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Know What Should Be Included In Home Appliance Insurance

Insuring large home appliances is a good idea because it can save you money in unexpected repairs or replacements. When looking for good coverage, there are some things that should be included. Outlined below are features to consider when purchasing appliance insurance.

Features to Consider in Your Home Appliance Insurance Plan

Insuring your appliances can be done in a retail store, over the phone, or online. For this reason, there are a lot of plans to choose from. No matter where you end up purchasing appliance insurance, however, be sure that you are getting the best coverage for the price you're paying by understanding your options ahead of time.

Cost vs Ease of Purchase

You'll be offered appliance insurance when you purchase a new home appliance. While insuring your new appliance this way is the simplest method, it's not usually the least expensive option. However, it's up to you to decide if you want the ease of purchasing insurance by bundling it with your appliance purchase, or if you'd rather take the time to shop around for a reduced rate.

Insurance Coverage Length

Most new appliances are covered by a manufacturer's guarantee for a year from the purchase date. This means that if you experience problems in the first year of use, you shouldn't have to pay for repairs. But you want large, expensive appliances to be guaranteed longer than that, right? That's where home appliance insurance comes in. It is an extended warranty, covering both repairs and replacements once the manufacturer's guarantee expires. A good plan offers an additional 5-8 years of coverage.

Extent of Repairs and Replacements Offered

Carefully read the warranty to understand the extent of repairs and replacements offered. Some insurance plans cover repair costs only for specific problems, while others won't cover the cost for parts. Other limitations you might see in appliance insurance include limitations in how many repairs can be made in a year and whether replacements are completely paid for or not.

Both Systems and Appliances Covered

The best appliance insurance plans cover the system used to operate the appliance, in addition to the appliance itself. This means that if your electrical system is the cause of a malfunctioning refrigerator or a plumbing problem led to a leaky washing machine, your appliance warranty will pay to repair the system as well as the appliance hooked up to it.

Number of Appliances Covered

Home appliance insurance isn't limited to your newest appliance. You can add other large appliances to your coverage plan. The extent of coverage for older appliances depends on their age. Older appliances are typically given a price value which dictates which percentage of repair costs are covered. While your older appliances may not be 100% covered, you'll still save money in repairs and increase the life of your machines. In addition to appliances, air conditioning units, water heaters, electrical and plumbing systems can be added to your plan, as well.

Specified Repair Companies

The final feature of appliance insurance plans involves actual repair companies. Since some insurance companies partner with repair companies, you need to know who to call when you experience problems. Calling the wrong repairman could mean insurance rejects your claim. However, knowing who your insurance company trusts means you don't have to hunt for a good repairman. Just make sure you have the right number handy in case a problem arises.

Home appliance insurance is a great way for you to extend the warranty of both new and old appliances. When looking for the right plan, make sure you understand how comprehensive it  is before finalizing your purchase. For more information, you may want to contact a local appliance repair company, like Appliance Service Co Inc.