Everything You Need to Know About Laptop Insurance

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For many people, laptops are among the most expensive items they own. And for many, laptops aren’t just something that’s worth a lot of money, they’re also a vital tool for work and leisure as well. So, it’s important to protect your laptop from accidental damage like cracked screens, water damage or other liquid spills, certain types of physical damage, a power surge, theft, or another loss.
You likely already protect your laptop to an extent by keeping it in a safe place, placing it in a protective case when taking it anywhere, and being careful with food and drinks around it. You might also have some coverage against loss from a manufacturer’s warranty that covers repairs for a set period of time. But another key option to keep your pricey laptop safe is a laptop insurance policy.
Laptop insurance is exactly what it sounds like: Insurance for your laptop. Just like car insurance protects your car, and homeowners insurance protects your home, laptop insurance protects your laptop.
So what exactly does it cover, is it worth it, and who sells it? Read on to find out everything you need to know about laptop insurance. 

What is laptop insurance?

Laptop insurance provides coverage should something bad happen to your portable computer. When laptop coverage kicks in for things like accidents or mechanical failure, it helps cover the cost of replacing or repairing your computer up to a certain actual cash value.

Which insurance companies sell laptop insurance?

If you want laptop insurance, you have two different options. Your first option is to purchase renters insurance or homeowners insurance. If you already have one of those, then congratulations! You’re already covered, with what is usually listed as electronics insurance or gadgets insurance from your insurance company. 
Renters and homeowners insurance include laptop insurance, as your electronics are considered a part of your home. The other option, if you don’t have renters or homeowners insurance, is to purchase electronics insurance directly from a company that specializes in that type of insurance. 

What does laptop insurance cover?

If your laptop insurance is provided through your renters or homeowners insurance, then it covers your laptop in all events covered by those types of insurance. So if your laptop is stolen, either from your home or from, say, a coffee shop or an airport, it’s covered. If your laptop is damaged as baggage in an airplane, it’s covered. If your laptop is damaged because of a storm, fire, earthquake, or any other natural disasters, then it’s covered. Basically, your laptop is covered for anything other than damage caused by you, and standard hardware failure.
Now, with that said, you still have to use your deductible, same as with any situation that’s covered by your homeowners or renters insurance, and most policies have a limit to what is covered in electronics insurance (usually $1,500). And most policies only cover the cost of what the laptop was worth at the time of claim, rather than the full replacement cost.
If you buy insurance specifically for your laptop from a third party, then you’ll likely have more comprehensive care, that covers a higher cost and also protects you if your computer is damaged by you. However, you’ll have to pay more for this coverage.

Do you need laptop insurance?

Everyone is different. Whether you want laptop insurance or not is a personal choice, based on how at risk you believe your computer is, and how much money you’re willing to spend to protect it from a covered loss.

What’s the difference between laptop insurance and a warranty?

A warranty is very helpful, but covers different things than laptop insurance. A computer warranty covers the device for mechanical failures that are the fault of the manufacturer. If your computer simply stops working, the warranty will cover that, but insurance will not. But if your computer is stolen, the warranty is useless, and the insurance has your back. 
Laptop insurance isn’t for everyone, but it can really help protect one of your most important and expensive devices. 

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