Does Homeowner’s Insurance Cover My TV?

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One of the best devices that you can use to watch your favorite football team, television show or movie is a nice big TV. It probably sits in your living room and is watched just about every day. Whether it’s showing a reality show or streaming a new movie that’s out, it’s an important fixture in your home.

It’s probably not surprising that you are protective of your TV. That’s especially true if you spent half your paycheck on one that includes all of the extra features that you can get. Fortunately, the chances are high that your TV is covered by your homeowner’s insurance policy. If it gets stolen or stops working due to a severe weather event, you can get it replaced.

Replacement And Exchange

If your TV is broken or stolen, the exact amount that it’s covered for will depend on several different factors. The first factor will be determined by the type of insurance coverage that you currently have. Typically, you’ll be offered a choice between three different types of policies — Ho-1, Ho-2 and HO-3. Most individuals who purchase homeowners insurance will use an HO-2 policy for their coverage. The reason for this is that HO-3 is a top-tier policy, and it’s most expensive. The HO-1 policy does not adequately cover most household items. The middle policy is best due to its cost and coverage. You’ll find that most HO-2 policies will reimburse you if you have a problem with your television set.

Estimated Value

You should be aware that the age and condition of your TV will play a factor in how much you get back if it is damaged or stolen. When you make a claim, a claims adjuster creates an estimated value for this piece of equipment. They have guidelines that they use to depreciate its value. If you own a TV that is just one year old or less, you’ll probably get back a reimbursement that is equal to the price that you paid for the TV. However, if your TV is five years old and one that is not available anymore, the value that you receive will probably be equivalent to recent resale models that are similar to the model that you own.

Deductible

Also, you’ll want to see how much the deductible is for your insurance policy. If you are paying a low premium for your homeowner’s insurance, you probably have a high deductible. If your home is ever hit by a severe storm or a band of thieves, you may end up paying a large sum of money just for the deductible. Of course, you’ll still receive back some compensation for your TV, but it will be offset by the deductible that you pay.