Does Renters Insurance Cover Broken TV? (Find Out Now!)

Whether or not the TV is covered depends on the particular renter’s insurance policy, the value of the TV, and the circumstances in which it was broken. How much is paid out on a TV depends on deductibles, limits, and how they value covered items. Most renter’s policies will not pay out enough to purchase a brand-new replacement TV.

Renters insurance policies will help cover costs to repair or replace the broken TV if it was damaged by a catastrophe that is covered by the policy such as fire, theft, or an indoor plumbing leak, up to the policy limit and after a deductible. A TV broken by carelessness or neglect is not covered.

A TV that is broken by residents, visitors, or pets will not be covered. Renter insurance policies have a deductible to be met before the money is paid out, as well as limits on how much the company will pay out on electronics. Read on to find out how to be sure that expensive TVs and electronics are covered at replacement value.

It is important that all renters purchase rental insurance policies because the landlord’s insurance does not cover the renter’s belongings. These policies are very affordable, typically costing only between $5 and $10 per month. This small expenditure ensures that the renter has help with repair or repurchasing personal belongings when they are damaged by covered perils.

This list is not comprehensive, and covered perils vary by insurance company and policy. Unfortunately, they usually have perils that they will not cover such as floods, earthquakes, wear-and-tear, animal damage, and other things that may damage or ruin personal belongings.

Standard policies name specific perils that are covered and specific perils that are not covered. Circumstances that happen outside of the covered perils will not be covered, even if they are not named specifically on the list of things that are not covered. These are the most inexpensive policies.

All-risk or comprehensive coverage plans will cover nearly all possible scenarios but are not all-inclusive. There are still circumstances that the insurance company will choose to not cover, but these are covered in the policy declaration. This type of coverage is more expensive and is not available from all providers.

Damage to the building is not covered by the renter’s policy because that is covered by the landlord’s insurance policy. Additionally, coverage limits may be lowered for items that are stored outside such as in a car, garage, or yard, due to the increased risk of destruction or theft. This should be made clear in the individual policy.

In the case where an expensive TV is destroyed by a covered peril, but it is not covered as a scheduled item, the insurance company will help to pay for a replacement, but it will not be enough to replace the item at market cost. The renter will have to make up the difference out-of-pocket.

Some insurance policies have special limits that are applied to certain high-value items such as recreational equipment, coin or currency collections, firearms, and jewelry. Renters should read policies carefully before purchasing and be sure to purchase riders or scheduled policies for high-value items that may not be covered under a regular policy.

Insurance companies may not value property stored on the premises for business purposes the same as they value personal property. Additionally, these items, if they are paid out by the policy, may count toward the policy limits. Those who run businesses out of rental properties should purchase riders that provide coverage for business inventory.

A reimbursement policy will cost the renter more in monthly premiums, but it is a way to help counteract possible out-of-pocket expenses later on if a claim is made on an expensive item that is covered under the policy. Those with high-value items should purchase reimbursement policies.

Actual cash value policies are the most popular policies that are purchased by renters. Unfortunately, many renters do not realize that the actual cash value does not mean the actual cash to repurchase the item, but rather the actual cash value of the item at a yard sale.

Both types of policies are subject to the deductibles that are selected by the renter at the time of purchase. Additionally, both types of policies are subject to the limits that are placed on payouts by the insurance company. Those who want to make sure that expensive items are covered should purchase a rider to increase category payouts.

Renter’s insurance is a necessary part of a renter’s monthly expenses. While nobody likes to think about bad things happening, renters are victims of crime and natural disasters all the time. It is devastating when personal possessions are lost with no way to replace the items. It can take a renter several years to replace possessions if they are lost with no renter’s insurance to help pay for a replacement.

Renter’s insurance is a very low-cost way for renters to increase their financial security by taking care of items if they are damaged or stolen. The key is to purchase insurance that balances monthly affordability with appropriate coverage limits and deductibles to cover possessions in the case of a loss.