Be it LED, LCD, Plasma, Smart TV or even a home theatre system, these appliances enhance the look of your home. The more advanced television you purchase the costlier it would be and the more safety would be required. So the best way to protect it from any kind of threat such as theft, loss or damage due to natural calamity or accidental damage is to get these insured with home insurance.
Benefits of TV Insurance Policy
It is human nature to make the best-in-class purchase as per their budget and it is not just about the amount you spend but the emotional connection you create with that product. Television is one of those products and it requires to be insured under a TV insurance plan. This is where a comprehensive insurance policy that provides cover for your TV is vital and comes with the following benefits:
- Provides cover for financial loss in an accident leading to damage of the television that can happen all of a sudden.
- Provides cover for damage caused to the television due to fire accident or any other perils.
- Provides coverage against theft as well as a burglary at your home.
- Coverage for any of the damaged parts of the television
- Depending on the television’s cost, coverage is provided to the policyholder with a low premium insurance plan.
Factors That Affect TV Insurance Premium Amount
The premium amount of your insurance plan is determined on the basis of several factors. They are as follows:
- The premium amount of your insurance plan is determined by the cost of your television. If the cost of your television is high then the premium amount would be higher as well.
- There are different models of a TV hence the sum insured you opt for decides the coverage you will get for the loss or damage of your television.
- The tv insurance premium amount also depends on the duration and the coverage of your insurance plan.
TV Insurance Inclusions
You get coverage for the following in your TV insurance.
- Fire: In case of damage caused to your tv in a fire accident is covered
- Burglary & Theft: You never know when burglary or theft would take place in your house in that case financial coverage is provided for the television.
- Accidental damage: In case the television gets damaged due to an external accident or during transportation (Excluding aerial) is covered under the television insurance.
- Electrical & Mechanical breakdown: In case of any mechanical or electrical breakdown caused to the television that requires repairing is covered by the insurer.
TV Insurance Exclusions
The insurance plan does not provide cover for the following:
- Wear & Tear: The insurer will not provide cover for any normal wear and tear as well as restoration of the policy.
- Unauthorized repairing: If you do not inform the insurer before getting your television repaired then the insurer will not provide cover for it.
- Manufacturing defect: In case of any manufacturing defects arising due to the manufacturer's fault will not be covered. In this case, the policyholder will have to file a claim against the manufacturer.
- War & Nuclear perils: Any loss or damage caused to the TV due to war or nuclear disaster is not covered.
- More Than 1-Year Old TV: If the television is more than 1 year old from the date you purchased it, the insurer will not provide cover for it.
- Wrong Information Related to Coverage: While purchasing the insurance plan if the insurer does not provide you the correct information related to the coverage or willfully hides something then the non-disclosure of the information can lead to exclusion of that particular cover.
- Willfully Destroyed: If you or any of your family members willfully destroys the television or break any part of the television, the insurer will not provide cover for it.
- Neglecting Damage: If you willfully neglect any of the loss or damage caused to the television such as mishandling or misuse will not be covered.
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