A client/policyholder that lost his iPhone this week unfortunately found out that an unendorsed homeowners’ policy usually does not cover losing or misplacing an iPhone (or any electronic device).
Contrary to what the Apple and ATT representatives said in comfort last evening when the iPhone was reported missing, it is NOT covered most the time if you lose, misplace or break it.
Homeowners' policies do cover electronic devices (including the iPhone) for such losses as fire, theft—but just plain ole losing or misplacing an iPhone is not covered.
If the iPhone was covered under one of the above perils the deductible (usually around $500) would apply.
So how can we go about getting electronic devices covered without having to first meet a deductible? Insurance for electronic devices can be added to the homeowners’ policy like we do for jewelry, cameras, coin collections and firearms. The cost usually approximately between $30 and $50 per year and varies per company. Most all* of our partner companies allow us to individually list and insure these electronic devices.
Once an item is scheduled on a homeowners’ policy no deductible will apply to the loss.
Please contact us if you would like more information about scheduling coverage for your electronic equipment.
*Special Note: Our company partner State Auto Insurance does not currently have a way to insure these electronic items unless the client has the Prime of Life endorsement, which includes "cellular phone coverage".
State auto will have a rate and form change in September 2009, there will be a way to specifically insure these at that point. There will also be coverage available for GPS devices.
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