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Homeowners insurance for laptops.

Discussion in 'Laptops' started by shareyourknowledge, Jan 9, 2007.

  1. Would homeowners insurance offer coverage for laptops similiar to the
    manufacturers for a lot less money?
     
    shareyourknowledge, Jan 9, 2007
    #1
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  2. Generally, homeowner's insurance will cover fire or theft, but not
    failure. As to accidental damage, check with your agent, but probably not.
     
    Barry Watzman, Jan 9, 2007
    #2
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  3. shareyourknowledge

    M.I.5¾ Guest

    Also, many policies exclude business equipment, and the insurers categorise
    computer equipment as business equipment regardless of its actual usage.
     
    M.I.5¾, Jan 9, 2007
    #3
  4. shareyourknowledge

    Roger Mills Guest

    In an earlier contribution to this discussion,
    My laptop is covered in the 'All Risks' section of my home insurance
    policy - and covers me for loss, theft, accidental damage, etc. anywhere in
    the world. But it *doesn't* cover things like component failure or
    consequential damage resulting from data loss.
    --
    Cheers,
    Roger
    ______
    Email address maintained for newsgroup use only, and not regularly
    monitored.. Messages sent to it may not be read for several weeks.
    PLEASE REPLY TO NEWSGROUP!
     
    Roger Mills, Jan 9, 2007
    #4
  5. shareyourknowledge

    Al Dykes Guest


    A no-questions-asked fix-or-repalce contract with the manufacturer
    will replace your laptop with an identical model and get you back in
    business in hours in the case of the on-site contracts and it
    you have proper backup.

    Third-party contracts, in general, either give you cash, rarely enough
    to buy an identical unit, or replace it with an "equal or better"
    model, and the model is their decision.

    Getting cash doesn't get you back in business. You need to take time
    to select a new model, get it delivered, and install all youe apps and
    data. (A new model is rarely is image-compatible with the backup of
    teh old machine.) If the dead machine was a couple of years old, they
    you're faced with new versions of MS Office that come with the new
    machine and you have to figureout the new versions. Yo've invariably
    forgotten the keys to some of the software you've bought over the
    internet and have no proof of purchase for.

    If what you use your laptop for is deadline-critical you don't want to
    mess with all that, the day before a deadline.
     
    Al Dykes, Jan 9, 2007
    #5
  6. shareyourknowledge

    Larry Guest

    You NEVER want to use your homeowners policy to cover probable damage/theft
    to a laptop. It will affect your future rates and conceivably, your
    renewability. Your homeowners policy should be used to cover catastrophic
    claims you can't afford to pay for yourself...not small claims that are more
    of a financial inconvenience. Your deductible should reflect that as well,
    such as a minimum $1,000 deductible, which makes insuring a laptop pretty
    pointless.
     
    Larry, Jan 9, 2007
    #6
  7. shareyourknowledge

    Roger Mills Guest

    In an earlier contribution to this discussion,
    Maybe household insurance varies from country to country? My policy (in the
    UK) includes an All Risks section specifically for covering items which are
    taken out of the home and carried around - clothes, cameras, jewellery, etc.
    There is no excess (deductable in your speak) in the case of items which are
    individually specified in the schedule, and claims within this section have
    no effect on the no claims discounts which apply to the buildings and
    contents sections.
    --
    Cheers,
    Roger
    ______
    Email address maintained for newsgroup use only, and not regularly
    monitored.. Messages sent to it may not be read for several weeks.
    PLEASE REPLY TO NEWSGROUP!
     
    Roger Mills, Jan 9, 2007
    #7
  8. shareyourknowledge

    Larry Guest

    All Risk does not necessarily cover ALL things. It means All Risk coverage
    subject to the exclusions in the policy. In the USA, all homeowners
    policies have a deductible with the exception of personal property riders
    that do have expanded All Risk coverage, including no deductible being
    applied for losses, though many carriers have put a special deductible for
    laptops, due to the increase in claims on them. It forces the policyholder
    to take more due diligence with their item, as they have financial
    participation in the claim.
     
    Larry, Jan 10, 2007
    #8
  9. shareyourknowledge

    Roger Mills Guest

    In an earlier contribution to this discussion,
    Indeed, and it also doesn't mean every conceiveable risk. I used the term
    'All Risks' because that is the traditional name for this type of cover in
    the UK insurance industry. On my actual policy, it's more accurately
    described as 'Extra Cover'.

    Mine doesn't cover things like bicycles and caravans - for which there are
    separate (optional) sections in the policy, and it doesn't cover mechanical
    (or electronic) breakdown.

    However, if the insurance company is prepared to list a laptop as a line
    item in the schedule ( which mine is) and if laptops are not explicitly
    excluded in the policy wording (which, in my case, they are not) then they
    are COVERED for the risks defined in the policy. If this provides *adequate*
    cover for a particular individual - which, in my case, it does - there is no
    reason whatsoever for not using it.

    I accept that it may not be adequate for someone whose laptop is their
    principal PC and who relies on it for critical business activities.
    --
    Cheers,
    Roger
    ______
    Email address maintained for newsgroup use only, and not regularly
    monitored.. Messages sent to it may not be read for several weeks.
    PLEASE REPLY TO NEWSGROUP!
     
    Roger Mills, Jan 10, 2007
    #9
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