Over the weekend, a group of us from Dallas went camping. We spent Friday night at Eisenhower State Park in Denison before backpacking in a different area on Lake Texoma. After the tents were set up and everything was organized, we all sat around the fire talking. I took the opportunity to do an informal survey of our friends. I asked each person how many computers they have. I added to that printers, software, tablets and readers. What I didn’t ask about but could have been added to the list was gaming systems (Nintendo, Xbox, etc.), data storage, or hard drives.
What I found out was very interesting:
- Everyone in our group owned at least one computer.
- Most own multiple devices including two or three computers, one or more printers and some a tablet (iPad) and reader (Kindle or Nook).
I asked each person to approximate the value of all computer hardware, software, printers, tablets and readers. The total value for each person ranged from $2,000 to $3,500.
What do computers, tablets, readers, etc. have to do with insurance?
- All of these devices are considered personal property or contents on your home, condo, or renters policies.
- If something happens to one of them, water accidently is spilled on it, it’s stolen from your car, etc. it’s subject to your policy’s deductible.
- Most Texas home policies have a contents deductible of either $1,000 or 1%. Renter’s policies typically start at a lower amount such as $500 or $1,000.
- Losing one device would most likely be less than the policy deductible.
Most home, renter, and condo policies provide optional coverage for computers, printers, software, scanners, and gaming systems. These items can be scheduled much the same way an engagement ring or other piece of jewelry would be.  Cost varies by insurance company;
- On average it runs about $0.75 per $100 of coverage or $7.50 per $1,000.
- Deductibles tend to be either $50 or $100 for a covered loss.
- Many will extend this coverage to a cell phone and would cost less than what your cell provider will charge you on a monthly basis.
- Some companies exclude iPods or portable gaming systems. Confirm what’s covered and not covered prior to purchasing this option.
Share your questions, comments or experience with us, especially if you’ve had this coverage on your policy and had to use it. You can share on our comments section or on our Google+ or Facebook pages. We’ll all learn something!
