Does home insurance cover TV damage?

When does homeowners insurance cover TV damage?

Homeowners insurance covers damage to TVs when a covered peril causes the loss, such as fire, lightning, theft, or vandalism. 

Covered causes of TV damage can include: 

• Lightning
• Vandalism
• Theft
• Fire
• Storm damage
• Water damage in certain situations, such as a burst pipe

It’s important to note that flood damage is never covered by a home insurance policy.

"For home insurance, what damage is covered with TVs -- it really just depends," says Earl Jones, owner of Earl L. Jones Insurance Agency in Sunnyvale, California. "If the homeowner has a standard home insurance policy that includes coverage for personal items, then the TV is covered under the personal item coverage."

When is TV damage not covered by homeowners insurance?

Accidental damage to your TV isn’t covered, and neither is intentional damage. So if your child throws a toy at the TV or knocks it over, there is no coverage. Flood and earthquake damage are also excluded from standard homeowners policies. 

Types of TV damage that aren’t covered include:

• Flooding. A separate flood insurance policy is required to cover anything in your home in the event of a flood.
• The TV falls off the wall or the entertainment center. Home insurance doesn’t cover accidental damage. If an earthquake causes the fall, you will need to have earthquake insurance to be covered.
• You drop the TV. Again, this type of accidental damage isn’t covered.

“If the TV was damaged or destroyed due to the homeowner's fault, or a pet, or children, or a guest, then it probably isn't covered,” Jones says

How much will home insurance pay for a damaged TV?

How much a home insurance company will give you depends on the type of coverage you have on your home insurance policy. Personal property coverage on homeowners insurance can be either replacement cost or actual cash value coverage.

"Now, here is where things get tricky," Jones says. "The coverage of the TV may not be paid at today's market value. Some homeowners and renters insurance policies only pay for personal items at a depreciated rate -- the actual cash value."

Actual cash value vs. replacement cost

With actual cash value (ACV) coverage, the insurer subtracts depreciation based on the TV's age and condition from the amount needed to repair or replace it.

With replacement cost coverage, the policy pays the cost to replace the damaged property with property of like kind and quality, without deducting depreciation, subject to the policy terms and limits.

For example, suppose a similar new TV costs $2,500 and the insurer determines that $1,500 in depreciation applies.

• Actual cash value: $1,000 before the deductible
• Replacement cost: $2,500 before the deductible

If you have a $1,000 deductible, an ACV payment of $1,000 would be fully absorbed by the deductible, and you would get nothing. With replacement cost coverage, the claim payment would be $1,500 after a $1,000 deductible, subject to the policy's claim settlement terms.

You can upgrade your coverage to replacement cost, but you must do so before the loss occurs.

How to file an insurance claim for a damaged TV

To file a homeowners insurance claim for TV damage, document the damage, protect the TV from further damage, and contact your insurer to report the loss. Your insurer will review the cause of damage and your policy to determine whether the claim is covered. 

If more than just the TV is damaged, for example, in a storm that causes a tree to go through the roof, it’s likely worthwhile. The best way to file a claim for your TV is to take the following steps:

• Mitigate any further damage by making temporary repairs, such as blocking a hole in the roof with a tarp.
• Contact your insurance company and report the damage.
• Take photos of all of the damage before you clean anything up.

If the damage is the result of a crime, such as a break-in, you will also need to file a police report.

How to protect expensive electronics

The best way to protect your TV is to keep records of your electronics, protect them from preventable damage and make sure your personal property coverage is adequate. Keep receipts and photos of expensive electronics, and record model and serial numbers in your home inventory. 

Here are some practical tips to help you safeguard your valuable electronic items:

• Keep your receipts: Keep original receipts as proof of purchase and value. This can be crucial when filing an insurance claim.
• Maintain an inventory: Keep a detailed log or inventory of your electronic items to track what is in your home.
• Take preventive measures: Unplug electronics during lightning storms and clean them with dry cloths to prevent damage.
• Consider additional coverage: Purchase extended warranties or electronics protection plans for extra coverage beyond your standard insurance policy.

By following these steps, you can better protect your expensive electronics and ensure they are covered in case of damage or loss.

Electronics protection plans

Electronics protection plans, also known as extended warranties, offer additional coverage for electronic devices beyond the standard manufacturer’s warranty. These plans can cover accidental damage, mechanical failure and other types of damage not included in standard warranties.

Electronics protection plans are generally sold at the time of purchase. When considering an electronics protection plan, it’s essential to review the terms and conditions to ensure it meets your individual needs.

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