Gadget insurance – what to look for in your home insurance policy
Providing you have contents insurance, you’re likely to be covered for damage to your gadgets in your home due to standard events like fire and theft. By adding accidental damage cover you can get cover for mishaps like dropping your phone down the toilet. You can then add personal possessions cover, which protects items like gadgets when take them outside your home.
But even if those are included, you need to check a few details. It’s never fun to sit down and read policy documents, but it’s worth the effort.
Here are a few things to look out for:
- What are the conditions? e.g. you’re not covered if you leave your gadget unattended, how quickly you need to report a theft and whether you are covered overseas
- What’s the excess? If your gadgets are cheap and your policy has a high excess, you might find making a claim isn’t worthwhile. Find out more about insurance excess
- What’s the single article limit? Some policies have a single article limit, meaning there’s a maximum payout you can get for an item – perhaps just a fraction of the cost of your top-of-the-range laptop or professional quality camera. For any of your gadgets worth more than this limit, then you’ll need to add them individually on your policy.
- What happens when a claim is made? If you damage your phone and need to claim, your insurance provider is likely to check first if your phone could be repaired. If it can’t they would look to replace the phone with a like-for-like equivalent. If that model no longer exists or cannot be sourced it may be you get an equivalent newer version. For example, if you have a 40” old CRT TV, one with the box at the back, this is likely to be replaced with a 40” HD LCD or plasma TV because that is what is readily available as an equivalent today. So see what your insurance provider's policy is for repair and replacement.
But don't forget, while your policy can get you a replacement gadget, it can't replace those precious photos, or important files so you should make sure you keep these backed up.
If your current policy doesn’t offer enough cover, don’t worry. When you compare home insurance with us, we’ll help you find a policy with the great gadget insurance cover for your needs.