Check your homeowner's insurance for cell phone coverage!

[Frwinkley]

We just upgraded 3 cell phones to the Iphone 8 plus. Verizon charges almost $12 per month per phone for insurance. This covers accidental damage, theft, etc., but no loss. They also require a hefty deductible, as does Apple Care. I've read that a few credit cards have coverage (Wells Fargo being one of them) if you pay your monthly bill using autopay and charge it to the credit card. Since we don't have Wells Fargo, I was looking for other avenues.

I called my homeowner's insurance (Metropolitan Life). I was able to add a rider to my current policy that will cover all of our electronic devices (laptops, ipads, printers, cell phones, etc.) for $21 PER YEAR. We will covered up to $5,000 per occurrence, with a $50 deductible. The best part is that the coverage is All Risk. As the wonderful woman at Met described it to me, "if your dog eats your new cell phone, it's covered." I'm mostly concerned about loss or accidental damage.

Hope this helps someone out there!

 

[clh2]

Excellent info! Thanks for sharing!!!

 

[GrnMtnMan]

I called my homeowner's insurance (Metropolitan Life). I was able to add a rider to my current policy that will cover all of our electronic devices (laptops, ipads, printers, cell phones, etc.) for $21 PER YEAR. We will covered up to $5,000 per occurrence, with a $50 deductible. The best part is that the coverage is All Risk. As the wonderful woman at Met described it to me, "if your dog eats your new cell phone, it's covered." I'm mostly concerned about loss or accidental damage.

Did-you-ask/do-you-know how they make you whole? Meaning do you get money to buy a new/used phone or do they require you to have it repaired? Like with car insurance, when a car is totaled and they give you the depreciated value you can rarely actually get the same equality car you had before the accident...

 

[tvguy]

Certainly worth a check if your phones are that expensive. We just bought a friend a new Smartphone for Christmas, a Jitterbug for $78, so that rider wouldn't make much sense for more common phones.

 

[NinaBella]

Did-you-ask/do-you-know how they make you whole? Meaning do you get money to buy a new/used phone or do they require you to have it repaired? Like with car insurance, when a car is totaled and they give you the depreciated value you can rarely actually get the same equality car you had before the accident...

Most will have you mail it to a specific ‘repair facility’ which means no phone in the interim.

Also, homeowner should be aware he/she can lose a claim feee discount and might experience higher premiums upon renewal for filing a claim. My claims free discount is over $200.

I did the math for my own homeowners if I filed a claim for my sons laptop he dropped walking down the stairs. I was paying less than $10 a year for that rider. I decided the cost of a new laptop out-of-pocket was better than filing a claim. I also took the rider off my policy. My rider had a $250 deductible.

 

[Frwinkley]

I was told by the Met agent that in the case of loss or theft, you file a claim using the same process as if you had a car accident. If you need your phone right away, you simply go out and purchase the very same model you have. They cut you a check, minus the $50 deductible.

In the case of a repair, the process might be longer, but since we still have a landline, I'm less concerned about that.

With only a $50 deductible and a payment of $21 a year for all of our electronic devices, I feel like this is quite a bargain. It depends on the retail price of each device. A new IPhone 8 sells for $800. We are a household filled with many Apple products.

 

[tvguy]

A new IPhone 8 sells for $800. We are a household filled with many Apple products.

Wow, didn't realize iPhones were that expensive. My wife's company just bought a whole bunch of whatever the oldest iPhone is for $125 each.

 

[GrnMtnMan]

If you need your phone right away, you simply go out and purchase the very same model you have. They cut you a check, minus the $50 deductible.

Can you go buy a new one at full retail price, or do you need to buy a used version of the very same model? I’d check the policy documents, not just take the word of the rep. If it’s like car insurance, then you have to find a used version.

 

[cvjw]

Are you sure that filing a claim for a broken screen won’t actually raise your homeowner insurance rates?

Our local news did a story on emergency roadside assistance services thru your homeowner insurance company. They found out that if you called them to jumpstart your battery, it counted like an actual claim on your policy. It raised your yearly rate and subjected you to being cancelled if you filed too many small claims.

Just read all the fine print

 

[here757]

uSaa used to offer. Now they do it through 3rd party.
Cost 99 per year .. if loss pay 199

 

[gottalovepluto]

Are you sure that filing a claim for a broken screen won’t actually raise your homeowner insurance rates?

Our local news did a story on emergency roadside assistance services thru your homeowner insurance company. They found out that if you called them to jumpstart your battery, it counted like an actual claim on your policy. It raised your yearly rate and subjected you to being cancelled if you filed too many small claims.

Just read all the fine print

Me too, that's how the game is played. My suspicion is it would end up cheaper pay to replace your own phone by the time the claim drops off your homeowners insurance record in about 5 years. No way on this planet would I file a phone claim on homeowners insurance!

The insurance company isn't helping you out by giving you a great deal- they do it because it's a moneymaker. Unless there is language promising your rates won't go up this year & for the duration you stay with them & that they will renew your coverage if you make a claim, avoid this like the plague. For some companies make one claim of any sort on your homeowners and they won't offer you insurance next year. Also, if you think you could find yourself in the insurance market in the next five years having a claim on your record will result in poorer offers. Personally I think this is genius for the insurance companies because when they do have to pay out they can hike your premiums the next year because you've now had a claim and you're more locked into the company if they keep you because it will be harder and more expensive for you to get new insurance elsewhere.

