If you rent your home, you're likely paying a small amount every month inrenters insurance premiums to keep your personal belongings safe. This investment is worth every penny considering the high cost of home electronics in this day and age. And if you value the time you get to spend at home relaxing watching TV, you need to make sure that your TV is covered under your renter's insurance policy. You can't rely on your landlord's insurance policy to cover damaged TVs, as landlord's policies protect the rental structure and their items as the policyholder rather than your belongings. But accidents happen, and while some renter's insurance policies can cover the cost of repairs to your damaged TV, coverage can be affected by the situation that caused the damage. So it's important to know if your renter's insurance covers broken TVs.
What You Need To Know.
In most states, landlords are obligated by law to purchase homeowners insurance policies to cover any damages to the property you are renting. However, your landlord is not required to protect against damage to your possessions even if they live with you in the rental property. You must buy renters insurance. With renters insurance, you'll receive financial reimbursement for your personal belongings if they are stolen or destroyed in a covered event or peril. Your policy should list these 'covered events'. But you are usually covered in the event of fire, explosions, and theft. Your policy may also provide coverage for items outside your home. So if a covered item is stolen from your car, you may receive financial compensation for the item, up to your policy's limits for items outside the home.
Does Renters Insurance Cover Broken TVs?
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.
When Aren't I Covered?
Most renter's insurance policies don't cover normal wear and tear purposeful damage or accidental damage caused by you or a loved one. Your policy may also not cover a damaged TV that wasn't included in your policy under a replacement-cost "scheduled personal property" add-on. For instance, if you store a TV in your rental property as part of a home business, then this item may not be covered. You must keep a detailed inventory of the items you wish to insure, review it each year, and update the insurance provider and coverage accordingly. When you're buying insurance, keep in mind that the insurer considers depreciation when determining how much to pay you after making a claim. The sum you receive may fall short of the latest version of your TV's price tag, meaning you may be disappointed by the sum you receive.