What is new for old cover?
In a nutshell, new for old cover means that your insurers will, with a few exceptions, give you the equivalent value of whatever it is that’s been damaged or stolen. So if you had a burglary for example, and your 50-inch TV was stolen, it doesn’t matter whether you’ve had it three years, or three months, your insurance company will give you the money to buy an equivalent brand new one.
You can’t ask for the money for a better one, only the same type as you had. Of course you can upgrade when you’re buying a new one, but you’ll have to put the money towards it yourself. There are some exceptions too, for example clothing where there may be an adjustment from the insurers based on wear and tear so you the payment made will be reduced.