Phone insurance options were limited up until recently, when credit card companies started to get in on the action. Here are a few things to keep in mind about this. PennyGem’s Johana Restrepo has more.
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00:00Our cell phones might as well be a part of our bodies these days.
00:07Almost everyone has broken their screen or phone entirely at least once and felt that
00:12moment of panic because mobile phones, especially smartphones, are not cheap.
00:18As a result, a lot of people wait more than three years to replace their phones according
00:22to NerdWallet.
00:24Phone insurance options were limited up until recently when credit card companies started
00:28to get in on the action.
00:30Companies like MasterCard, American Express, and even retail cards are offering these perks,
00:36you just have to get the right card.
00:38Most of the time, you'll have to do things like pay your bill with the credit card, pay
00:43a deductible of anywhere between $25 and $50, and file paperwork.
00:49Keep in mind that some cards don't cover lost phones, just damaged or stolen phones according
00:55to Business Insider.
00:56Phone damage, like a cracked screen, isn't always covered either.
01:00Before opening a credit card account that offers smartphone coverage, read the terms
01:05and conditions and make sure their policy works for you.