January 23, 2021

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The 5 Best Laptop Insurance of 2021

3 min read
Best Laptop Insurance Company Why We Picked It Cost Worth Ave. Group Offers a wide...
Best Laptop Insurance
Company Why We Picked It Cost
Worth Ave. Group Offers a wide range of coverage and a long history of high customer satisfaction Starting at $37 per year
Asurion Can bundle policy with other electronics As low as $28 per year
Securranty Offers discount when purchasing longer terms and a 10% discount for multiple policies Starts at $19.95 per year
SquareTrade Immediate coverage against spills Starts at $39.99 per year
Upsie Low deductible for used laptops Starting at $41.37 per year

Frequently Asked Questions

What Is Laptop Insurance?

Laptop insurance covers common perils that extend beyond standard homeowners insurance and manufacturers’ warranties. These include power surges, spills, theft, accidents, vandalism, and damage. The insurance company will reimburse you for financial losses such as replacing your stolen laptop or repairing a cracked screen up to policy limits. 

Do I Need Laptop Insurance?

That depends on whether you can afford to replace or repair your laptop. These devices are expensive, and the costs to replace them can be significant. Plus, this type of insurance provides coverage in situations where your manufacturer’s warranty and homeowners insurance won’t. 

For instance, manufacturers’ warranties typically provide coverage for up to a year and may not include coverage for damage from power surges or accidents. Those who want coverage beyond those 12 months or for perils not included with their manufacturer’s warranty or home insurance policy will find it beneficial to take out a laptop insurance policy. If you travel often or use your laptop in a public location, it may be a good idea to purchase a policy that covers against theft.

Does Homeowners Insurance Protect My Laptop?

Homeowners insurance can protect your laptop against some covered perils, including fire, theft, and covered natural disasters. This falls under the personal property section of your policy. 

However, there are some cases where homeowners insurance may not provide coverage, such as damage from power surges. In most cases, homeowners insurance will pay for damage caused by a power surge except for ones due to lightning. They also won’t provide coverage if you accidentally dropped it or if it stops working unexpectedly. 

Under most standard homeowners insurance plans, electronics such as laptops are covered up to $1,500. You’ll also need to pay a deductible as part of the replacement cost. Depending on your policy, the deductible may be more than the value of the computer. This is especially so if you’re on the hook for around 1% of your home’s value, which is typical of many policies.

There is what’s called extra or additional coverage for your valuables, known as scheduled personal property. With this type of policy, you may be able to get full coverage of your laptop, replacement cost coverage, and no deductible. 

Even if your policy covers your laptop, your insurance company may only pay for its current value if you have replacement cost coverage vs. actual cash value coverage. Replacement cost coverage provides replacement value in today’s dollars, while actual cash value takes age and depreciation into account to give you what the company thinks your actual machine would be worth. If your laptop is a few years old, the amount you receive may not be enough to cover repairs or a full replacement, so be sure you understand how your homeowners policy will pay out as you decide if additional laptop insurance is right for you.

What Does Laptop Insurance Cost?

Your laptop insurance premium will depend on the type of coverage, deductible, and protection you choose. Most individual policies range from $28 to a few hundred a year. For instance, policyholders who choose longer coverage terms or those who opt for higher deductible amounts tend to have lower premiums per year. Other factors that may also affect premium prices include the value or purchase price of your laptop.


How We Chose the Best Laptop Insurance

We researched 10 companies offering laptop insurance policies and evaluated each insurer based on factors such as coverage options, price, whether it covers both new and used laptops, and number of claim submissions. First, we considered coverage options to find policies that have the widest range of protection. Then we looked at each plan’s pricing and whether there are any discounts for multiple policies and longer terms. We also looked at whether each plan allows unlimited claim submissions and the time it takes to process claims.

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