When it comes to household nightmares, there is nothing worse than realizing that your washing machine is leaking water or that your fridge isn’t keeping anything fresh.
Our lives are so tied to everyday household appliances that when things go wrong it can be difficult to deal with.
Home Appliance Coverage Insurance is designed to give you the peace of mind that you can get your appliances repaired or replaced quickly, but is it right for you?
We take a closer look at home appliance coverage insurance, including what is covered and how it differs from contents insurance and warranties.
How does home appliance coverage work?
Many homeowners and renters realize the importance of inventory insurance, which gives you peace of mind in the event of damage or theft.
Appliances in your home usually fall under your inventory insurance for damage or theft, but what if they break down? If you’re worried about covering your kitchen appliances or washing machine insurance if those appliances stop working, consider appliance insurance.
While most new devices come with a manufacturer’s warranty that guarantees repairs and maintenance for the first year, the most common problems occur outside of the warranty period, due to wear and tear. Think about it – the older a device gets, the more likely it is to stop working properly!
In that case, you’ll either have to replace the device or pay the manufacturer to fix your product – two expensive options that could leave you with a lot of expense.
Home appliance insurance aims to bridge the gap between home insurance and appliance warranties. For a monthly flat rate, you can insure your household appliances in the same way that you cover the contents of your home in the event of theft or damage. If you are investing in an expensive new kitchen appliance, this could be a smart way to protect your precious new asset.
Similar to an extended warranty, device insurance can be extended to cover a range of different devices.
Do you need home appliance insurance?
Appliance insurance can save you from having to go without your washing machine, dishwasher, or fridge / freezer for long periods of time while they’re repaired or until you buy a new one.
It can also help avoid unforeseen costs, as your devices will be repaired or replaced as part of the coverage – you won’t need to find the money for a new device if yours suddenly stops working.
A good home appliance insurance policy will have a quick call number, so that you can quickly have any issues dealt with by qualified engineers.
However, while an appliance insurance policy is probably less expensive than replacing a recently purchased appliance, the value of your appliances should play a large role in your choice of appliance insurance. If your devices are already quite dated, specialized coverage may not cover them.
If you have already taken out a manufacturer’s warranty with your appliance, you will not need additional appliance insurance. You may want to consider purchasing a device coverage policy after the manufacturer’s warranty expires.
What to look for in an appliance insurance policy?
While the concept of home appliance insurance is great in principle, as with everything, the devil is very often in the details, and the fine print is best read.
First, check how many household appliances are covered by the policy. Many of the best providers offer coverage for an unlimited number of devices.
Next, check if your specific device (s) will be covered. Some policies will only cover items up to a certain age, and different policies will have different limits on the value of a single item – so it’s worth checking this out if you have high-end devices.
You should also check if there is a limit on the amount you can claim. More comprehensive coverage will offer unlimited claim values, while some cheaper policies might limit the amount you can claim.
Finally, verify that your home appliance insurance policy offers all the coverage you need, which may include mechanical breakdown, accidental damage, parts, labor, and response costs depending on your needs. needs and the extent of coverage desired. If your washing machine breaks down, you don’t want to be stuck on the fine print of your insurance policy while your dirty laundry is piling up.