Does Homeowner's Insurance Cover My iPhone?

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When you purchase a new iPhone, you are investing a lot of money into a device that could easily be lost or stolen. Although Apple does not provide any insurance plans for the iPhone, you still have some options when it comes to protecting your investment. One option to consider is your homeowner's insurance.

Personal Property

When you buy a homeowner's insurance policy, you have the option of covering your personal property in addition to the structure itself. This part of the policy provides you with a dollar amount for all of your property if it is damaged or stolen. This type of coverage does not necessarily cover your iPhone since it may fall under a specialty item category with some insurance companies. To find out if the personal property component of your homeowner's insurance covers your iPhone, check with your insurance company.

Additional Rider

Even if your regular homeowner's insurance does not provide coverage for your iPhone, you can still buy coverage for it. Most insurance companies will be willing to sell you an additional rider that will provide coverage for your iPhone. This rider is added onto your homeowners insurance policy and you have to pay an additional amount with your homeowner's insurance premium each year. Once you purchase this extra coverage, it provides you with coverage in case your phone is lost or damaged.

Cost

If you are concerned about the price of paying for additional insurance coverage for your iPhone, it is typically not a large cost. To get this type of additional coverage rider, you may only pay somewhere between $30 and $50 extra per year to your insurance company. This works out to only a few extra dollars per month to protect an item that can cost $600 or $700 for a replacement.

Alternatives

Although homeowner's insurance is one of the most convenient ways to cover your iPhone, you also have some alternatives. For example, you can buy an extended warranty from Apple Care, which will give you another year of protection against defects and manufacturing problems. You could also buy a separate insurance policy from a third-party insurance company that covers iPhones. These policies do typically cover accidental damage that occurs as a result of dropping the phone or from some other incident.

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