Insure Your Smartphone for Less -- Savings Experiment

Most cell phone carriers offer insurance policies that specifically cover smartphones, but they tend to be expensive and have high deductibles. Thankfully, there's another option.

You can insure your phone with your existing homeowners or renters insurance. Just call your insurer and ask if you can add what's called a valuable personal item rider.

This rider covers a much broader range of scenarios than general insurance, usually has no deductible and provides reimbursement for the full value of the device. All you have to do is provide a receipt of your phone's value to make sure your covered. Depending on the details of your insurance and the cost of your phone, you'll pay between $10 and $50 per year on top of your existing policy.

A rider can save you up to $110 per year, plus an additional $100 in deductibles per device in the event of a covered loss. That's a pretty great deal compared to the cost of carrier insurance.

If you want to lower your bills, consider this tip. You'll still be covered while you save some cash.

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