Will a renters insurance policy pay me if I lose my phone?

It is not beyond the realm of possibility for your cell phone to be covered by your home insurance, but doing so will not give you the best coverage or work toward your best interests. You would be better served to insure your phone through the retailer or purchase a separate personal property policy.

Renters insurance covers your personal property, but it is limited in value and scope. Adding an expensive mobile device to the coverage could easily leave you wanting for other items if a total loss is claimed because of the limits. Additionally, a renter's policy may only provide Actual Cash Value coverage for your possessions, so the lost phone would only net a settlement of the cost of the phone minus depreciation.

It is not unusual for someone to upgrade their phone regularly, and that could complicate your home inventory for renters insurance. Each time you had an upgrade, you would have to remove the old phone and add the new one, along with photo and receipt identification paperwork. Buying a separate personal property policy would simplify your coverage options and provide you with more effective coverage.

Buying an insurance plan through the retailer is usually your best option, because it covers the phone completely. Make sure that the plan you purchase includes coverage for theft, loss, or damages. Before you buy, read the policy carefully and make sure that it gives you the right coverage options, or you could find out that everything is covered except the incident you have to file a claim for. For best coverage, make sure that your policy includes coverage for water, including accidental submersion.