Q: I know you’ve written on “regular” insurance, but I don’t recall seeing anything about “special” insurance (i.e. for cell phone damage). Can you tell me a bit more about these protections? – Peter Planning
A: Dear Mr. Planning: What you’re referring to, I believe, are nonessential insurance plans and, just as the term implies, it’s not as necessary that you provide protection for certain properties as say, life or health insurance. That said, even though lots of folks may disagree, a couple of these policies certainly can help take the sting out of a lost or stolen “bite.”
• You mention cell phone insurance, which is a good place to start. I’ve purchased this policy ever since the time on vacation several years ago when my cell phone dropped in the cup of coffee. The old advice to remove the battery and cover it overnight in a dish of uncooked rice didn’t do the trick. As soon as I returned home and armed with a new phone, I became a savvy subscriber and pay $5 monthly, which is a cheap deal for me.
On the other hand, some people don’t agree with buying insurance. Unfortunately, an insurance company may replace the phone with a refurbished model rather than with a new one. The critics’ best advice is to skip the policy and tuck away enough cash to cover the necessary repairs or to buy a new phone.
• I’d never take a vacation without travel insurance. Because I’ve been on a trip when my husband experienced a terrible medical problem that necessitated us coming home ASAP, I learned the importance of this type of insurance.