Laptops are fast outnumbering desktops today because of the convenience of using and carrying them. Generally this benefits comes with a cost, most laptops are significantly more expensive than desktops. Thus it is no surprise that a laptop owner regrets the loss of his laptop. It is not only monetary loss, but also the loss of personal documents and information if their laptops get damaged, lost or stolen.
Further, laptops frequently get damaged while travel and falls and a single damage can cost dearly to the owner. This is where a laptop insurance comes to the rescue. Laptop insurance protects the laptops from damages, loss and thefts. The extent of coverage depends upon the type of laptop, premium amount and insurers’ policy regulations. This insurance is a must buy for travelers as well as continuous laptop users and it can be purchased from national or international insurance company.
A Laptop insurance is a special insurance which is purchased to safeguard laptops and other related peripherals against damage, theft or loss. These peripherals may include printers, software applications and other external components. Laptop owners should know that most of the laptop insurers have very strict guidelines about the inclusions plus exclusions in the coverage aspects.
Benefits of Laptop Insurance
Many laptop owners do not consider the idea of insuring their laptops necessary. They need to know that a lot of unexpected things and mishaps can happen to their laptops which in turn lead to greater expenditure.
Major benefits of laptop insurance include protection against accidental damage, theft, liquid damage and loss. Moreover, there is nationwide coverage to the laptop during insurance holder’s travel. Laptop insurance benefits can be stated as inscribed below:-
- Coverage against accidental damages such power surges, water damage, lightening and other natural calamities
- Coverage against aspects like fire, theft and vandalism
- Coverage for already installed software
- No deduction for depreciation for replacement or repair
- Coverage for laptop at home, in office and during nationwide plus domestic travelling
- No excess payment during a claim event
Exclusions in the Laptop Insurance Policy
While there are various benefits of laptop insurance policies but laptop owners need to know about general exclusions also. Following are some of the common exclusions in the laptop insurance policies:-
- Laptops purchased six months before taking the insurance policy
- Unapproved repairing expenses
- Cosmetic damages like scratches to the laptops
- Virus-caused breakdown or damage of the laptop
- Business interruption or loss of income
- Faulty construction or mechanical breakdown
- Wear and tear
Types of Laptop Insurance
Laptop owners can get insurance by two ways where they can either get a separate portable laptop cover or add their laptop to the already availed contents insurance.
Separate Portable Laptop Insurance
This type of insurance is specifically associated with the portable devices and laptop is one of them. This insurance is beneficial for laptop owners who do not have any other portable device insurance. Premium can be paid monthly or annually depending upon the insurance providers’ guidelines. Laptop owners need to know that if their laptop is not brand new, then some insurers may not provide the coverage. There is a need to check about the coverage aspects of travels in the foreign country.
Added Laptop Insurance to the General Contents Insurance
This type of insurance is an economical way to insure the laptop where laptop owners can add their laptops and other portable devices to the general home contents insurance. They just need to ask the insurance companies about the type of coverage they provide for additional portable device. However, it will increase the cost of the premium but there will be no effect upon the no-claim discount on the general home contents insurance. Moreover, laptop owners can get coverage against the accidental loss of the laptop.
Various Laptop Insurance Providers
There are many laptop insurance companies providing individual as well as business laptop damage, loss and theft coverage. Some of them are as follows:-
Safeware was founded in 1982 and they are headquartered in Columbus, Ohio. Their offices are located in Dallas as well as Chicago and they are one of the leading insurance providers of comprehensive policies along with their extensive service plans. They offer individual as well as commercial insurance plans and their major clients are educators, students and faculties. Their insurance plans are specifically oriented on accidental damage, liquid damage, screen breaks and power surges. Their other covered risks also offer extended service contracts and warranties. These extensions can be considered against perils such as robbery, theft, fire, vandalism, burglary, lightening, hail, flood and wind.
Their products are underwritten by Fortegra Financial Corporation. They have nationwide coverage for their customers’ laptops and apart from laptops; they also cover desktops, peripherals and tablet PCs.
State Farm has its corporate headquarter in Bloomington, Illinois. They either provide this insurance in addition to the homeowners’ insurance policy or as a separate insurance policy. In the former policy, there will be deductibles and limitations but separate insurance policy provides supplementary coverage. Apart from laptop insurance, they have other products to cover in their separate insurance policy.
National Student Services Inc
National Student Services Inc has been offering property oriented insurances since its inception in 1971. They are well known for their affordable premiums and lower deductibles making their insurance policies more lucrative than others. Apart from USA, they have customers in Canada, Mexico and Europe too. They are headquartered in Stillwater, Oklahoma and they are underwritten byHanover Insurance Company along with an A rating from A M Best company.
In their policy; along with laptops they provide coverage for cameras, cell phones, MP3 players, furniture and musical instruments. They cover these belongings from perils like fire, theft, vandalism, flood, accidental damage and natural disasters. They are countrywide leaders in providing students’ properties insurance within affordable limits. They have already organized their beneficial status in more than 2000 colleges as well as universities in USA.