Eli Porter
Having a broken TV is annoying enough. But not knowing if your renters’ insurance can cover it only adds to the frustration. As per the Insurance Information Institute, only 55% of renters in the USA have renters’ insurance. Hence, millions of people do not have coverage at all. If you are one of them, it is worth knowing that a broken TV could be a covered loss under your policy, but only in very specific situations.
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How Renters Insurance Treats Personal Electronics
Renters insurance protects your belongings, which include electronic devices like TVs as well. Your television would be covered under your policy’s personal property section. This part of your policy will help repair or replace your possessions if they get damaged or destroyed due to a covered loss.
However, the major sticking point is the “covered event”. Not every circumstance that leads to breaking a TV is eligible for a claim.
What Counts as a Covered Event for Your TV
The list of named perils on your policy is the ones that typically lead to an approved claim when your TV breaks due to one of them.
Some of these are:
- Fire or smoke damage is destroying your TV
- TV theft while it is inside your unit
- Breaking a window and damaging the TV inside during vandalism
- Water damage from a burst pipe or sudden plumbing failure
- Lightning caused power surge fries your TV
- Falling items, such as a light fixture, crashing onto your screen
These events are all examples of sudden and accidental events, and this is what insurers expect in terms of approving a personal property claim.
When Renters Insurance Will NOT Cover a Broken TV
This part many renters overlook or do not read thoroughly enough. A lot of the ways in which a TV stops working or gets damaged are not covered by a first-level renters’ insurance contract.
Accidental Damage You Cause
If, for example, you accidentally knock your TV off a stand or drop it while moving to a new place, breaking the screen, then the standard renters insurance won’t provide coverage for that. Accidental physical damage resulting from the policyholder’s actions is left out of most basic policies sold in the USA.
Many renters are caught off guard by this because they believe renters’ insurance is a policy that covers accidents. It covers those accidents resulting from a sudden external cause only. Your negligence in handling your own property will not be covered.
Mechanical or Electrical Failure
Should your TV stop functioning because of an internal defect, that is a loss not covered by your policy. If the screen suddenly goes black, the motherboard fails due to age, or the display flickers and dies, these are all product failures, and insurance is not a warranty.
General Wear and Tear
After a TV has been used for many years, it will naturally deteriorate, and that will not be a loss covered by your policy. The insurers are aware of the fact that electronics will eventually wear out and no longer function. This is a normal part of owning a TV and not a sudden loss event.
Power Surges from the Grid
A typical power surge from your local utility would normally not be covered. On the other hand, surges caused by lightning strikes are generally covered. Regular voltage fluctuations coming from the power grid are not. In fact, what really matters is the cause behind the surge.
Is There Coverage for Accidental TV Damage?
Definitely, but you will have to pay extra for it. Thousands of renters insurance companies in the U.S. offer scheduled personal property coverage or equipment breakdown coverage as an optional add-on.
Besides this, some insurers still provide the broad form personal property endorsement covering accidental damage caused by falling or liquids. Usually, the “accidental damage protection” add-on mentioned above will cost you a few extra bucks monthly.
These days, a 65-inch 4K TV set can reach the price point of $600-2,000 or even more, which is quite a lot if you end up having to replace it without any kind of policy coverage. Therefore, if you own this kind of high-end TV or a gaming setup, then it is really good if you can get the accidental loss or damage cover.
Actual Cash Value vs. Replacement Cost Value
When you file a claim for your TV set, the compensation amount will be influenced by the kind of your insurance policy. This matter of difference between the two is really significant in the case of electronics.
If you have an actual cash value (ACV) policy, it will pay the value of your TV on the market at the time of the damage. For example, an $800 TV that you bought four years ago may only be worth $200 now after accounting for depreciation. That is the amount you would be getting.
On the other hand, replacement cost value (RCV) will compensate you for what it will cost to get a similar TV at current prices. It might be the case that the same TV you bought for $800 two years ago will cost you $900 now. Your settlement will reflect the current market value rather than the depreciated one.
Usually Replacement cost value policies will charge a little bit more monthly. Considering that for electronics which depreciate rapidly the difference in the payout may even be in hundreds of dollars, you better make a thorough choice while setting up your policy.
How to File a Claim for a Broken TV
If your TV was damaged by a covered event, moving quickly and staying organized makes the process smoother.
- Immediately take pictures and videos of the broken TV and any surrounding damage.
- Make a record of the incident: what, when (date, time)
- Refer to your insurance policy to verify that the damage caused is an insured peril.
- Get in touch with your insurance company at once to file a claim.
- Obtain a repair estimate/ replacement cost quote from a retailer.
- Do not discard a broken TV without your insurer’s permission.
- Provide proof of purchase (receipts, if available) along with other documentation.
Reporting the incident or throwing the damaged goods before the adjuster is able to see them can reduce your compensation or even lead to a refusal of your claim.
Does Renters Insurance Cover a TV in a Car or Storage Unit?
In general, yes. Many renters insurance plan holders do not even realize that off-premises coverage is one of their policy features. Most policies offer personal property coverage that follows your possessions outside your home.
Therefore, if your TV gets stolen from your car or damaged while being kept in a storage unit, it may be covered by your renters’ insurance. However, off-premises coverage is often limited to a percentage of your overall personal property limit (which is usually set at about 10%).
Tips to Protect Your TV and Your Coverage
Before disaster strikes, a bit of foresight can really make a huge difference.
- Keep your original purchase receipt or a digital photo of it in a safe place.
- Document your electronics in a home inventory list with model numbers and approximate values.
- Review your policy annually and update your personal property limit if you have bought new electronics.
- Ask your insurer about accidental damage add-ons if you own high-value electronics.
- Install a surge protector for all major electronics to reduce risk from power fluctuations.
Creating a home inventory shouldn’t take more than an hour or two, and it’ll definitely speed up the claims process when you need it.
Related: Does Renters Insurance Cover Hotel Stay?
The Bottom Line
Yes, renters’ insurance will cover a broken TV if the cause of the damage is one of the covered perils in your policy. Theft, fire, vandalism, burst pipes, and lightning surges are the main ones.
If you want to be fully covered for accidental damage, it is better to contact your insurer and discuss an add-on to your current policy.Understanding your policy and the way it operates is always better than finding out after the event.
If you want to find a renters insurance plan that is the best fit for you and covers the things you own most and worry about, visit insurancheck.com.
