Home insurance for appliances is an optional add-on to your homeowners insurance policy. While it provides basic protection for mechanical breakdowns, it does not cover specific perils. You may find that home insurance for appliances is more affordable if you only have a single washer and dryer in your home. For those who do own both, you should consider purchasing a separate policy. Listed below are some important considerations when purchasing insurance for appliances. These are listed in the order of importance:
Home appliance insurance is an add-on to homeowners insurance
Many insurance companies offer home appliance insurance as an add-on. It’s similar to auto extended warranties in that it covers major systems and appliances, typically at a cost of an annual contract or service fee. These add-on policies cover repair and replacement, and typically last for a year. Purchasing such coverage is not necessary if your home is under five thousand square feet or a newer model.
This type of policy can help replace appliances that break down due to wear and tear. For example, American Home Shield’s policy will pay to replace your refrigerator or dishwasher if they break down due to a malfunction. Other policies may cover appliances built into the structure of the home, while personal property insurance doesn’t cover them. Some companies may also offer coverage for specific appliances and brands. In general, home appliance insurance add-ons are relatively inexpensive.
It covers mechanical breakdowns
There are several types of home insurance for appliances, including coverage for major appliances and replacement parts. Home warranty coverage is a good idea, but it’s not the same as insurance for mechanical breakdowns of your appliances. Home warranty covers only specific items, while breakdown coverage applies to all your household appliances. To find out if this type of coverage works for you, talk to your insurance agent. This kind of coverage may be a great way to ensure that your appliances are fixed if they’re broken.
Home insurance for appliances can protect you from the expense of costly repairs, even if you’ve taken out separate policies for them. In addition, it provides you with a single point of contact to address your needs and help you find a repair specialist. This type of coverage can even pay for additional living expenses in the event of an equipment breakdown. Whether you’re looking for a home warranty or a policy that covers mechanical breakdowns, a breakdown policy is worth checking out.
It does not cover specific covered perils
If you don’t have a home warranty or appliance policy, you’re likely not covered if something happens to them. If this is the case, you should check the details of your homeowners insurance policy to see if your appliances are covered. You might be surprised to learn that some insurance companies do cover appliances, but others do not. Homeowners insurance does cover certain perils, however, so it is important to know what these are before you purchase an insurance policy.
If you don’t know what your policy covers, contact an independent insurance agent to review your policy. Home insurance for appliances typically covers the cost of replacing or repairing appliances after a covered incident. Unlike home insurance, however, this coverage does not cover specific perils. It covers routine deterioration and breakdown, but limits may vary from policy to policy. It is important to check with your insurance agent about specific policy exclusions and coverage limits.
It is more affordable if you don’t have a washer and dryer
If you have a front-load dryer, it is very expensive and you can’t afford to replace it. This is where home appliance insurance comes into play. Even if you’re able to afford a new front-load dryer, it may not be financially feasible for you to replace it. If you don’t have a washer and dryer, you can still benefit from home insurance for these appliances.
