With the video game industry raking in around $187 billion a year, it's no surprise that gamers want to protect their gear. Not only are video game consoles expensive when first purchased, they may actually go up in value in some cases. In fact, a mint-condition Atari console, which debuted in 1972, can sell for thousands of dollars in today's market. Here, we'll look at the details of insurance coverage, so you can decide if it's worth it.

What is video game console insurance?

Video game console insurance is a type of electronic device insurance specifically made for consoles. The policy can extend to any brand across the market, including Nintendo, PlayStation, Xbox, or Sega, just to name a few. Insurance goes beyond most console warranties, which usually only cover manufacturer defects for a limited period of time.

Depending on the policy you get, it can cover water damage, theft/vandalism, damage from accidental drops, and fire damage. Keep in mind that video game console insurance will typically only cover the device itself, as opposed to an extensive game collection.

Should I get coverage?

If your console is rare, expensive or just part of your daily routine, insurance might be a smart move. Otherwise, your home or renters' insurance might already have you covered. If you do go for a policy, you'll select a limit based on the current value of the console and the type of coverage you want.

As with any insurance policy, make sure you understand any exceptions attached to the policy. For example, if your kids are known to be rowdy in the house, double check that your insurance covers accidental damage.

How to protect your video game console at home

Keeping your video game console safe can come down to making a few simple changes:

• Before you buy a console, do a little research on its durability. The most well-known brands, like Nintendo and PlayStation, craft their devices to withstand anything from spilled drinks to overenthusiastic handling.
• Store your video game console in an open area away from sunlight. To reduce the odds of theft, make sure that it can't be seen through the window.
• Unplug consoles when not in use or use surge protectors, especially if there are impending storms in your area.
• Avoid prolonged use as this can lead to overheating. Ideally, you'll give the console a break after 3 - 4 hours. Playing it for hours on end can quickly eat into the device's lifespan.

Video game console insurance won't be worth it for everyone, but based on the expense to repair or replace your console, it may be worth looking into. If you have questions about coverage, contact a NatGen agent today!