It depends on your policy, but your teen is probably not covered under your homeowner’s insurance. If the player or laptop was stolen from your home, you might be covered. But if your son lost his MP3 player on the bus, you're likely out of luck. Also, even if you are covered, your deductible could be higher than the cost of purchasing a new item out of your own pocket.

That said, some companies now offer specialized insurance coverage just for personal computer equipment. You can get a policy for portable electronics that covers everything from MP3 players to the software on your laptop. Annual premium can run about $120 for a $2,000 laptop. But there are many exceptions to the coverage -- such as if your son lends his player to a friend and it's then lost, or if the gadget was damaged by insects.

With any insurance policy, read the fine print before insuring your items or filing a deductible. And take extra precautions to protect your assets.