Today there are a lot of misinformation about consumer electronics and how it is rated by insurance companies. Most people who talk to me think that if they have homeowners or renters insurance, their consumer electronics will be covered.
But they usually find that their assumptions are not the case... at the time of the claim.
Of course, some property is covered. But if you have a loss and file a claim, there are some restrictions and exclusions that will surprise you.
Don't wait until the time of claim to understand this important report. Read this article carefully and make the right decisions for your story.
Twenty years ago, the use and ownership of consumer computers was not common. If you have a mobile phone, you can put it in a small wallet. There are very few home fax machines. Answering machines are common, but voicemail still exists. The scanner does not exist. Printers and copiers are large and expensive, and most families don't see them. If you are a rare person with satellite TV, this dish is about eight feet wide and sits in the backyard. Personal digital assistants [PDAs] and MP3 players have not yet been invented.
But today...
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Our family has:
o two desktop computers with monitors
o four laptops
o four printers
o A separate fax machine
o Combination fax, scanner, copier
o three TVs
o two video recorders
o Digital video camera with a tripod for our home studio
o An audio mixing board, a microphone, an amplifier, two external sound cards and a 500GB hard drive, all for our home studio
o two DVD players
o Two mobile phones, one smart phone, each with voicemail
o A satellite TV system with a 24-inch dish on the roof
o two Ipods
Your home may not have as many electronic products, but if you say it again, you may have more. The way consumer electronics prices have plummeted over the years has made it easier for more and more people to own ownership.
But... is it covered? Does your homeowner or renter insurance cover your electronics?
We operate three independent companies outside the home. Most of our electronics are used in our business.
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Do you have a family business? There are millions of home businesses... from family day care to service business to multi-level marketing. Many times, these entrepreneurs own office electronics for their home business. Do you use your computers and other electronic products for any home business? Even if you reply to an office email on your home computer, it may be considered "commercial use."
Does your homeowner policy cover these policies?
If they are related to the business, are they covered?
What happens if your desktop or laptop is stolen from home or away from home? Does your homeowner insurance policy cover theft?
If you carry your laptop through an airport anywhere in the US, your laptop will be at great risk of being stolen. [See below] What should I do if your laptop is stolen at the airport?
Here are the answers to these questions...
Maybe ! !
In the homeowner or rental policy, coverage C, the special limit for "property, residential commitment, mainly for commercial purposes" is $2,500. The policy states that "far property away from the residence contract that is primarily used for commercial purposes" has a $500 limit. Of course, you will pay the deductible first, so if your deductible is $500 or more, you will not be able to get any funds from the insurance company for this loss.
Is your personal electronic product covered? Yes, but only for the following dangers:
o fire or lighting
o storm or hail
o explosion
o Riots or civil unrest
o Airplane [not on the plane, but if the plane falls on your stuff.]
o Vehicle [not in the vehicle, but if the vehicle hits your thing.]
o smoking
o Intentional destruction or malicious mischief
o Theft
o Falling objects [things that fall on your things]
o Weight of ice, snow or sleet
o Accidental discharge or water or steam overflow
o Sudden and accidental tearing or bursting [steam or hot water system].
o freeze
o Sudden and accidental damage caused by artificially generated current
o volcano
As mentioned above, the policy limit for residential commercial electronics is $2,500.
If your laptop or other portable electronic device is stolen from your car, your car insurance will not be insured for theft.
Also keep in mind that under Coverage C, Contents, payments are based on actual cash value rather than replacement cost value. The only way to get an RCV is to add content replacement cost approvals to your strategy. It is not automatic and you must ask for it.
How about other types of damage your computer may be exposed to?
o Accidental damage, such as equipment falling, falling, liquid spillage and automatic collision.
o Water damage
These damages are not covered by your homeowner or renter policy.
So what about software and sensitive data in the computer? Is this also included?
not necessarily. In the Homeowners and Renters policy, under the "Uncovered Property" section, "commercial data, including data stored on computers and related equipment" is not included.
Therefore, to fully cover, you need to purchase some extra insurance.
Computer and personal electronic insurance
The world's leading computer and portable electronics insurance company is Safeware Insurance. They offer courses for students, individuals, small and large companies and schools at very competitive prices.
Let me take a few minutes to tell you about their excellent insurance products.
If you have:
o desktop or laptop
o Personal Digital Assistant [PDA]
o smartphone
o digital camera
o MP3 player
o Scanner / fax machine / copier
o printer
o DVD player
o flash drive
o server
oExternal hard drive
o Digital camera
o Peripherals connected to the computer via USB port, Firewire, PCMCIA or other input
All of these electronic products require special insurance not covered by the homeowner or rental policy.
Do you know these facts about computers?
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Accidental damage is the leading cause of loss
o Theft is the second biggest cause of loss
o Surge is the third
o Manufacturer's warranty does not protect your computer from accidental damage or theft
o Although some manufacturers do offer special "damage only" insurance, they do not provide insurance for theft, power surges, natural disasters or vandalism.
You already know how easy it is to replace an electronic product worth more than $2,500. There are full tables and laptops that cost more than $2,500 each time.
So, you have some choices:
1. Call your agent and purchase an endorsement of your personal property to add insurance to your homeowner or renter policy. The disadvantages of this option are: [a] many accreditations only pay for the actual cash value of the damaged property, not the replacement cost, and [b] do not include accidental damage, falls, falls, crack screens, liquid spills and automatic collisions, etc. Danger.
2. Purchase a custom policy to add special protection to your computer and other electronic products, such as:
o desktop
o laptops and laptops
o Personal Digital Assistant [PDA]
o smartphone
o digital camera
o MP3 player
o Scanner / fax machine / copier
o printer
o DVD player
o flash drive
o server
oExternal hard drive
o Digital camera
o Peripherals connected to the computer via USB port, Firewire, PCMCIA or other input
Safeware's policies include accidental damage, falls, drops, broken screens, liquid spills and automatic collisions.
Commercial electronics
In May 2006, thieves found a laptop from the data analysts of the Department of Veterans Affairs. The laptop contains sensitive personal information from more than 26 million veterans and military personnel. The FBI said the laptop was repossessed after an informant was "snobbed" and was motivated to receive a $50,000 reward.
But it's not just about organizing consumer data related to theft. Companies with employees who own laptops will naturally pay attention to the value of computers when they have a laptop company.
The Ponemon Institute, a privacy risk management think tank, released an extensive study in June 2008 entitled "Airport insecurity: Lost and lost laptops." They studied the security of laptops at 106 US airports and found out On average, 12,000 laptops at US airports are lost, lost or stolen! The worst recorded airport is Los Angeles International Airport, which is about 1,200 per week. The country's busiest airport, Hartsfield, Atlanta, ranks eighth with 450 people a week.
In addition, the study found that only 33% of laptops in the airport lost and found department were reclaimed! This means that the remaining 67% of unclaimed laptops are either sold or disposed of by the airport authorities. Can you imagine the amount of sensitive personal and business data contained in these laptops? No one knows what happens to these data, but all of them are at risk. The risk of identity theft is astronomical.
Safeware's policy covers commercial electronics to address hazards not covered by homeowners, renters or commercial insurance policies.
Education coverage
Students are at higher risk of injury or theft than ordinary adult users. Students encounter accidents when they put their belongings in lockers or accidentally collide in busy corridors, or when they run onto a bus. You can sprinkle a soft drink on the keyboard, or they can put the laptop bag somewhere and find it lost.
This policy protects students and computers from accidental damage, theft, vandalism, power surges and natural disasters anywhere...
Orignal From: Electronic Insurance - Does your insurance cover your electronics and computers?
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