Today, home entertainment systems have gone from a basic living room setup to a multi-thousand dollar investment. The average homeowner is no longer buying just a TV and some speakers – they are buying entire systems – ultra high definition displays, surround sound, streaming devices and gaming consoles. These modern setups are expensive, fragile and prone to many risks. Yet TV insurance is often overlooked.
The Problem:
The Cost of Repairing or Replacing Your Home Entertainment System
Let’s start with the biggest problem – the financial risk. Modern home entertainment systems can cost anywhere from $1,500 to $10,000 or more, depending on the complexity of the components and the brand. A TV, especially an OLED or QLED, can cost over $2,500. Add a home theatre system, gaming console or high-end soundbar and it can double the investment.
Now what happens when things go wrong?
Many homeowners think their warranty or home insurance will cover these systems completely. Unfortunately, that’s not always the case. Warranties are typically only 1-2 years and only cover manufacturer defects, not accidental damage or electrical problems. Most home insurance policies have high deductibles, so small to moderate damages are often not reimbursed. For example:
A 2022 SquareTrade study found that 1 in 3 Americans damage their TV in the first year of ownership.
According to a consumer electronics report from Statistic, TV repair costs between $300-$500 for common problems like screen damage or faulty wiring. Repair costs can be much higher for high-end systems. Fixing an OLED panel, for example, can cost $1,000 or more, depending on the brand and model. If your TV or entertainment system suffers significant damage from a power surge, accidental drop, or leak, repair costs can be much higher. And if the damage can't be repaired, replacing the entire system can be a financial blow you never thought possible. Concern:
Hidden Risks You May Not Be Thinking About Beyond the obvious financial cost, many homeowners overlook everyday risks that put their expensive entertainment setup at risk. Accidental Damage: You may be thinking, "I'm careful with my electronics," but accidents happen more often than you think. Whether it's a child dropping the TV or the remote slipping out of your hand and breaking the screen, accidents can happen in a matter of seconds. Actual case studies from electronics retailers indicate that about 20% of TV repairs come from impact-related damage that isn't covered by standard warranties.
Electrical Shock Electrical shock is another common problem that many homeowners don't consider. High voltage shocks from lightning, faulty wiring, or fluctuations in the local power grid can quickly damage your electrical system. During storms, lightning usually causes the majority of electrical shocks, although it can also be caused by grid instability. These are not usually covered in homeowners insurance policies unless the shock that hits your home is actually caused by lightning. As the Insurance Information Institute reported, lightning strikes alone caused more than $900 million in damage in the U.S. in the year 2023. The compensation included compensation for damage caused to televisions and entertainment systems.
Theft and Vandalism: While homeowners may think they are safe from theft or vandalism, it is a real risk for high-end systems. According to the FBI report more than $15 billion was lost to property crime in the U.S. in 2021, with electronics grabbing the most amount of stolen items.
Manufacturing Problems After Warranty: Even if your TV or sound system is working without any problems today, manufacturing defects often show up only after your warranty expires. Perhaps the worst moment is when these problems are caused by a fault in the power supply or any failure of internal equipment. You won't like it when you need to pay for repairs or replacement out of your pocket, fearing that your wallet will be empty.
Solution:
How TV Insurance Can Protect Your Investament
So, what makes you more sure about potentially arising television adverse cases if you have insured? I think the best option is TV Insurance originally Extended Electronics Insurance. These policies provide the most complete coverage except for standard warranty or homeowners insurance, bridging many of those vulnerable spots. Here's why you can look for TV insurance:
1. Accidental Damage Coverage:
TV insurance generally covers damage caused by unintentional drops, spills, and other reasons. If your screen breaks after being hit by a thrown toy, or your sound system breaks while you're moving house, the insurance company will pay for the cost of repairs or replacement equipment. *Example*: Let's say you accidentally drop your TV from its wall mount. If you don't have TV insurance, you could face a cost of $300 to $1,500 (depending on the severity)