Lost & stolen gadgets a common insurance claim

What belongings get damaged? According to insurer IAG, smartphones, tablets, laptops and digital cameras top the list of the most commonly damaged items.

It seems that we’re a bit careless with our belongings, with research from general insurer IAG receiving more than 4,600 claims for damage to consumer electronics over the past 12 months.
When it comes to stolen items, consumer electronics were second only to jewellery. More than 4,300 consumer electronics were recorded as stolen in the last year, costing almost $3.4 million to replace.

With the growing demand for the latest digital devices for Christmas, Executive General Manager of Innovation for IAG, James Orchard is encouraging Australians to protect their favourite gadgets ahead of the holiday season.

“The average cost of replacing a stolen or damaged gadget is around $5,000, which is a huge out-of-pocket expense if you don’t have insurance cover,” said Orchard.

“We’re seeing a change in lifestyle habits, like people choosing to live at home or rent for longer and move around more, which means they might not have home and contents insurance to protect them if a valuable item is damaged or stolen.”

IAG: Most commonly damaged items in Australia:

Damaged Phone Consumer electronics: more than 4,600 claims were received for consumer electronics like mobile phones, tablets, laptops, notebooks, TVs and appliances, costing almost $4.7 million.
Damaged furniture Furniture: more than 1,300 claims were received for furniture items for bedrooms, living rooms and dining rooms, costing more than $2.4 million.
Damaged rug Floor coverings: more than 900 claims were received for damage to floor coverings like carpet, costing more than $1.7 million.

IAG: Most commonly stolen items in Australia:

Stolen Jewellery Jewellery: more than 6,600 claims were received for items like rings, charms and earrings, costing almost $11 million.
Stolen Laptop Consumer electronics: more than 4,300 claims were received for consumer electronics like mobile phones, tablets, laptops, notebooks and digital cameras costing more than $3.3 million.
Hand tools Hardware: more than 1,300 claims were received for hardware like portable handtools and equipment, costing more than $600,000.

Analysis of Canstar visitors to the home insurance selector tables shows that loss or theft of portable items is perhaps an underrated risk, with only 21% of Canstar visitors looking for insurance cover that includes accidental breakage, and even fewer (14%) looking for portable item cover.

“Portable and easy-to-grab electronic devices have increasingly become a hot target for thieves. With Christmas just around the corner, it’s important consumers protect their gadgets from theft as well as accidental damage like knocks, drops and liquid spills,” said IAG’s James Orchard.

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