Facts on home appliance insurance you should know

Lifestyle | 23 Aug, 2019 |

More homeowners today are opting for appliance insurance for the major gadgets and devices they make use of in their homes, and there are many great reasons for this. With appliance insurance coverage, you don’t have to worry about your major appliances breaking down and leaving you with a big hassle for days – all you have to do is contact the insurance provider, and they will send a technician or specialist over who can repair or replace your appliance in no time at all. For a small amount every month, you can get the appliance coverage you need and help make your appliance investment last. But if you haven’t yet decided whether home appliance insurance is for you, here are the best facts on home appliance insurance you should know.

The basics of home appliance insurance

As its name implies, home appliance insurance is simply an additional service contract which you can opt for in order to protect and give coverage to your major home appliances if they ever break down and need repair or replacement. Some home appliances which are usually covered by the policy include major kitchen appliances such as refrigerators and dishwashers as well as ovens and cookers, and it also includes items such as washing machines and clothes dryers. The thing about home appliances like these is that we use them often, sometimes several times a day, and they can be quite expensive to purchase. So, with home appliance insurance, you are essentially protecting your investment by making sure that you can easily have them repaired or replaced if the need arises without worrying about how you can pay for it. Home appliance insurance can give you ample coverage for a very moderate fee per month.

The difference between home appliance insurance and a manufacturer’s warranty

If your appliances already come with a manufacturer’s warranty, you may be wondering how a home appliance insurance policy can still help you. There is definitely a substantial difference between the two. A manufacturer’s warranty will usually come from the manufacturer of the appliance, such as GE, Samsung, and the like, and this warranty is a kind of ‘promise’ from the manufacturer that the appliance will perform as expected for a specified period, often one to two years. Some manufacturers may also offer an extended warranty, which runs for a longer time.

But home appliance insurance is different from a manufacturer’s warranty in that it costs much less than the warranty, and it covers most of your home appliances, unlike the manufacturer’s warranty which will only cover the appliances from the manufacturer. With home appliance insurance, the brand doesn’t matter, but a manufacturer’s warranty only covers the specific model you bought from the manufacturer itself. The length of coverage with home appliance insurance is also more flexible, as most providers will offer coverage of 12 months with an option for you to renew. On the other hand, manufacturer’s warranties will go on for 1 to 2 years only. Another significant aspect of home appliance insurance is this: you can transfer it. If you, for instance, decide to sell your home and its appliances in the near future, you can transfer the policy to the seller. The same is true if you are a landlord – you can transfer the policy to your tenant. Manufacturer’s warranties are non-transferable. 

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