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Renters and homeowners may be wondering if they can forego purchasing a top tier cell phone insurance plan, particularly if they already have renters or homeowners insurance.
Renters insurance plans will offer coverage to your smartphone under certain and extremely specific circumstances. The same can be true if you are wondering if homeowners insurance covers cell phones.
If your smartphone is stolen from your home, it will likely be covered by a renters or homeowners insurance plan.
There are a number of instances in which a renters or homeowners insurance plan will offer coverage to a smartphone. It can be useful to know exactly what one of these plans will cover when it comes to a smartphone and a related gadget. Just in the same way you should know if your phone insurance covers water damage, suppose you are using one. If your plan doesn’t, you can check out our guide on how to fix a water-damaged phone. However, if you received a new phone from your claim, it would be smart to save your phone’s International Mobile Equipment Identity (IMEI number. If you don’t know where that is, you can check our guide on how to find the IMEI on a phone.
If your smartphone is stolen from your home, it will likely be covered by a renters or homeowners insurance plan. These plans can even extend to travel, as many insurance plans offer coverage for theft that occurs while you are not at home. For instance, if your hotel room was broken into and your phone was stolen, a renters insurance plan could actually cover that scenario. Be sure to read the fine print of your specific plan, as not all insurance carriers will offer coverage during travel. Most plans, for instance, will cover stolen phones but not lost phones.
Renters and homeowners insurance plans typically offer extended coverage in the event of a major natural disaster, such as a hurricane.
Renters and homeowners insurance plans typically offer extended coverage in the event of a major natural disaster, such as a hurricane. In other words, if hurricane-force winds blow your window out and your smartphone is damaged in the process, the insurance plan should pay for the repairs or a replacement. It is of paramount importance to be aware of which types of disasters your insurance plan covers, as many will not offer coverage for floods and some other common types of mass tragedies.
Some renters and homeowners insurance plans may offer a smartphone-specific rider that allows for coverage in the event of damage and malfunction, such as cracked screens. If your plan has one such clause, that would nearly negate any possible need for a dedicated smartphone insurance plan. However, if it does not have such a plan, opting for a dedicated plan such as Verizon cover is a good option. Still, you have to know if Verizon insurance covers the cracked screen or any other damage. The number and amount of benefits offered will vary from plan to plan, and it is important to make a distinction for smartphones primarily used for business tasks. Homeowner’s and renter’s insurance plans will not typically allow coverage for items primarily used for business.
Be sure to read the fine print of your specific plan, as not all insurance carriers will offer coverage during travel.
What’s the difference between mobile phone insurance and renters insurance?
Renters insurance pertains to all items under the purview of a rented home, while mobile phone insurance pertains to just a smartphone or tablet.
Which phone insurance plan is worth getting?
This depends on a number of variables, including personal preference, what type of phone you have, and the type of coverage on offer.
How much renters insurance do I need?
Renters’ insurance plans allow the consumer to set the benefit limit amount, with a higher number translating to an increased monthly premium. Set this benefit limit amount to cover the items you are concerned about.
STAT: Renters insurance premiums fell 2.7 percent in 2017. (source)