This week has seen the latest incarnation of the Apple IPhone released to much fanfare and excitement. However, at the same time Apple has also increased the cost of repairing older models by 50% and with many warranties for portable gadgets, such as tablets and phones, not being covered for accidental damage it is the right time to check whether you are insured.
Although separate “gadget insurance” can be taken out, sometimes alongside the purchase of your phone or tablet, this can be relatively expensive. With some policies ranging from £10+ a month for a device worth less than a £1,000 it is often a lot more affordable to ensure you are protected under your contents insurance.
Providing your policy has Personal Possesions cover for electrical items away from the home and you have selected a lower excess on your home insurance, less than £150 for example, should your phone or tablet be damaged beyond economic repair, lost or stolen whilst away from the home you can claim on your home insurance. Adding personal possesions cover for £1,000 of electrical items can be as little as £35.00 for the entire year, a sizeable reduction on the separate gadget insurance policies currently available. Alternatively if you have not selected cover away from the home your gadgets will only be covered whilst at your home.
In the last few weeks we have seen claims for stolen or damaged electrical items submitted and settled by insurers within 7 days. However, we have some tips to help you seek quicker settlements on all of your insurance claims:-
- Keep a record of significant purchases (over £500). Receipts can be photographed and stored electronically rather than with a paper file that can be easily mislaid.
- Backup your gadgets. The data and software they have may not be insured and should always be regularly saved to ensure retrieval when you have a replacement device.
- Take photos of valuable items themselves.
- Have a clear idea of the value of the items when submitting a claim to an insurer and have means to prove this valuation. This will ensure a quicker agreement of any settlement costs.
- Be aware of your policy excess when taking out any insurance policy and prior to submitting a claim. You may have selected a higher excess to reduce your premium but often this is a false economy as the saving is often not sizeable and with the higher excess amount it can prevent you from making claims you would otherwise need to. For example if you have a £250 policy excess and your device is worth £350 it may not be worth claiming for a £100 return when you would have to pay £250 towards the cost and have a claim logged against your claims history.
We specialise in property insurance and for a quotation visit our new online quotation form:- Home Insurance Quotation