I don't have an alternative for good insurance though. Before I managed my own phone my fam ran under the you break it, lose it, whatever and the cheapest phone at Walmart for grandmas will be your phone until you can afford a replacement. When I took over I went without insurance and now it's covered under my credit card (Chase Ink Preferred) but I'd still never buy phone insurance. Something happens to my iPhone I'd just buy an old, cheap one until I saved the money to buy another. I'm not judging you OP, I'm saying run your math & decide what your backup plan would be without insurance & then decide if the insurance is worth it.

 

[here757]

Double check the policy..
I know for example the VPP .valuable personal policy rider (covers high value coverage ie pearls diamonds nds furs) USAa offers has no effect on homeowners policy.
I used to work for USAA
Same as other then collision coverage on auto policy doesn’t impact the rate..

Me too, that's how the game is played. My suspicion is it would end up cheaper pay to replace your own phone by the time the claim drops off your homeowners insurance record in about 5 years. No way on this planet would I file a phone claim on homeowners insurance!

The insurance company isn't helping you out by giving you a great deal- they do it because it's a moneymaker. Unless there is language promising your rates won't go up this year & for the duration you stay with them & that they will renew your coverage if you make a claim, avoid this like the plague. For some companies make one claim of any sort on your homeowners and they won't offer you insurance next year. Also, if you think you could find yourself in the insurance market in the next five years having a claim on your record will result in poorer offers. Personally I think this is genius for the insurance companies because when they do have to pay out they can hike your premiums the next year because you've now had a claim and you're more locked into the company if they keep you because it will be harder and more expensive for you to get new insurance elsewhere.

I don't have an alternative for good insurance though. Before I managed my own phone my fam ran under the you break it, lose it, whatever and the cheapest phone at Walmart for grandmas will be your phone until you can afford a replacement. When I took over I went without insurance and now it's covered under my credit card (Chase Ink Preferred) but I'd still never buy phone insurance. Something happens to my iPhone I'd just buy an old, cheap one until I saved the money to buy another. I'm not judging you OP, I'm saying run your math & decide what your backup plan would be without insurance & then decide if the insurance is worth it.

 

[NinaBella]

Double check the policy..
I know for example the VPP .valuable personal policy rider (covers high value coverage ie pearls diamonds nds furs) USAa offers has no effect on homeowners policy.
I used to work for USAA
Same as other then collision coverage on auto policy doesn’t impact the rate..

VPP is its own separate policy. It is not a rider or endorsement to the homeowners policy. USAA VPP doesn’t cover cellphones.

A rider or endorsement to the homeowners does impact the homeowners. I provided great info in my previous post.

 

[Frwinkley]

OP here: documents just received from Met. No change to homeowner's rate or coverage. Also called to confirm this.

 

[here757]

That VPP was an example. I stated that they used to have electronics policy. But no longer it’s done by 3rd party.
Being as the VPP is separate then homeowners claims do not impact the policy.

VPP is its own separate policy. It is not a rider or endorsement to the homeowners policy. USAA VPP doesn’t cover cellphones.

A rider or endorsement to the homeowners does impact the homeowners. I provided great info in my previous post.

 

[MillauFr]

I would use one of the credit cards that offers insurance for cell phones.

 

[Frwinkley]

No credit card covers loss.

 

[NinaBella]

No credit card covers loss.

Incorrect.

Several credit card provides coverage. The card I opened a few weeks ago provides coverage.

 

[Frwinkley]

https://www.forbes.com/sites/johnny...cover-cell-phone-damage-or-loss/#1977f4256f36

Most major credit cards offer additional coverage beyond the warranty. Chase Ink and the Wells Fargo brand of cards will cover theft or accidental damage. They don't however, provide coverage if you should lose your phone.

I considered all options before calling my homeowner's insurance. My biggest concern was losing the phone. We use screen protectors and good cases, so I was less concerned about damage.

 

[NinaBella]

https://www.forbes.com/sites/johnny...cover-cell-phone-damage-or-loss/#1977f4256f36

Most major credit cards offer additional coverage beyond the warranty. Chase Ink and the Wells Fargo brand of cards will cover theft or accidental damage. They don't however, provide coverage if you should lose your phone.

I considered all options before calling my homeowner's insurance. My biggest concern was losing the phone. We use screen protectors and good cases, so I was less concerned about damage.

Losing the phone (theft, mysterious disappearance, etc.) is not the insurance definition of "loss" so LOL. Thanks for clarifying. I have not researched various credit cards. I only looked at the packet that came recently with my new card. I have since thrown that package out. We have SIX phones, three of which are iPhone 8. I pay a flat rate for insurance for all six phones and we have had to use them several times for cracked screens (not the iPhone 8's but the older phones before we got new phones).

Okay, whatever, still be prepared if you file a claim to lose a claims free discount (if you have one) and possible other discounts, then have premiums increase upon renewal.