Everyone has been there; out and about, you put your hand into your pocket or bag to find your phone and your heart skips a beat as you realize you can’t find it.
Most of the time it would’ve just buried itself deep away from you, but there is always the slim chance that it will have been stolen. What do you do in this scenario? Let’s take a look at some of the ways you can help yourself.
One of the things you can do to be proactive against theft is to take out some theft coverage against valuable items like your phone or laptop, as this handy insurance policy will help you reclaim some of the cost back in the event your device is stolen.
Electronic devices like smartphones are extremely expensive but are also becoming increasingly necessary for our daily lives. We rely so much on our phones that we don’t even realize, in fact, you can try it for yourself; spend a day or two without your phone and take note of every time you have to overcome a problem which would usually be solved in a minute on your phone.
Therefore, when they are stolen it can be difficult to replace them and this is where insurance companies come in. By paying a small monthly fee, you can rest easy in the knowledge that if your phone is stolen you can make an application to get some help with getting a new one.
The replacement cost is the amount the insurance company will payout in the event of a successful claim. It might be quite a bit lower than what you originally paid but that is to be expected, as it is quite likely that the cost of the device has depreciated anyways.
Let’s take a look at a replacement cost example to properly explain this. Imagine you purchased an iPhone 7 when it was released in 2016. This would have cost you $649 for the most basic model, and a few years later it was lifted from your bag at a café. You filled out all the paperwork necessary to make a claim with your insurance company and included the original receipt, the make, model and a police report of the theft. However, when you check the current price of the phone, it has decreased to $549. When you make a claim for replacement cost, you will receive a check or wire transfer for the new amount if it is approved. You may feel that you are entitled to that missing $100, but that is not how replacement cost work as your insurance company will look at how much that make and model costs today; not how much you originally paid for it.
Peace of Mind
Theft coverage is something that many people may think they don’t need yet it could be an absolute lifesaver when the time comes. If you live in a busy city and travel by public transport a lot, you may unwittingly be putting yourself in a position where your belongings can be snatched at any moment. Insurance policies like theft coverage help to put you a little more at ease, so you know that you have the chance of replacing your phone if it is stolen.
Take a look at your renter’s insurance if you have it, as any policies actually include some sort of theft coverage that covers you even if you are outside of your apartment. Renters insurance can be quite a bit cheaper than some individual theft coverage policies and it is a good way of making sure you are always covered. Check that replacement costs are covered and you are good to go!
No matter where you go and what you do, if you have theft coverage then you can rest easy knowing that there is a chance you can replace your phone if it ever is stolen.
This is nice post for all theft coverage and having right article to see you here and thanks a lot for sharing with us.
Being robbed can be so traumatic that anything that eases the consequences is really useful. Theft coverage is important – not often considered – but vital all the same