An insurance agent stated to me that in NC there is a standard limit of insurance coverage for computer equipment on all types of policies in NC (such as homeowners, renters and Inland Marine policies). They stated the limit is $2500.00 and any coverage above the standard limit of $2500.00 would require an rider.
Is anyone familiar with this particular NC insurance law?
She’s not just my sister, she’s my insurance agent… She says:
Check with your agent that they’re not listing your computer for any sort of business use as there is a $2500 limit for computer equipment used for business purposes in your home.
Despite that, listing your computer(s) on a replacement cost rider would not be a bad idea since computers depreciate blindingly fast. If your two year old laptop is stolen, it may have a market value of $150 vs a replacement cost of $700, for example. If you have replacement cost coverage, you’ll get $700 instead of just $150.
This isn’t limited to North Carolina either - it’s fairly common across the country to impose coverage limits on high-value and high-portability things like computers, jewelry, currency, etc.
My agent had suggested that we use the coverage afforded in our homeowners policy for computers and equipment, but we did not feel that was a good solution, as our homeowners policy, (as well as any riders to that policy) would be subject to the deductible of $1,000.
That didn’t seem like it would work for us - so we went shopping.
We were told that an Inland Marine policy would schedule the equipment and it was at replacement cost, only to find that after we bound it, and the policy arrived - it was ACV. Again, not to work for us.
So, I broached my insurance agent again with a solution, and that is when I was told that NC has a statewide limit on computer coverage. Thank you for clarifying that the limit does exist for computers for business use. I obviously can’t listen to my agent.