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Insuring Your Gadgets

It is becoming more and more common for people to own and sometimes carry multiple electronic devices. From a new droid cellphone or iPhone to an Amazon Kindle, straight up through mobile computing tablets and all of the accessories that make them perform better and define who you are. Since the value of those gadgets is also relatively high, it is important that you insure them properly, or you could be forced to spend the money out of your own pocket to replace them yourself. Welcome to the 21st Century! The digital age is on us full force, and people no longer question the impact that technology has made on our daily lives. From reading your favorite bestsellers on a Nook to watching the morning news on an iPad, portable digital devices are with you from the time you dress until you end your day. And even in your home, digital surround sound, Blue-Ray players and your Mac or PC are all important investments. And even though you have homeowners or Renters insurance, insuring your gadgets may still be up in the air. Homeowners and Renters Insurance Homeowners insurance is a special type of policy designed to protect structures and personal property. If you rent property or live in a condo, your home insurance is still a homeowner's policy, only scaled to meet your needs more specifically. And covering your personal property is part of a standard home insurance policy, but there are limits that you need to be aware of. More and more companies are excluding some digital devices, but the primary concern is that the homeowners or renters policy will only protect your personal property up to a calculated amount. If you are robbed of several expensive items, your insurance could be depleted quickly. Your options will generally be to increase the limits of the policy, or purchase a separate policy for your digital equipment. In Your Car If you have comprehensive coverage on your automobile, your digital gadgets are probably protected while being transported. You should let your insurance provider know what kind of gadgets you carry regularly, and take steps to make them more secure, such as installing an electronic alarm system. As with your home insurance, though, unless you have made special arrangements you may find that the limits of your coverage only extend so far. Personal Property Insurance Personal property insurance is the way to get the most protection for your electronic gadgets. This type of policy can be written for one or multiple gadgets, giving you coverage for your digital equipment in a single policy. The key is to make sure that the policy is purchased to cover the value of all the items you want to be insured under the policy. In addition to the coverage value, make sure your policy specifically states that you have replacement coverage, or you could still end up paying a sizable portion of the costs out of pocket. Multiple Policies Give You Leverage One way to keep your insurance costs down is to use the same insurance company for multiple insurance policies. Statistics have shown that providing multiple lines of insurance for a single customer reduces the risks for the insurer, and those risks are converted into lower premiums offered to customers who have, for example, personal property, renters insurance and auto policies written by the same insurance company. Find your Discounts You may also qualify for many cheap renters insurance or homeowners insurance. Insurance discounts are available for everything from having a High credit score or a short CLUE report to discounts offered based on where you live, what you do for a living, and even your age and marital status. The more discounts you qualify for, the lower your premiums for all your insurance products can be.