Cold winter months can cause havoc on your home. Equipment like heating, cooling, and appliances are integral parts of your home. Any idea what you would do if your furnace stopped working in these cold winter months? We all know that household appliances aren’t going to work all the time, so that’s why it’s a good idea to check out equipment breakdown coverage for your home. Most homes today have many expensive, modern pieces of equipment that contribute to the normal operation of the home and in turn, can add up quickly if needing to be repaired due to an insured peril. Breakdowns can happen when you least expect it, but you can be prepared with home equipment breakdown coverage.
This coverage acts as an extension to your homeowner’s policy and protects many of the essential equipment you rely on day-to-day. Think of it as a product that fills in the gaps in your primary home policy. In the event of an unexpected breakdown due to electrical or mechanical issues, this coverage will help with the financial costs associated with getting your house and life back to normal. Normal wear and tear and/or corrosion are not covered under this policy; it is specifically designed to cover sudden, unexpected breakdown due to insured perils.
It varies depending on which insurance provider you are with, but on average it is $50-100 per year. Compare that to the cost of replacing a furnace and it’s really quite affordable! It’s easy to budget in life when you can identify costs in the future; unfortunately, life isn’t always that easy so it’s important to analyze what is best for you, your family and home. Imagine your furnace stops working in the middle of a cold -40 degree night, you won't have time to save up your funds to pay for the repair. Equipment breakdown coverage provides peace of mind knowing that you will be covered financially to get your furnace repaired to ensure your home gets warm and stays that way.
Based on your insurer, the coverage can be different; however, the following are examples of equipment most often covered:
Your MIG broker can work with you to ensure the equipment that keeps your home running is protected against sudden, costly repairs. Contact us today to find out more!