Laptop insurance
Tips on laptop insurance from our contents insurance expert, Adrian Taylor
Adrian Taylor
Executive General Manager – General Insurance
Check that your policy covers laptops
If you have an expensive or high-value laptop, first check the Product Disclosure Statement (PDS) in your contents insurance policy to see if the item is covered and has a sufficient sub-limit. You could consider specifying the laptop on your policy if the sub-limit is insufficient. This ensures the laptop is insured for a higher value if it suffers accidental damage, is stolen or is damaged by another insured event.
Make copies of important paperwork
Keep receipts, warranty details, and any purchase or valuation documents for your laptop in a safe place. These forms of documentation can make it easier if you need to file a claim under contents insurance when your laptop is damaged or stolen.
Keep your laptop in a safe place
If you’re covered by portable contents insurance and frequently use your laptop outside the home (for work or travel), secure your device when not in use. For instance, store it in a protective case and keep it out of sight in public or when commuting to reduce the chance of theft or accidental damage.
The basics of laptop insurance
Laptop insurance is not a specific type of insurance product; rather, it can be insured under a contents insurance policy.
Can I cover my laptop with contents insurance?
Yes, contents insurance is a type of home insurance policy in Australia that can cover the cost of repairs or replacement costs if your laptop is lost or damaged following an insured event like fire, flood, or storm damage. However, you should consider:
- Whether the general electronics cover in your policy is sufficient for your laptop’s value
- Whether you need accidental damage cover if you’re worried about drops or spills
- Any exclusions in your policy that could impact your ability to make a claim.
Always check the relevant Product Disclosure Statement (PDS) for the full details on what is and isn’t covered under portable contents insurance and read the Target Market Determination (TMD) to understand if the product is suitable for you.
Can I take out contents insurance for my laptop?
A home contents insurance policy can cover your laptop if it was damaged or lost due to one of many insured events. You may have the option to increase the cover limit for high-value electronics, although this may also increase your premium. You can get a contents insurance quote from multiple insurers before committing to buying a policy with Compare the Market.
The following may also be available as optional extras:
- Accidental damage cover: For sudden accidents like drops or liquid spills.
- Portable items cover: For when you take your laptop out of the house, such as for work or travel.
What if my laptop is worth more than the claimable limit?
If your laptop’s value exceeds the cover limit in your contents insurance policy, you may be able to insure your laptop for a higher insured value. The following could reduce your risk of underinsurance:
Specified contents cover: This allows you to list your laptop on the policy for a higher-value cover inside your home. This will likely increase your premium.
Specified personal effects cover: This option provides a higher cover for your laptop, even when you take it outside your home (e.g. for work or travel).
Unspecified cover: You can add valuables cover to your policy for multiple items, including your laptop. However, you’ll need to make sure that any sub-limits are sufficient for each of your valuable items
Portable contents insurance
If you frequently use your laptop outside the home, you should consider adding portable contents cover (also known as a personal effects cover). This can protect your laptop from accidental damage, loss, or theft when you travel or take it to work and other locations.
Portable contents cover for laptops
A portable contents cover, sometimes called a personal effects cover, is a type of optional cover that protects your belongings, such as laptops and mobile phones, when you take them outside your home.
Unspecified cover for portable contents
Unspecified portable contents cover generally applies to items worth less than $1,000 each. These items don’t need to be individually listed in your insurance policy.
While this type of cover is useful, insurance companies often set a limit. For example, your policy might specify up to $1,000 cover per item, with a maximum sum insured of $5,000 per claim. If your laptop is worth more than the standard limit of $1,000, you may need to specify your laptop for additional cover.
Specified cover for higher-value laptops
If your laptop is valued at over $1,000, you could opt for a specified cover. This means the laptop will be individually listed on your insurance with its specific value noted.
Why consider portable contents cover?
Laptops are highly portable and valuable, making them prone to theft, damage or accidental loss. If you take your laptop outside your home, portable contents insurance cover can help protect your device when you’re using public transport or travelling.
Without portable contents cover, your laptop may only be covered under your home and contents insurance when it’s within the insured address. Some insurance products offer additional international coverage, which can be necessary if you’re a frequent traveller.
If you have a laptop, the general advice is to ensure you document your laptop’s value (through receipts or valuations) so you’re not left underinsured in the event of a claim.
Learn more about laptop insurance.
Is laptop insurance cover worth it?
Laptops can be expensive and essential for work or personal use, so having insurance that protects against theft, damage or accidental loss can provide peace of mind. Laptop cover through contents insurance is a simple way to safeguard your device and other valuable belongings.
What if my laptop is one of a kind?
If you own a custom-built or rare laptop, it’s essential to ensure it is accurately valued to avoid underinsurance in case of damage or loss and you include its full specifications when insuring it.
Will my laptop be covered overseas?
Some contents insurance policies extend their coverage for when you travel overseas with your laptop, but usually only for a limited time. If your policy doesn’t cover overseas use, you may need to add portable contents cover for worldwide protection. Alternatively, you can purchase travel insurance to cover your laptop while you’re abroad.
Are there exclusions to what is covered?
Be aware that general wear and tear, or issues related to the laptop’s age, are typically not covered by insurance. Additionally, certain scenarios might not be covered, such as leaving your laptop unattended in public. Always read the PDS for a complete list of exclusions.
How do I make an insurance claim for my laptop?
If your laptop is lost, stolen or damaged in an insured event, contact your insurer to file a claim. You may need to provide supporting documents such as proof of purchase and device photographs as proof of ownership. In cases of theft, a police report may also be required.
Meet our home and contents insurance expert, Adrian Taylor
As the Executive General Manager of General Insurance at Compare the Market, Adrian Taylor works to make it easier for homeowners, renters and landlords to protect their home and contents. He believes it’s important for all residents (whether they rent, own or lease) to have adequate financial cover for their property and belongings in case the worse should happen.