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Miscellaneous Insurance Coverages

Cell Phone Insurance

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If you have an expensive cell phone, it may be worth considering cell-phone insurance which replaces your cell phone if it gets lost, stolen or stops working for specified reasons such as water damage.  The cost is usually $3 to $5 a month.

The replacement phone is usually a reconditioned phone similar to the one you lost rather than the same phone. There is also usually a deductible, such as $25 or $50. There may also be a limit on the number of phones that will be replaced during a twelve month period.

Cell phone insurance doesn't cover the cost of replacing information stored in your telephone, such as numbers. It is advisable to back them up in case the phone is lost or trashed. You can back-up your phone to a computer. Most phone services also offer an inexpensive back-up service that backs up your phone on a constant basis.

NOTE: Homeowner's insurance also covers your cell phone. However, since the cost of your phone is probably less than the deductible, the Homeowner's policy won't pay unless you suffer other losses during the year.

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