If You Buy An iPhone, Buy Insurance
Today, the iPhone will burst onto the market, with fans of the phone standing in line (for the past couple of days, in some cases) in order to get one of the first ones.
All I can say is: if you buy this phone, get insurance. However, I don't mean the extended warranty. The iPhone is likely to be one of the hottest tickets on the pick-pocket circuit. The iPhone will likely beat out cell phones, iPods and other electronic gear as the item of choice to steal. So, make sure that your phone is covered by your insurance.
Now, most basic homeowners or renters insurance will cover your belongings, whether on your premises or at someone else's. The trick with expensive electronic gear is that you might just need a special endorsement on your policy to get full coverage. An endorsement actually names a particular item, and ensures that there is no dispute when it comes to your claim.
You might also want to check what level of coverage you have. Whatever coverage you have on your home's contents, you will also have on your iPhone. Most policies will not pay you the full cost of your belonging, but only a depreciated cost. That will be true, even with a brand new iPhone -- you can expect some level of depreciation to be claimed by the insurer.
In most cases, you don't need endorsements for a single purchase, unless it's insurance for jewelry or expensive collectibles and art pieces. However, in the past few years there has been an increasing trend for insurers to question your ownership of an item unless you have evidence -- for instance, receipts for the purchase, or other documentation. An endorsement gives you an assurance of coverage, and in many cases, at no extra cost to you. (Do keep that receipt in any case; it can still come in handy when making a claim.)
So, if you are just arriving home from a successful iPhone buying trip, the first thing you should do is call your insurer.
Monique L. Attinger