Large Electronic Items May Have Home Insurance Ramifications

12/21/2009

Insurance policies may not be the first thing on the mind of most consumers this holiday season, but for those who plan on bringing expensive electronic devices into their homes, it’s a necessary purchase.

According to the Insurance Information Institute, about 30 percent of the holiday gifts given this season will be electronic devices such as smart phones, personal digital assistants and flat screen television sets. The organization notes that the current economy makes it more important than ever to be sure that any such additions to the house are reflected in one's insurance policy.

"There is coverage for electronics under standard homeowners and renters insurance policies if these items are lost or damaged due to disasters listed in the policy such as fire, lightning or wind. These policies also cover you in the event someone breaks into your home and makes off with your new notebook computer," said the institute's Jeanne Salvatore.

However, homeowners are also advised to know whether their coverage completely covers electronics that may be lost to a power surge, and to also check whether computer equipment is fully covered against various contingencies. According to the I.I.I., additional coverage may need to be purchased to properly insure some items.

The group also points out that some insurers now offer specialized policies for electronics, and advises people to further protect themselves by keeping all receipts and adding any such purchases to their home inventory lists.

ShareThis