The cost of personal computers and laptops make it necessary to have them insured.
You can even insure computer accessories and your cover depends on individual insurance packages.
Computer Insurance Coverage under Homeowners Policy
The majority of Insurance Companies insure laptops and personal computers under their Home Contents Package. Your personal computer will fall under home contents, while your laptop will generally resort under the Portable Possessions section of your Homeowners Policy.
Home contents insurance covers all loose contents of your home against fire, flood, loss and damage. It is wise to find out exactly what your particular policy covers before an unforeseen event occurs.
Replacement cost vs actual cash value
Replacement cost is usually at least 10 percent more expensive as compared to actual cash value. Keep in mind that the value of these items depreciate fast. The reimbursement you get on replacement cost is the same as the current cost of your computer and not the depreciated cost you would get with an actual cash value policy.
Rather insure your computer for replacement value. This means that you may have to specify a higher amount than the general amount allocated in a basic policy.
Laptop and portable computer insurance
Laptops are considered as portable possessions that can be taken with you when you step out of the house. As mentioned earlier, if the value of your laptop exceeds the amount specified in the policy, you will have to specify a more realistic amount to the insurer.
Always keep the receipt when you buy a laptop, personal computer or any valuable computer accessories.
Who needs Computer Insurance?
Students, business professionals, small business owners, schools and home users all need computer insurance. Another tip is to buy an extended warranty when you buy your new laptop or personal computer. This will cover you against mechanical breakdown, electrical failure and other eventualities specified in the warranty.