Do your home appliances need to be repaired? Does it’s repairing cost is a headache for you? Then you might not be aware of Home Appliance Insurance….yes you read it correctly. Nowadays, Home Appliances have also get insured by the Insurance Company.
This is an entirely new concept that the insurance company like SFAM have just started. Not everyone is aware of this amazing concept. In this article, we are going to discuss the Insurance of Home Appliance in great detail. So let’s start.
What is Home Appliance Insurance?
Home Appliance Insurance is the policy in which if any home appliance needs to be repaired or replaced then the home appliance insurance company will pay its cost. Unlike the homeowner’s insurance, home appliance insurance is only applicable to the appliances that are insured by the company. If your appliance is damaged then the insurance company will not bound to pay your expense.
What Appliance should be insured?
Depending upon the policy you select, appliance cover will differ. Some of the appliances are listed below that we should be insured as their repair could be heavy.
- Plumbing System
- Heating System
- Water Heater
- Electrical System
- Central Vacuum
- Septic System….and the list goes on
How much does Home Appliance Policy Cost?
Depending upon the level of coverage home appliances cost $400 to $1000 in a year anywhere in the world. However, opting coverage for riskier appliances will double your premiums.
What to consider before buying a home appliance policy?
- Get that policy for that product only that you have in your home. Some policies have a package that covers mostly used appliance that is present in every home but you have to check whether this appliance will be present to you or not.
- Always take those policies which clearly specifies its limit to the client.
- You should know how much your appliances are risky and hence do the insurance policy of it accordingly.
Ultimately it is the best choice if you only choose those home appliance insurance policy that is best suited for the appliances of your home and it’s risk tolerance. Hover this website to understand the importance of appliance warranty.