TV Insurance: What It Covers & What It Doesn’t
Televisions can be quite a hefty investment, with the cost of high-end models easily reaching the thousands. And, like any expensive item, there is always the chance that something could go wrong – whether it’s an external accident or a technical malfunction.
In these cases, having a manufacturer’s warranty and TV insurance can provide peace of mind and potentially save you from paying expensive repair or replacement costs. But is TV insurance worth the investment? Let’s discover the coverage and limitations of TV insurance, as well as if it is worth it.
What Is Television Insurance?
Television insurance is a type of coverage specifically for damage and/or loss to television sets. This coverage can be added to an existing homeowner’s or renter’s insurance policy or purchased as a standalone policy from some providers.
It’s no secret that LCD, LED, and Smart TVs are becoming increasingly popular. They offer a range of features that make them very marketable. However, their high price tag means that any damage or issue can be costly. A TV insurance policy, therefore, protects you from having to pay for repairs or replacement out of pocket if your television is damaged.
Benefits of a TV Insurance Policy
Some of the benefits of having a TV insurance policy include
Coverage for Accidental Damage
One of the biggest benefits of a TV insurance policy is that it covers accidental damage to your television. This includes damage caused by dropping or spilling something onto your TV, power surges and even damage caused by pests or a natural disaster such as a lightning strike.
Coverage for Technical Malfunctions
A TV insurance policy also covers technical malfunctions, such as issues with the display or sound system. This can save you from having to pay for costly repairs or replacement out of pocket.
Another benefit of a TV insurance policy is that it offers protection against theft. Some TV insurance policies also offer coverage for theft, including burglary. This gives you the peace of mind that if your television is stolen during a break-in, you can replace it with little out-of-pocket costs. It’s important to note that coverage and limitations vary by policy and provider, so be sure to carefully read the terms and conditions before purchasing a TV insurance policy.
What’s Included in TV Insurance?
The coverage of TV insurance can vary by provider, but it generally includes protection plans against accidental damage and/or loss. This could mean anything from dropping the TV to spilling a drink on it, to theft or natural disasters. Some other examples of what TV insurance may cover include:
- An explosion involving a fire, lightning, or domestic gas aircraft
- Death, physical injury, or any other damages caused by using the TV or any of its fittings
- Riots and other malicious attacks
- Mechanical or electrical breakdown
- Accidental damage
If you’re purchasing a standalone TV insurance policy, make sure you fully understand what is included in the coverage. Some policies may also include additional perks such as protection for any other electronic devices in your home, or a one-time replacement option for your television if it cannot be repaired.
What Isn’t Included in TV Insurance?
Just like any insurance policy, there are limitations to what TV insurance will cover. Generally speaking, normal wear and tear and general malfunctions are not included in the financial coverage. This means that if your television breaks down due to normal use over time, it will not be covered by insurance.
Other exclusions may include damage caused by improper installation or use of the TV (such as using the wrong type of power supply), intentional damage, war and nuclear risks, and damage due to mold or vermin.
Will I Be Covered for Damage Caused by Children?
This can vary by policy and provider, but it’s important to note that some insurers may not cover damage caused by children under a certain age. Often, parents may be held responsible for damage caused by their children, and it’s important to make sure you understand the coverage offered and conditions before purchasing television coverage.
What Does Accidental Damage Mean?
Accidental damage is physical damage that happens unexpectedly and is not done on purpose. This needs to be a one-off, single event that causes damage such as dropping the item or spilling a drink on it. The warranty does not cover damage caused by regular wear and tear or improper installation of the television.
When filing for TV insurance for accidental damage, once your insurance provider accepts your accidental damage claim, they will give you the option of repair or replacement. More often than not, this is at their discretion.
Do I Need to Have My TV Professionally Installed to Be Covered by TV Insurance?
Most policies require that the TV is professionally installed for coverage to apply. This ensures that the TV is properly set up, which helps to avoid damage caused by improper installation. Make sure to check with your provider for any specific conditions and requirements before you buy TV insurance.
Is It Worth Getting Television Insurance?
Whether or not TV insurance is worth the investment ultimately depends on your situation and risk tolerance. If you have a high-end television set or if you frequently have people in your home where accidents could happen, then TV insurance may offer peace of mind and financial protection in the event of damage or loss.
However, if you have a smaller budget television or live alone with no children, the cost of the insurance may not be worth it for your specific needs. It’s important to weigh the potential cost and benefits before making a decision.
Finally, be sure to shop around and compare policies from different providers to find the best and most comprehensive insurance policy for your needs and budget. A little bit of research can save you a lot of trouble in the long run and get you the best plan for your TV.