PENNSYLVANIA INSURING YOUR HIGH TECH GADGETS cbs3.com - 3 On Your Side: Insuring Your High Tech Gadgets

PHILADELPHIA (CBS 3) ― Did you get any electronics as gifts this holiday? Just look around, chances are you have a small fortune invested in your family's high tech gear. But what would happen if there was a fire, flood, power surge, or even a theft? 3 On Your Side's Jim Donovan says most people don't give it much thought.

Laura Liebovich has a top notch home owners insurance policy. After thieves stole about $5,000 worth of computer gear from her car, she was glad she had it.

"They covered both of my computers, they covered the mother board, all my cords, the bag and my software," Laura said.

Checking to make sure your home owners policy is right for your tech needs is more important than ever.

For instance, what happens if you lose all your digital downloads?

"You would have from some policies about $5,000 in what we call data restoration that would be available if you had a fire or water damage," said Rebecca Woan with the Independent Insurance Agents and Brokers of America.

But data lost because of things like hard drive failures are never protected. Knowing what events are covered is key.

"Theft is typically covered under most policies, power surges may or may not be covered and flood is a separate coverage all together," said Woan.

Be sure to find out what happens if you suddenly lose your digital gear and if it's covered overseas. If you have expensive hi-tech taste, definitely ask about something called per item limits.

"Some insurance policies will limit the amount of coverage for an individual appliance or piece of electronics," Woan added. Which means your expensive flat screen TV might only be partially covered.

Make sure you keep receipts for everything, because many companies won't reimburse you without them.

Another thing to ask your agent, do you have cash or replacement value coverage?

With replacement value, you'll get enough money to buy the same item new. Also, if you do ask your agent about your coverage, be sure to get their answers in writing. That way there won't be any confusion when if you have to file a claim.