Let’s face it. You probably check your phone and then your laptop as soon as you wake up in the morning. You do the same thing just before you go to bed, and without it, you’d be lost. Your laptop is your creative hub, where you pour your heart out to create great content and work on career-enhancing projects. It probably is the most important gadget in your work, especially if you work in engineering, tech, content creation, sales and marketing, education, and other related sectors.

In many ways, your laptop feels like an extension of your body. Without it, your work and productivity would grind to a halt. You carry it around all day and work on it. All of this movement and usage make it more likely to get stolen, broken, or lost.

This is why you need laptop insurance. Don’t wait until your laptop is unavailable for one reason or another to realize that you need an insurance policy for it. Laptop insurance can safeguard you—and your wallet—from getting caught up in difficult situations with your computer. This article tells you all you need to know about this category of insurance and why you should seriously consider getting a policy for your laptop.

Should I Insure My Laptop or MacBook?

About 2 million laptops are stolen annually according to reports obtained from the FBI. Only about two percent of those laptops are ever recovered. As such, protecting your laptop should be a top priority for you. Consequently, the answer to the question above is Yes. However, it depends on many factors. You may think that your warranty covers everything, but it doesn’t cover theft and other accidents.

To be clear, if you are insuring an old, inexpensive laptop or MacBook, you might want to weigh the price of the insurance premium against the price of replacing it if it gets stolen or damaged. Paying AUS$40 annually to insure an AUS$300 computer makes little sense. Since most insurance policies expect a minimum payment as well as monthly or annual insurance payments, the insurance costs can quickly outweigh the total cost of the device.

Conversely, paying an annual premium of AUS$150 to insure an AUS$2,000 laptop is a good financial decision.

What Your Warranty Covers And What It Doesn’t

The warranty that comes with your new computer–older, refurbished, and secondhand computers don’t have one–typically only covers specific software and hardware issues that may develop on your device within 12 months.

Below is a list of issues that warranties generally cover.

• Software glitches
• Hard drive malfunctions
• Display and keyboard errors
• Battery problems

Your warranty does not cover:

• Fire accidents
• Water damage
• Theft
• Vandalism
• Negligence

What Your Laptop Insurance Covers And What It Doesn’t

Your laptop insurance policy generally covers the issues that your warranty covers and others listed above. However, it doesn’t cover you for what is considered ‘negligence.’ If, for example, you leave your laptop or MacBook unattended in a public space, and it is damaged, vandalized, or stolen, this is considered negligence.

You were careless, and you are responsible for the damage caused or the loss incurred. You won’t be eligible for a policy claim in an instance like this, so you will have to foot the bill out of your pocket. To avoid scenarios like this, you must be careful. You should also consider getting liability insurance for other unforeseen circumstances.

A liability insurance policy for laptops protects you from having to replace or repair another individual’s laptop if you damage or lose it unintentionally. You should note that claiming in cases like these may increase your insurance premium, so be careful with and around laptops, whether they are yours or they belong to other people.

What Kind of Insurance Do I Need For My Laptop or MacBook?

When looking for an insurance plan for your laptop or MacBook, you can choose from several options, including single gadget insurance plans, multiple gadget plans, and home insurance and renter’s insurance policies. Pay attention to what your laptop insurance plan covers, including policy limits and any exclusions to coverage. Accidents, vandalism, theft, liquid damage, and burglary are some of the most common issues, and most laptop insurance policies cover them.

If you are a renter or a homeowner, all of your electronic devices, including your laptop, may be covered by your renter’s or homeowner’s insurance policy. Check the paperwork carefully. If your devices are protected in the policy, keep in mind the limits and conditions as most policies include a limit on the value of the gadgets covered.

A renter’s or homeowner’s insurance policy protects your devices and allows you to replace them in case of theft, fire, and other damages. However, the policy does not apply to incidents that occur outside your home. Besides, the policy may only compensate you for the current market value of the device or the faulty component.

If you find that the provisions in the policy are inadequate and you need better protection, you can purchase a single or multiple gadget insurance plan. Buying a different policy for your laptop or MacBook allows you to enjoy full security.

How Much Does It Typically Cost To Insure A Laptop or MacBook?

As mentioned above, laptop insurance can be coupled with standard insurance policies and sold in a single package. However, when choosing an insurance policy specifically for your laptop or MacBook, the cost will vary. The monthly or annual premium you pay depends on the laptop’s value and how much coverage you need. Insuring a top-tier MacBook will cost you significantly more than insuring a cheaper Chromebook laptop.

If you live in Australia, for example, the average cost to insure a PC is AUS$85. For a MacBook, the price is relatively higher. Finding a policy plan that works for you is fairly easy, and you can take the following steps to make sure you get the best possible deal.

• Decide how much coverage you need
• Shop around and compare rates
• Read the policy and all exclusions
• Choose an insurer that allows you to use your repairer

If you follow these steps, insuring your laptop or MacBook will be a breeze, and you’ll never worry about breaking it or losing it to thieves.