Today our lives are dependent on computers, iPhones and other electronic devices, regardless of where we are... at work, traveling or at home. And with so many people working from home, these devices have become a valuable asset. However insuring them can be tricky depending on whether your devices are for personal use, business use or use for a home-based business.
Personal Use
A typical homeowners' or renters' insurance insurance policy will include coverage for personal property, such as repair or replacement of your electronics, should they be damaged only by a covered cause or "covered peril." Your standard homeowners' or renters' insurance is either a named peril or open policy. A named peril specifically states the types of scenarios your insurance will cover, like fires or disaster. An open policy includes all perils except for listed exclusions. With electronics you are only covered for the perils that your insurance explicitly states. Also, your policy won't pay if your device is damaged in an accident, like if you drop it or if it is malfunctioning. These are conditions that would be covered under a warranty or extended warranty offered with the purchase of the device.
Business Use
If you are working remotely and are using a computer or other equipment that is owned by the company you work for, most likely your company's business insurance will cover this risk. These business assets are included in a commercial property insurance policy or in a business owner's policy (BOP), which bundles property insurance with general liability insurance. Commercial property insurance covers standard perils, such as theft or damage. They pay for repair or replacement of broken, damaged or stolen equipment, up to the policy's limits.
Home-Based Business
It is important to know that homeowners' and renters' doesn't typically cover business liabilities. So if your home electronics are being used for your home business, you need separate business coverage insurance. It is basically the same as any business insurance with the general liability coverage being the most common.
Other Options
There are additional ways to insure electronics, especially if your devices are high-value. You can get specialized endorsements through your homeowners' for full replacement cost, you can buy special "gadget insurance" which is separate from your homeowners' or you purchase various extended warranties from your retailer.
If you have a lot of electronics, particularly putting you over the limit cap on your homeowners' policy, you need to talk to your J.P. Perry agent. They can help you to determine how you should cover these devices (business vs. personal insurance) and the best way to make up the difference in coverage with your existing policy and your current electronics use.