Portable electronics insurance now regulated by state in Idaho

Anyone selling you insurance on your smartphone in Idaho will need to be licensed with the state Department of Insurance, starting July 1; that’s under legislation that passed in 2012 and is just now taking effect. More than 40 states now regulate sales of portable electronics insurance; Idaho’s new regulations, like those in many other states, require the sellers to disclose to customers that the policies may duplicate their existing coverage under their homeowner’s, renter’s or other insurance. They also allow the portable electronics insurance policies to be canceled at any time.

Idaho Department of Insurance Director Bill Deal said, “This type of insurance has been available without regulation for some time. By requiring vendors to be licensed, the department has the ability to monitor the product and protect consumers.”

Washington’s similar law took effect in 2008; other states with such laws in effect include Oregon, Utah, Nevada, Montana and Wyoming.