Some insurers may treat the breakage of glass/ TV screens separately. Double check your product disclosure statement to make sure you understand when you're covered and when you're not.
There are multiple ways to insure your beloved but fragile TV and make sure you'll be covered if various kinds of trouble strike.
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TVs have moved with the times and still hold their pride of place in many homes. Because prices have also moved with the times, a modern TV can be a significant investment – not to mention one that's more vulnerable to damage and theft than many of our assets.
The good news is there are multiple insurance options that can cover the repair or replacement costs of all kinds of TV-related misfortunes.
What is TV insurance?
TV insurance is a type of insurance that covers the cost of damage, loss or repair to your TV if something bad happened. You can get cover for your TV as part of your home insurance which will cover it for things like theft and damage from fire and flood.
You can also add on extra cover for accidental damage in most policies which can come in handy if your TV is your pride and joy.
How do I insure my TV
The standard features of most home and home and contents policies include insurance for your TV, up to a certain value, against various insured events, including theft but not including accidental damage.
Whether you want additional protection for your TV will likely depend on how valuable it is in dollar terms and whether you see accidental damage cover as a must-have.
The key research step is to check out the upper limits that a home and/or contents policy pays for contents. If the value of your TV is higher than the relevant limit, you can look into adding specified (or valuables) contents insurance, which will let you increase the sum insured.
Note that if you don't take out specified contents coverage on a high-value TV, the maximum amount the insurer will pay out will be the one in the general contents policy.
There's also the option of taking out single item insurance on your TV and other valuables.
Choose a home insurance policy to cover your TV
Why should I cover my TV with home insurance?
- An obvious point: the cost of repairing or replacing a damaged or lost TV can be significant without insurance.
- Expensive TVs, which can be sold on easily, can be a high-priority target for home burglars.
- As TVs have gotten slimmer and lighter they've also become more fragile, meaning a slight bump can quickly turn into a full-blown disaster. (No one likes watching a cracked or fully "spider-webbed" screen.)
What does it cover?
For TVs, the insured events covered by most home and/or contents policies include water damage, damage from fire or floods, lightning and storm damage, vandalism and theft, plus a host of other scenarios.
This means that if you came home to find a mysteriously missing 50-inch plasma, or if a branch fell and damaged your rooftop antenna in a storm, you could be covered.
TV insurance and accidental damage
As long as they weren't deliberate or obviously foreseeable and preventable, most TV-related accidents will generally fall under the umbrella of "accidental damage".
In other words, if an overexcited dog, a distracted child or vice versa were to knock over and scratch or crack your TV, you'd be okay. But if that TV was leaning unsupported in front of an open third-storey window, you may not be.
For most home insurance policies, accidental damage isn't a standard inclusion. Not to worry though, you just add it to your policy during the application process. If you already have a policy, give your insurer a call and see if they can add it on. Of course, it will cost a bit extra.
What doesn't it cover?
- While some premium policies include coverage for accidental damage to TVs as a standard feature, basic home and contents policies generally won't. They will offer accidental damage cover as an optional add-on, though.
- Given the breakability of modern TVs, plus insurer statistics showing that accidental damage is among the types of insurance claims that Australians lodge most commonly, it's recommended that you consider adding accidental damage cover to your home and/or contents policy if you value your TV highly.
- Unless you tend to carry your TV with you when you leave the house, there's no need to worry about portable contents insurance.
Frequently asked questions
Our TVs have come a long way since the "big box", and in insurance terms, they should be seen as fragile, high-value items – so it's logical to give them the protection they deserve.
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