Home Insurance Equipment Breakdown – Did you know that there are two very affordable extended cover options for your home insurance? Appliance and service line claims provide extra protection for appliances, systems and tools in and around your home. These options are much cheaper and cover a significantly wider range of home guarantees and are in addition to your home policy rather than a separate contract.
A storm has caused power outages and damaged your computer and other electronic equipment in your home. Replacement or repair of damaged products can be covered for repair or replacement up to the amount specified in the policy.
Home Insurance Equipment Breakdown
Essentially, it extends the existing coverage that your home insurance policy offers. The difference lies in the type of incident and the damage done. Depending on the configuration of your home and the items you want covered, you’ll want to have a discussion with your agent to make sure the equipment damage option offered by your home policy will protect you. Not all carriers offer this coverage or some of the items you might want the additional coverage to protect.
Why Do I Need Equipment Breakdown Coverage?
Equipment damage is often compared to a home warranty. Although similar, equipment damage offers much more protection at a much lower cost. In addition, it is linked to your home insurance, not a third party and a contract.
We are here to help you with all your options for your home. Working with an independent agency gives you the flexibility to choose the right coverage. Make an appointment with a local Northwest representative to discuss your options.
Service line coverage will extend your existing homeowner’s policy to the underground pipes or cables that connect your home to a public utility or private system. This can be caused by:
A tree root grows into a sewer pipe on your property, causing a leak, service line coverage will cover the work required to locate and replace the damaged pipe. You will be responsible for the excess and then the coverage will cover the insurance limit.
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Be sure to discuss the details of this cover with your local agent before signing up. Depending on the company, there can be large variations in options. An example of this is private septic systems and wells. Coverage often extends to the pipes connecting the systems, but not to the septic system itself or the water pump.
The biggest benefit of this coverage is the total cost of this type of repair. If the sewer line is damaged, it can take several hours for a contractor to find it, plus the cost of equipment rental and digging. It’s rare to have problems with service lines coming into our homes, but when there is a problem, it disrupts everything in addition to repair costs. Often these policies are extremely affordable, much lower than $50 per year.
Both coverages (service line and equipment breakdown) are extensions of your current home policy that are paid for extra. However, the coverages listed protect your property and investments that are at risk and expensive to replace. These covers will help give you peace of mind and, when a problem arises, a quick solution that allows you to get on with your everyday life.
Not all carriers offer these approvals, so be sure to discuss them with your agent. In addition, there may be rules before coverage begins, including a mandatory waiting period or only available upon renewal. The last thing to consider is your type of home. Some options may not be available for manufactured or mobile homes.
What Is Equipment Breakdown Coverage?
Before you get started, take a quick look around your home and note which items will require major repair or replacement costs should a problem arise. Do you have high-end appliances that would be difficult to replace if a power surge damaged them? If a tree or vehicle damaged your service lines, could you afford to dig out and repair? Be aware of these topics and call or email your agent to discuss your options.
As always, we at Cross Insurance Agency are here to help. Call, email, text or make an appointment with one of our professional local agents and we can work together to find the best option for you. By being local and independent, we can find the right fit at the right price.
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The best place to find insurance Do I need to keep my boat, motorcycle or caravan insured during the winter? Equipment Damage Coverage is an optional endorsement to extend coverage to a standard policy. Read below for more details!
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Equipment breakdown coverage is simply additional coverage that fills in the gaps in your homeowner’s insurance. Most homeowner’s insurance doesn’t cover the cost of repairing or replacing major appliances in your home when they break, but with appliance breakdown coverage, you can have peace of mind.
Equipment breakdown cover protects you against unexpected repair or replacement costs due to electrical, mechanical or pressure system failure. Here are just a few of the items that are often prone to equipment failure:
This optional policy add-on is available to enhance the coverage provided by your existing policy. Equipment breakdown coverage has a $500 deductible and can be added to your policy for an annual premium of just $75. To add equipment damage coverage to your policy or if you have questions about coverage, please contact your Farm Bureau insurance agent for more information.
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