Renter’s insurance covers damage to your TV in many situations, but there are some scenarios where you are on your own. If you have a huge and expensive TV, it is possible that its value exceeds the limit of the electronics category of your insurance policy. When you take out rental insurance, the contract with the insurance company lists the types of risks it will cover. If your TV has not been damaged by anything specific, but has simply stopped working because it was old and was bound to break at some point, your insurer will not pay for it.
Renters insurance covers all your electronics, including your TV, sound system and portable electronics such as your phone or tablet, under personal property cover. Fortunately, renters insurance provides renters with protection for all of their personal property, including their televisions. Renters insurance provides financial reimbursement for your personal belongings if they are stolen or destroyed in a covered event or peril. Depending on your insurance company, you may add a clause that increases the category limit for electronic items, or you could add a clause that schedules, or guarantees, a specific item (in this case, your television).
Renter’s insurance is meant to protect you from sudden and unexpected accidents, not to replace your things when they reach the end of their useful life. However, most renters’ insurance policies only cover electronics up to a fixed amount, called a sub-limit. For example, if lightning has damaged the wiring of the TV and your friend gets a shock when turning it on, the renter’s insurance might cover the doctor’s bill. The amount you will be reimbursed for the broken TV depends on the type of renter’s insurance you have.
Depending on what caused the damage, renters’ policies repair or provide cash to replace your property, such as TVs and other electronics, clothing, jewellery and furniture. If any of your property is stolen or damaged by a covered peril, your insurer will reimburse you. Policies usually have an excess, which is the part of the loss that you must pay first before the insurer will issue you a cheque. If your television is destroyed or damaged in a covered event, you may be able to file a claim with your rental insurance company for reimbursement.