In September, back-to-school is an exciting time, especially if your child is going to university. If you were wondering if their laptop was protected on your home insurance policy if it was lost or stolen while away at school, you should read this.
A laptop is an expensive necessity for students in university/college. It is often a prized possession as it’s their lifeline for everything related to both school and personal. Due to this, you’ll want to ensure you have coverage for it in the event the laptop is lost or stolen.
Also, if your child is going away to school, READ THIS, What Experts Want You to Know About Back-To-School Insurance Discounts.
Understanding How to Protect Your Child’s Laptop While at School
Does Your Home Insurance Policy Cover a Stolen Laptop?
While your home insurance policy covers the physical home and its contents, there are limits – and it likely does not cover everything you own to its full value. It’s important to read your policy or review your coverage with your insurance broker to know exactly what items are covered. If your home policy does not have sufficient coverage for the laptop, you can purchase additional insurance by scheduling it on your policy.
Two Important Reasons You Need to Add Your Child’s Laptop as Additional Coverage
Adding your child’s laptop to your home insurance policy is the smart thing to do because:
#1 There may or may not be a deductible
Depending on your insurance company, you may or may not have to pay a deductible if the laptop is damaged or stolen. For example, Intact Insurance has a $100 deductible on their “Personal Computer Rider,” whereas Travelers doesn’t have a deductible – it really varies from company to company.
#2 Agreed value from the start
You will establish the laptop’s value and will be reimbursed for it by providing receipts from the purchase; you will be reimbursed for the replacement cost and not the actual cash value because it is a scheduled item.
Whether your child will be away from school or staying at home, contact your insurance broker today to review your home insurance policy. In the event the laptop is stolen, you’ll want to ensure you have the appropriate coverage.
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