When you are renting a property, whether it’s a house or an apartment, you must have insurance. Many people wish to know what is covered, particularly their electronics and televisions. Are televisions covered by renter’s insurance? Yes, accidental damage can be covered but the amount of coverage you receive and which circumstances apply will be determined by your specific policy. Renters insurance covers the cost of replacing your TV if it was damaged by a covered hazard. Continue reading to find out how and when renters insurance reimburses for your television.
Can Renter’s Insurance Cover Accidental Damage To A Television?
Renters insurance covers all of your electronics, including your television, sound system, and portable devices such as your phone or tablet, under personal property coverage. If a covered peril damages or steals one of your items, your insurer will reimburse you for the cost up to the limit of your policy.
- While most renter’s insurance plans cover household items up to a specific dollar amount, known as a sub-limit, no such coverage is offered for electronics.
- Only electronics valued at $1,500 to $2,500 are covered under typical policies, with the exact amount varying depending on the insurer.
- Some insurance companies allow you to raise your $2,500 coverage limit by purchasing a rider or an endorsement.
For example, Progressive and Liberty Mutual provide up to $10,000 in electronics coverage, while Lemonade offers up to $6,000. If you have an expensive television (such as a smart TV) or a home theater system, you may want to consider adding a rider to your policy.
How much will I be reimbursed for my broken TV?
The amount you’ll get back for your destroyed TV is determined by the kind of renters insurance coverage you have.
There are two kinds:
Replacement cost policies
- Replacement cost plans reimburse you for the current replacement cost of destroyed items.
- So, if you paid $1,500 for your TV in 2016, your insurance company would give you enough money to purchase a brand new model today.
- The amount given may be somewhat lower than $1,500 if the replacement cost of the original TV has decreased since you purchased it.
Actual cash value policies
- Actual cash value policies, on the other hand, reimburse you for the current market worth of your property, taking depreciation (such as wear and tear) into account.
- Let’s assume that your TV was $1,500 when you purchased it but that if you sold it on eBay before it was damaged, you’d only receive $200.
- If you have an actual cash value policy, that’s how much you’d be reimbursed for your TV.
Your renter’s insurance deductible will be subtracted from the amount they payout, regardless of the type of insurance you have.
- For instance, if they decide your TV is worth $700 and your deductible is $500, they’ll only pay you $200.
- If the payout is less than your deductible, which is very probable.
- You will have to pay for the repairs or replacement yourself.
Remember To Only Submit A Claim If The Payout Would Be Far Greater Than Your Deductible.
When you submit an insurance claim, your insurer will raise your premium in the future (the cost of your policy). If you file too many claims, they might not renew your coverage. Consider whether filing is worth it or whether you can simply pay for the television yourself.
Is There A Time When Renter’s Insurance Covers A Broken Televisions?
Your insurance policy will only pay for property damage caused by a covered peril, such as an accident specified in your coverage. Your provider won’t compensate you if your TV is damaged by something that isn’t covered under your policy.
Fortunately, renters insurance covers the most common TV dangers:
- electrical surges
- power outages
- theft, and vandalism
On your policy’s declarations page, you can look up which perils are covered under your property coverage.
When renters insurance doesn’t cover broken televisions, what happens?
Renter’s insurance does not cover all forms of damage. Renter’s insurance does not cover property damage caused by:
- Excluded damage
- Personal carelessness or negligence
- Wear and tear that occurs naturally
Renter’s insurance does not cover several risks, including earthquakes and floods. Your insurer won’t pay for a new TV if it is destroyed by a flood and you don’t have additional flood coverage with an endorsement.
- Accidental damage caused by visitors is not covered by conventional renters insurance.
- If your friend spills cherry coke all over your TV while you’re having a party, it’s unlikely that an all-risks policy would cover it.
- The TV might be covered if you have an all-risks renters insurance policy; however, most all-risks policies exclude intentional damage.
You might be able to get limited coverage for accidental damage caused by visitors, with a personal liability policy. This will only cover you if the visitor is injured on your property and sues you, not if they accidentally break your stuff.
Personal Carelessness Or Negligence
If the damage to your TV was caused by you, your renter’s insurance will not cover it. Perhaps you dropped your TV while:
- moving it across the room
- perhaps you plugged it into an overloaded power strip when you should have known better.
- Either way, according to your provider, the damage was yours to handle and you’ll be responsible for paying for the repairs or replacement.
Wear and tear that occurs naturally
Being that your Television wasn’t damaged by anything in a particular way. It just simply stopped working because it was old and destined to break eventually, your insurance won’t cover it.
- Renters insurance is designed to protect you from unplanned events, rather than replacing your possessions when they reach the end of their useful lives.
- You can compare this to how your car insurance wouldn’t cover the cost of a new engine because it’s just too old.
Remember, if you were an owner of a clothing store and someone wanted to return a shirt. They had bought it a while back because they had gotten a stain on it. It would not come out. They decided to return it because there was a stain. There was no lacking in shirt quality. The purchaser messed it up through no fault of yours. You would not give him the money back for their mistake.
Important Facts To Keep In Mind
- TVs and other electronics are covered by renters insurance for an average of $1,500 to $2,500, although some insurers have far higher limits.
- If your TV is more costly than $1,000 or if you have a home theater system, you may add a rider to increase your coverage.
- Your TV is protected as long as the damage is caused by a covered peril, such as theft or fire.
- If you accidentally damage your TV, your policy probably won’t cover it.
- You can get coverage for accidental damage caused by visitors if you have personal liability insurance.
- Fire, lightning, electrical surges, and vandalism are all examples of perils that may harm televisions.
- If your television is damaged by an excluded risk or an accident you caused, or if it breaks down due to regular usage, renters insurance will not cover the loss.
You can purchase a rider to increase your property coverage if you have a high-value TV or home theater system. Otherwise, you may need to self-insure your expensive electronics. When in doubt, it’s always best to contact your insurance provider to ask whether a particular loss is covered.
The Best Way To File A Renter’s Insurance Claim For Appliances?
If an item is stolen from your vacation home, you should report it to the police. You should then contact your insurance provider. For most renters insurance companies to accept a claim, it must be filed within 24 to 72 hours of the event. When filing a claim, make sure you have the following information on hand:
- Your insurance policy number or the declarations page for your policy.
- If you file a police report, the document will contain it.
- Your home inventory must include a list of your things and their worth.
- Damage documentation (photographs, films, and receipts) must be kept for insurance purposes.
- A phone number that you can easily reach.
Your insurance company will assign you a claims adjuster to investigate your claim and see if it is covered by your policy. It might take weeks for the investigation to be completed. It’s crucial to ask your insurance company when you’ll receive a payout for the damages. You must first settle your deductible before your insurance company reimburses you for the rest of the loss, as previously mentioned.
Renter’s insurance is a requirement for rentals these days. The property manager wants to protect their investment, and you want to protect your personal belongings. You never know when an accident might happen, or when something might be stolen. It’s always better to be safe than sorry by getting renter’s insurance, and making sure your coverage is up-to-date.
Renters insurance protects your belongings in the event of a fire, theft, vandalism, and some other risks, but it will not cover intentional damage, wear and tear, or accidents. You can get limited coverage for accidental damage caused by visitors by purchasing a personal liability policy.