Insuring Cell Phones On Homeowners Insurance

Discussion in Home & Property Insurance started by PunkinPie • May 6, 2015.

  1. PunkinPie

    PunkinPieMember

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    Did you know that in most cases you can forego the expensive insurance plan included in your cell phone bill to cover your device and insure it on your homeowners insurance? While most people pay 10-20 a month to insure a cell phone with their wireless carrier you can usually secure coverage on your personal home policies for just a couple dollars a month. The deductible is usually a lot less or even nothing at all depending on the options available and what you want to pay.

    Not all carriers are created equal but a lot of companies are beginning to offer the mobile device coverage. I suggest calling your agent today. It could save you a lot of money each month!
     
  2. MyDigitalpoint

    MyDigitalpointActive Member

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    Paying 10-20 a month to insure a cell phone? That's insane and not worth in the long run because you may be paying much more than the price of the cell phone at the very end.

    I have a no-contract cell phone and don't pay insurance nor thing I may need it for the price the phone alone cost. Data in it could be a factor to secure, but this is what computers and online storage services are for, to backup data, most of the times at no cost.
     
  3. joyful728

    joyful728Active Member

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    I agree that paying for cell phone insurance is crazy, unless you have a cell phone made of gold and diamonds.

    Most homeowners insurance have a high deductible - like $1000- so I guess I just don't understand how you could file it on homeowners insurance. Interesting though!
     
  4. Theo

    TheoWell-Known Member

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    On your home insurance you can claim if it was lost only or maybe damaged like in a fire. For certain phones it can be worth it if it gets stolen or broken. My friend had insurance for his iPhone and lost it three times and stolen once in one year and got a new one each time. Household insurance doesn't cover those kind of losses (it fell out of his pocket) so it also depends on the small print. It won't cover water damage and replacing a cracked screen, where most phone policies do.

    The excess may be higher that buying a new phone, but phone insurance is high, but in the case of my friend it was worth it as iPhones are the most stolen model.
     
  5. BrandonScooterman

    BrandonScootermanActive Member

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    Interesting I have not heard of either cell phone insurance or using your homeowners insurance.
    However the deductible can be 500 or 1000 so unless your phone is worth that much it's probably not worth it.
    Do you really want to save money? Get a phone that's a few years old for $100 and get a cheap $25 plan.
    Do that and Boom you just save a grand a year.
     
  6. xTinx

    xTinxWell-Known Member

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    Why would I need to insure my cellphone? I understand the reason why you have to insure your home. I mean, I live in a calamity-prone country so everyday everyone has that nagging fear of losing their homes to an earthquake, a category 5 storm, fire (because of extreme heat) or drought - heaven forbid. To insure a mobile phone does not make sense to me. For one, all those big phone companies keep releasing new models. So what if you decide to change your phone? What will happen to the insurance then? I doubt it will be binding to your new phone.