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Equipment breakdown coverage can help repair or replace your appliances and equipment after a mechanical or electrical failure. But it’s not always cost-effective for every homeowner.
Equipment breakdown coverage can repair or replace your appliances if they stop working due to a mechanical or electrical failure.
Coverage varies from policy to policy, but you’ll generally be covered for mechanical or electrical damage to your:
If your covered equipment stops working due to a power surge, short circuit, motor burnout or mechanical breakdown, contact your insurer to file a claim and get repairs or get reimbursed for a replacement.
If your policy covers food spoilage, you may want to take a picture of your fridge and/or freezer to include in your claim.
Whether or not you’re covered for accidents will depend on your specific policy, so if the damage is due to an appliance being dropped, knocked over or otherwise accidentally damaged, check your policy documents before filing a claim.
It depends on your financial situation and your appliances. If most of your appliances and equipment are old and are prone to breaking down due to wear and tear, the extra coverage might not be worth the cost.
But if your appliances and equipment are still in good shape, coverage could save you a lot of money if something happens — especially if they aren’t warrantied.
If you’re on the fence, write down all of the appliances and equipment in your home that would be covered, and figure out how much each would cost to replace. Then, get a quote for coverage from your insurance agency to see if the cost of coverage is low enough to be worth it.
Exclusions will vary from policy to policy, but you generally won’t be covered for:
Equipment breakdown coverage can help protect you from the financial consequences of an electrical or mechanical failure in a pricey appliance. Compare home insurance policies that will let you add coverage for your home appliances.
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