How to insure your gaming equipment

Insuring your gaming equipment with a residential policy

Most residential policies like homeowners, renters and condo insurance help pay to repair or replace your personal property after you file a claim for a covered loss and pay the deductible.

Here’s how most standard residential policies work:

• You experience a covered loss: In other words, the loss of your personal property is covered in the event it was either stolen, vandalized or damaged by fire.
• You need financial help: This is what residential policies are designed to do. They provide financial help in case you experience a covered loss and need to repair or replace your personal property.
• You file a claim: This is how you let the insurance company know you want to use your policy to help pay to repair or replace your personal property.
• Your deductible may be applied: This is what you agreed to pay when you got the policy, it typically is deducted from the amount of the loss.
• Your policy pays the claim: This is the financial help you get from your policy to help pay to repair or replace your personal property up to your policy limit, after consideration of your deductible
• Your policy has a limit: This is the maximum amount your policy may pay to help repair or replace your personal property in the event of a covered loss. This amount is for everything combined including your furniture, clothing and all your gaming equipment.

Insuring your gaming equipment with a stand-alone policy

Most stand-alone policies, like a Personal Articles Policy from State Farm®, work the same way as a residential policy but with broader coverage and typically no deductible.

Here’s a closer look at how most stand-alone policies typically work:

• You experience a covered loss: Similar to a residential policy, your personal property is covered in the event of a loss caused by theft, vandalism or fire. Additional causes of your loss may apply depending on the policy such as accidental direct physical loss.
• You need financial help: Stand-alone policies are designed to do the same as residential policies. They provide financial help if you experience a covered loss. The difference is this policy will help pay to replace the high-value item you’ve insured at the value you’ve insured it for.
• You file a claim: Similar to the residential policy scenario, this is how you let the insurance company know you want to use your policy for financial help to pay to replace the high-value item you’ve insured.
• You typically won’t have a deductible: Unlike residential policies, you typically won’t have to pay anything before the stand-alone policy helps pay to replace the high-value item you’ve insured.
• Your policy pays the claim: This is the financial help you get from your policy to replace your high-value item.
• Your policy has a limit: This is the maximum amount your policy may pay to help repair or replace your personal property in the event of a covered loss.

Helpful information to have ready when insuring your gaming equipment

It helps to have a few details handy for the gaming gear you’d like to insure:

• Descriptions: This includes each item’s brand, model and serial number.
• Values: This includes the purchase price of each item and any custom add-ons.
• Receipts: Receipts aren’t required, but they can be helpful if you ever need to file a claim.

Doing a full home inventory and adding up the total value of all your personal property can help you determine how much insurance you may need to help pay to repair or replace your gear in the event of a covered loss.

If you’re ready to get a quote, a local State Farm agent can help you get started with a residential policy or a stand-alone policy designed for high-value items.