Appliances, HVAC, and electrical systems are very complex, technologically advanced pieces of equipment. If they break down, become damaged, or malfunction in any way, the needed repairs can be extremely costly. Insurance carriers are now offering equipment breakdown coverage that can be purchased to help cover the cost of repairing or replacing your appliances and household systems.
Equipment breakdown coverage is an insurance policy that can be added to your homeowners, renter's, or condo insurance policy. This policy will take care of any repairs that need to be made or will replace appliances or systems that need to be replaced. This policy will not cover older appliances or ones with excessive wear and tear.
Equipment breakdown insurance covers equipment breakdowns that occur without warning. It covers both mechanical and electrical breakdowns. This type of insurance covers boilers, HVAC systems, appliances, air conditioners, and pressurized systems that have been properly maintained over time. It is a welcome addition to your policy and can save you time and money if any of your appliances or systems in your home break down or malfunction.
Insurance will cover the repairs or replacement costs if your breakdown is of a mechanical or electrical nature or an equipment breakdown. This type of coverage extends to:
This type of insurance also covers spoiled food and other damages that were caused by a system or appliance breaks down.
Equipment breakdown coverage is affordable and can save you from having to pay expensive repair bills. By purchasing this coverage to go along with your homeowners insurance, you can keep your appliances and systems in good working order or you can also make “green” upgrades. Swapping your old equipment with newer energy-efficient units will save you money in the long run.
Depending on how much coverage you need or other discounts you may qualify for, most people can expect to pay $25 to $50 per year. People who have reached the age of 50 or older, may qualify for discounts for the elderly if they are members of organizations like AARP. The amount you pay for your policy each year would be a fraction of the costs you would eventually pay to make repairs or replace a faulty system.
An equipment breakdown endorsement covers a variety of appliances and systems in your home for an affordable price. Home warranties, on the other hand, may be more expensive and can include additional fees and charges that you may have to pay out of pocket.
Equipment breakdown coverage is not a new concept. If you would like to learn more about how these insurances endorsement can help save money. Contact us at Humble Insurance Group today! We have several answers to resolve your insurance-related concerns.
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