Which Tech Gadgets Need Portable Possessions Insurance?

One of the wonders of living in 2023 is that we can access technology and gadgetry previously reserved for only the wealthy and well-connected. These devices straddle the line between convenience and leisure, keeping us entertained, monitoring our health, capturing special moments, and helping us navigate our commutes and schedules.

As many of these tools perform double duty and are used inside and outside the home, how to insure them appropriately can raise questions. If you're considering insurance for tech gadgets and want to know what's covered under Portable Possessions Insurance, discover what you should know from leading insurer Budget Insurance. 

The significance of Portable Possessions Insurance

Property sales trends reveal that almost a third of South African homeowners are between 18 and 35. As this percentage constantly increases, Millennials and Generation Z will continue purchasing many homes. One survey estimates that this group prioritises buying properties equipped with smart technology, and unlike previous generations, they're eager to connect and control their homes wirelessly using smart technology. They may even adopt smart devices that have primary purposes and can control their home's lighting, temperature, and security systems. The point here is that tech gadgets are becoming commonplace, which are often quite expensive. 

As you can use some of these gadgets inside and outside the home, they will benefit from coverage from both Home Contents and Portable Possessions Insurance — as their financial value makes them costly to replace. Custom Personal Possessions Insurance cover means that if you're robbed, damaged or lost a gadget while away from home, you can replace it. Instead of seeking standalone insurance for smartphones or devices, like camera insurance, you can enjoy coverage for multiple items through a single insurance product.

Common insurance risks faced by tech gadgets

Portable Possessions Insurance covers you for lost, damaged, or stolen gadgets and their accessories. This includes coverage should someone rob you by breaking into your car or stealing your travel bag. It can also cover you for accidental loss or damage, such as if you accidentally drop the device and break it. It's important to remember that insurance will not replace the device based on general wear and tear. 

In addition, you should remember to review and update your insurance based on its replacement value and remain aware that all gadgets will depreciate in value over time. It's also worth remembering that luxury portable possessions, like jewellery or watches, may require a different type of insurance that correlates with their value and unique appraisal process. If unsure, it’s best to consult your insurance provider. 

List of tech gadgets that need Portable Possessions Insurance

Some tech gadgets can be collectively insured using Portable Possessions cover instead of individual device insurance, and this includes:

• Smartphones (including accessories such as earphones, cables or chargers)

• Laptops (including accessories such as a mouse, keyboard or external storage device)

• Tablets (including accessories such as a stylus or adapters)

• Wearable devices (like smartwatches or biometric/sensor devices like fitness trackers)

• Cameras (including traditional film, digital and instant cameras)

• Portable devices (including gaming consoles, e-readers, GPS devices, drones, headsets, projectors, and screens)

Benefits of Portable Possessions Insurance

If you're a tech-obsessed person who invests in the latest gadgets, you'll know how excruciating it can be to go without them for even a few days. Choosing Portable Possessions Insurance will ensure you get a replacement or substitute gadget back in your hands soon. 

Imagine the following scenario: Rebecca and Sipho are friends who enjoy birdwatching together, and they regularly take holidays to locations where they can spot rare or unusual birds. Both have invested in expensive camera equipment to capture their findings. Sipho has insured his camera with Portable Possessions Insurance, but Rebecca doesn't feel the need for it because she's cautious with her belongings. Plus, she’s insured her camera under Home Contents Insurance. One day, Rebecca and Sipho go on a birdwatching trip. They lock their belongings in the car when they go for lunch. Unfortunately, the vehicle was broken into, and the equipment was stolen. Both Rebecca and Sipho claim on their insurance policies. Sipho’s claim is processed, and he is paid out the market value of his camera and is able to purchase new equipment. However, Rebecca’s insurance claim is rejected because the Home Contents Insurance cover doesn’t extend to theft outside of the home. 

How to choose the right kind of insurance

You might be wondering whether you should take out Home Contents Insurance, Portable Possessions Insurance, or both. The answer depends on your lifestyle and how, when, and where you use your devices. Any device that remains at home permanently will suit Home Contents Insurance. This can include internet routers, WiFi range extenders, and smart TVs. Portable Possessions can cover items that are used both in and outside of your home. Finally, if you use a gadget equally inside and outside the home, having both is best for the ultimate comprehensive peace of mind. 

Tips for getting the most out of your insurance coverage

While insurance is a 'set and forget' type product, there are things you can do to get the most out of your coverage and avoid disappointment:

• Review and update your policy regularly — noting when you add or remove a gadget from your policy and noting what you replace it with.

• Maintain a detailed inventory — adding as much detail about your gadget's make, model, year and notable features to your policy as possible will ensure you get the most suitable replacement should it get lost, stolen or damaged.

• Don't delay — notifying your insurer when you need to make a claim will ensure it gets processed as quickly as possible. It will also benefit you to have other necessary information, such as your policy details, sales receipts and police reports. 

Get a Portable Possessions Insurance quote with Budget Insurance

With insurance from the right service provider, there's no need to worry about how you're going to look after your valuable tech assets and continue to do so in future. Budget Insurance can help customise a package that meets all your coverage needs. Contact us for a Portable Possessions Insurance quote today.