A policyholder that lost his iPhone unfortunately found out that a homeowners’ policy usually does not cover losing or misplacing an iPhone (or any electronic device). Contrary to what the Apple and ATT representatives said in comfort when the iPhone was reported missing, it is NOT covered most the time if you lose, misplace or break it.
Homeowners’ policies do cover electronic devices (including the iPhone) for such losses as fire, theft—but just losing or misplacing an iPhone is not covered.
If the iPhone was covered under one of the above perils the deductible (usually around $500 to $1,000) would apply.
So how can we go about getting electronic devices covered without having to first meet a deductible? Insurance for electronic devices can be added to the homeowners’ policy like we do for jewelry, cameras, coin collections and firearms. The cost usually is approximately between $30 and $50 per year and varies per company. Most all of our partner companies allow us to individually list and insure these electronic devices. Once an item is scheduled on a homeowners’ policy no deductible will apply to the loss.
One of our partner companies, State Auto, offers and endorsement to the homeowners’ policy that provides this coverage, plus many other coverages. Their coverage has no deductible and no hassle, plus it doesn’t go against your homeowners’ insurance if you have a claim. State Auto’s “Prime of Life” coverage is free for Auto & Home customers over the age of 45 and is available for approximately $60 a year ($5 a month) for those under 45. All of your phones would be covered with this, so if you are currently paying for cell phone coverage with your wireless provider this could be potential savings for you.
Did you know:
- 35% of Americans owned a SmartPhone in 2011. Just 4 years later that figure is now 71%.
- 92% of Americans have a cell phone of some kind… including 75% of people over the age of 65.
- in 2005 only 6% of people aged 50-64 used Social Media. Just 10 years later it’s now 70%.
Please contact us if you would like more information about scheduling coverage for your electronic equipment.