FRIDAY, JANUARY 29, 2021
Will Home Insurance Cover Damaged or Stolen Gaming Systems?
If you are a gamer, then you might have invested quite a lot of money in equipment and sophisticated data systems. Still, it only takes one accident to completely destroy these sensitive items, and if the worst ever happens, you could find that you have lost thousands of dollars' worth of personal property. It’s something you never want to see happen, but the good news is that if you have homeowners insurance, you might be able to receive help covering these costs.
Still, to get adequate coverage for your gaming systems, you must make sure you customize your homeowners policy appropriately. This will take some thought, but with the help of your insurance agent, you will be able to find the coverage solutions you need.
Understanding The Value of Your Gaming System
Homeowners insurance will cover damage to your personal possessions following any number of hazards—fires, theft, weather and more. Since your gaming system is a personal possession, then chances are that it has coverage.
However, like all other types of coverage within your homeowners insurance, your possessions coverage will include limits. Therefore, while your gaming systems have coverage in principle, they are not guaranteed to have coverage at 100% of their values.
Determining How Much Compensation Your Policy Provides
Standard possessions insurance generally contains several terms and conditions that will influence the compensation you can receive for damage to or loss of your gaming system:
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Most policies only cover items at their actual cash values, which are items’ used values at the time a loss occurs. If you don’t upgrade this to a replacement cost value coverage, then you will not be compensated based on the like-new value of an item it it’s a total loss.
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Policies might place per-item limits on high-value items, including computer systems. Therefore, even though you might have a total limit of $15,000 on your possessions coverage, the coverage available for electronics might equal only $1,000.
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Deductibles will apply to possessions claims. So, if your insurer determines that your gaming system has $1,500 worth of damage, and you have a $1,000 deductible on your possessions coverage, then your insurer will pay only $500 in settlement costs.
How Can I Customize Coverage for My Gaming Systems
If you have a gaming system of significant value, then you can likely customize your possessions insurance to address your specific coverage needs.
At minimum, you should increase your actual cash value coverage to a replacement cost value policy. With it, your plan will cover items based on their like-new values, rather than their used values. Deductibles and per-item limits will still apply to your settlement.
To go a step further, you can also consider adding a scheduled personal possessions rider to your policy to cover your system. This endorsement extends coverage specifically to the possession in question (in this case, your gaming system). It is a way to better customize your plan to your advantage.
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