While we tend to talk about the bigger insurance issues, there is one question that continues to come our way: do I need phone insurance? Once upon a time, the question was: do I need a cell phone? Since society has decided that cell phones are essential items, it’s important to protect them! But, should protection go farther than simply getting a case? Or is phone insurance a scam? Let’s take a closer look.
The first thing you need to do when considering phone insurance is to consider how tough you are on your phone. Are you a construction worker? Do you work outside all the time? Maybe you’re just clumsy and have cracked your iPhone approximately 50,000 times since you got it. The reality is that phone insurance is not for everyone, but for some, it can be essential.
Consider the cost of a phone these days. The iPhone X and Samsung Note 8 will each run you a cool $1,000 to replace. While the phones are powerful, that can be a seriously expensive accident without the proper coverage.
If you have an iPhone, AppleCare is a great solution, but it is important to remember that AppleCare does not cover lost or stolen phones. If you are someone who loses your phone often or lives in a city where theft is prevalent, you may want to consider an insurance plan from your provider since those do usually cover theft.
It’s also worth taking the time to take a closer look at the manufacturer’s warranty that comes with your phone. Most of these warranties last an entire year. If you are someone who is always getting the latest model phone every year, you are probably going to be ok with that warranty. However, like AppleCare that manufacturer’s warranty is not going to protect you from loss or theft.
Now, if you keep your phone at home, have proper homeowners insurance, and listed your phone on your item inventory when you got the policy, then if it is stolen as part of a home break-in your homeowners policy should recoup you for the loss.
Renters insurance is also a phenomenal way to protect your cell phone. If you rent, chances are you already have a renters insurance policy! If you rent and don’t have one, get one now. Seriously, just do it. When you first get your renters insurance policy you usually have to submit an inventory of valuable items you want to be protected. It’s a smart idea to include your smartphone on that list. That way, if your phone is stolen, it’s protected! Remember, every renter’s insurance policy does have a deductible though, so it is worth keeping that number in mind when submitting your claim. Often times the value of your phone will not exceed the deductible.
If you have questions about your current insurance policy or want to look into a new one give the folks at TGS Insurance a call. They are knowledgeable, professional, and always ready to help!