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Will my home insurance cover the theft of my laptop?

Laptop Home InsuranceIf you have a home insurance policy, chances are that it will cover theft of your laptop if it is stolen. This is because theft of the contents of your home and your personal items is covered under the personal property section of your policy.

One exception is if your laptop is used for your business; chances are your policy will not cover it. To better understand how your home insurance policy protects your belongings, and what is and is not covered, take a look at the sections and classes of a home insurance policy below.

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Two Main Parts of a Home Insurance Policy

There are two main parts of your home insurance policy: liability protection and personal property protection. Liability protects you against damage to others while they are on your property. So if your mail man slips on the ice on your side walk or gets bitten by your dog (if it’s a covered breed) your liability will pay for the medical costs or legal costs.

The personal property section is broken down into four components: dwelling, others structures, personal property and loss of use. The dwelling portion covers things that happen to your house itself or certain fixtures like the plumbing and installed air conditioning units. The other structures component refers to things like sheds, fences, driveways and other things NOT attached to the home.

The third part, the personal property component, covers both the contents of your home and the personal possessions of yourself and others who live there. This is the section that will cover your stolen laptop. Things like your furniture and television are covered here too.

The final component is for loss of use. If you can’t live in your house for a period of time while repairs take place, this section will pay for those costs that exceed your normal daily cost of living.

Additional Property Coverage and Endorsements

There are a number of items not covered in the sections above. The cost of debris removal, fees for emergency workers and credit card theft can only be covered with the purchase of additional property coverage. Endorsements represent extra protection that can be purchased.

If you have expensive items that exceed your policy limits such as artwork, jewelry or rare coins then you will need to get an endorsement to cover those assessed items. There is a special endorsement for second homes, replacement cost coverage and number of other things. In the scenario in the beginning of this article when a laptop is not covered because it is used for business, a business rider is in order.

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If You Don’t have Home Insurance

If you own a home you need to have it insured for many more reasons than the protection of your laptop. However, if you rent then you still need have some sort of protection.

Renter’s insurance is an option that protects your personal possessions, since your landlord’s coverage will only be for the dwelling and structure and liability. There is also insurance you can take out specifically for your electronic possessions without the need to have home insurance.

When Your Laptop isn’t Covered

In addition to your laptop not being covered if it is a business tool, there may be other exclusions in your policy. For instance, your home insurance policy may not cover your lap top if you are traveling abroad or at an airport. Check with your insurer and ask about available riders to cover these situations. Also, check into laptop insurance.

The rider will be less expensive, but the separate laptop insurance will be more extensive. Consider the value of your laptop, how much you travel and how quickly you will need it replaced in deciding what this coverage is worth to you.

Seven Types of Policies

There are seven types of home insurance policies and they are creatively designated as HO-1, HO-2 and so on. HO-1 is the most basic level of coverage; but also all you need to cover the theft of your laptop. HO-4 and HO-6 offer coverage for renters and condo owners respectively.

Always read the fine print and ask your agent for specifics. Never assume that anything is covered in your home insurance policy unless you ask.

If having your laptop insured is important, source a few different home insurance policies using our online rate quote tool. This will let you review your options and get the coverage you really want.

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