A typical renters insurance policy covers TVs damaged by fire or smoke, water damage from malfunctioning appliances, electrical surges, vandalism, and theft. But an average policy usually has coverage limits of $2,500 or $5,000. This means that unless your home burns down, resulting in a total loss of your possessions, the coverage limits may prevent you from repairing or replacing a luxury TV. So although you may think that you are covered, you must ensure that your TV's value does not exceed the limits of your policy. If it does, don't worry. Your insurance provider wants you to have complete coverage for your peace of mind. You can buy an insurance 'rider' policy add-on that protects specific items like TVs and computers. To do this, you must submit photographs and pricing information concerning your TV to your insurance company.