Is Laptop Insurance the Best Protection for Your Device?

TLTR: This article explores the importance of laptop insurance for people who use the device for their personal as well as professional needs.

Whether you use a PC laptop or an Apple MacBook, it’s a costly investment that you’re using to post on Facebook or to type your emails on. If it’s lost or stolen or is ruined by malware, replacing it will put a hell of a dent in your finances. So, with that in mind, is laptop insurance worth it?

Almost certainly, it is.

For most of us, buying a laptop is a necessary expense. According to Statista, as of February 2019, 74% of Americans owned a laptop or a desktop computer. Given how technology has become an integral part of our daily lives, the importance of computers is undeniable.

Unless you have enough disposable income to replace your damaged or stolen laptop, proper coverage is necessary. And even if you do have enough cash on hand to buy a new laptop, why pay all that money out of pocket if you don’t have to?

What Does Laptop Insurance Cover?

When you purchase a new laptop, the manufacturer provides you with a limited warranty. It only covers the software and technical glitches within a given period. The warranty does not cover theft or loss of the laptop.

Laptop insurance is like health insurance and life insurance for your device. Your laptop faces a wide variety of potential accidental damage and physical risks. Those that most policies cover are:

• Screen cracks
• Housing damage
• Internal part damage
• Display problems
• Water or liquid spills

To be certain of what a particular policy covers, it’s always best to consult with an insurance agent.

Another big problem is theft. Anyone can steal your laptop at any given time. It could happen where you live, a café, or on public transport. According to the University of Pittsburgh, a laptop has a 1-in-10 chance of being stolen. And 98% of stolen laptops are never recovered. A laptop insurance policy covers this risk, and you will usually either get a replacement for the one you lost, or money to purchase one yourself.

Keep in mind that there are factors that could prevent you from getting coverage for your laptop. Insurers might limit or not provide coverage for devices more than two or three years old, or they may limit the number of incidents that they would pay for annually.

How Much Does Laptop Insurance Cost?

The cost of your laptop insurance depends on the type of laptop you have and its value.  If you use a budget laptop, then insuring it isn’t going to cost you as much as, say, the latest MacBook. The price will also depend on the deductibles, type of coverage, and the specific protection that you choose.

Most individual policies range from $28 to a few hundred per year. People who choose long-term coverage tend to have lower annual premiums.

Cool Thing to Know!

Your homeowners insurance can protect your laptop against covered perils such as fire, theft, and natural disasters. Your computer falls under the personal property section of your policy, so the policy will cover it. But it’s better to double-check your insurance documents or speak with your provider to see if a personal articles floater endorsement is available or not.

Please note that this type of coverage is limited to the confines of your home. So, the moment you leave your house, the coverage isn’t applicable. So, it’s better to get an additional policy that covers potential risks for additional protection outside.

Are you thinking that your device needs laptop insurance? Find a local insurance agent to help you find the best coverage plan.

Did you find this blog helpful? Do let us know in the comments below!