Many homes today have several types of electronics. You may have a big screen TV. You may have one or more laptops, computers, tablets, and even a smartphone. Add to this other gear you own, such as gaming systems and speakers, and it can add up very quickly.
As a renter, it is important to consider how to properly protect these valuable items from loss. Your renters insurance can help to cover losses in some situations. However, there are a few things to know.
When Does Renters Insurance Cover the Loss of Electronics?
Renters insurance may provide payouts if you lose electronics, depending on what occurred. It does not cover loss related to poor maintenance or normal wear and tear. It is not likely to cover the value of your TV, for example, if it gets old and you wish to replace it.
Renters insurance will usually cover loss from fires, theft, and vandalism. Generally, this insurance does not cover damage you cause yourself. Insurance likely won't honor a claim on a laptop that becomes unusable because you recklessly spilled a drink on it.
How Much Does a Renters Insurance Plan Provide?
This is where your policy needs special attention. Renters insurance will provide up to a specific amount of coverage for your possessions. It will only cover damage up to that amount.
If your possessions have a value higher than this limit, your claim will be lower than that value. However, you can add supplements onto your existing renters insurance policy. These supplemental plans add a higher level of coverage. If you own numerous highly valuable electronics, consider the additional financial protection.
It is also wise to consider creating a list of each of the items you own and listing their value. If you have receipts, keep those as well. This helps prove you have ownership of the item.
Additionally, when comparing policy options, consider replacement value and actual cash value.
- Replacement value will pay up to the amount necessary to replace your lost item with a new version comparable to the original.
- Actual cash value pays out just what your item is worth now. Most electronics depreciate quickly. You claim may not cover full replacement.
Renters insurance plans can help cover your new electronics. It is important to scrutinize the details to ensure you buy enough protection to safeguard those items.
We are here to help you make sure you have enough coverage to meet your possessions' values. If you want to learn more about Dallas renters insurance options, visit our website. You can also call us for a quote at 888-751-7511.