Can you insure a laptop?

Did you know that every laptop and mobile device has one in 10 chance of being robbedMost of these incidents occur in an office or classroom. The majority of stolen laptops—over 90%—are never recovered. Clearly, a laptop is an essential asset for many of us, especially now that many employees prefer to take their work with them on the go. Therefore, it's crucial that we exercise due diligence and protect our belongings. Can you insure a laptop?

Insurance policies generally don't cover theft. TLDR; your laptop is usually covered under the "personal belongings" component of your homeowner's or renter's insurance. However, there are some things you should know: certain restrictions, information, what's covered, etc. Let's dig in.

What type of insurance does a laptop need?

Both tenant and homeowner insurance will cover a laptop, as it's considered personal property. If your laptop is insured against the perils listed in your policy, this will likely include things like vandalism and theft. So, if you're at your local cafe working and your laptop is stolen while you're taking a bathroom break, your insurance would cover you. A standard policy will also insure your laptop against the following physical damage:

• Fire
• Lightning-fast
• Falling objects
• Flight
• Vandalism
• Windstorm
• Freezing
• Explosions
• … and more

Obviously, the extent of what your laptop is covered for depends on the finer details of your policy, who your insurer is, and any additional coverage you have purchased for an extra premium.

Note, however, that with any claim filed, you will have to pay a deductible for the replacement of your laptop. For items that are typically valued much higher than your average membership, such as bicycles, collectibles, and engagement rings, you may be required to purchase what is called additional coverage or "expected personal property." However, this may not apply to laptops, as electronic items are considered "more susceptible to accidental damage."

If you want to protect your laptop with your renter's or homeowner's insurance, great! All you need to do is get a policy and determine the overall value of your personal belongings. Walk through your apartment or house and take a video or document your possessions in any way you can—receipts, proof of purchase, warranties, etc.—and estimate the total cost. If you own many high-value items, you may need to purchase an additional endorsement to cover all your personal belongings. If you're feeling confused, don't worry! A Panda7 broker can work with you individually to determine your needs and advise you on the best way to insure your laptop.

Is my laptop warranty sufficient?

Most electronic or high-value items come with a manufacturer's warranty or "guarantee" for the first year of ownership. These will cover manufacturer defects, such as broken keyboards, hard drive failures, etc., but external losses, such as dropping your laptop or having it stolen, would not be covered. Accidental damage, depending on the warranty, is considered negligence and will not be covered.

Some manufacturers offer protection plans, like Apple devices. AppleCare+ can be purchased for an additional $379 and can be bought within 60 days of purchasing your device. It offers three years of technical support, two incidents of accidental damage (which are subject to a service fee), battery service, and service coverage. Unfortunately, it doesn't cover theft, and it's more expensive than your typical insurance. Renter and homeowner policies are inexpensive and offer coverage for much more than just your laptop. Furthermore, the majority of laptop losses are due to theft.

Will my home or tenant's insurance cover a work laptop?

What happens if you use your laptop for work purposes? Does your home or rental agreement cover it? It depends – does your company hold you financially responsible for your electronic device?

If you pay for your laptop, your insurer may cover you if you suffer a loss. If your company pays for your laptop, they will likely have to file a claim through their own separate policy. It's a waste of time and effort to do the same thing.

Tips for protecting your laptop and mobile devices

Insurance is (obviously) an excellent additional layer of protection, but it can't physically prevent your laptop from being stolen. Your best bet is to avoid the risk of laptop theft altogether. Here are some steps you can take to protect your devices:

• Always secure your laptop. Make sure it's kept in a storage space that can be locked. If it's an office or classroom, be sure to place it in a locked desk, closet, etc. – and if the device can use a cable lock, secure it to a heavy object!
• Some police departments offer laptop engraving or registration services to increase the chances of identifying stolen equipment.
• Never leave your mobile device unattended.
• Never store sensitive or confidential data on your mobile device or laptop unless you have received permission to do so.
• Always use a password – ideally two-factor authentication – to protect your devices from unauthorized use.
• Turn your Bluetooth off by default to prevent your device from being discovered.
• If your device or laptop is stolen, contact your local police for assistance.

Of course, things happen. When they do, it's best to be insured. Talk to your insurance broker friends here at Panda7 to determine if your laptop is eligible for coverage.