When does home appliance insurance make sense?
It is never a good time for household appliances such as a television, washing machine or fridge-freezer to break. However, if this happens shortly after the manufacturer’s warranty expires, it can be especially frustrating.
Although you may still get a handle on the instruction manual, after the manufacturer’s warranty expires you will be responsible for the cost of repairing or replacing any home appliance that has stopped working.
One way to overcome this financial pain is to get home appliance insurance. This is to cover the cost of repairing or replacing defective household appliances.
What does home appliance insurance cover?
Household appliance insurance covers mechanical or electrical failure of household items such as refrigerators, stoves, microwaves, washing machines, televisions, game consoles and music systems.
In addition to paying for a replacement if necessary, a policy also takes care of parts, labor, and call-off charges.
This type of insurance also gives you the assurance that if a device covered by your policy stops working, your insurer will send a technician for repair or replacement, often within 24 hours.
What does it not cover?
Home appliances insurance can give you peace of mind that you won’t be faced with a hefty bill for a new TV or washing machine. However, there are some things that are not covered, such as: B. Wear and tear as well as malicious and cosmetic damage.
Some guidelines don’t apply to devices once they reach a certain age, usually around eight years, and some also exclude some manufacturers.
Theft is also outside the scope of a home appliances policy, even though it would be covered by your home content element of your home insurance.
It’s also important to note that if the technician comes out and doesn’t find a mistake, you may have to pay the bill yourself while home appliance insurance covers you for calls.
Although it takes care of a lot of your expensive electrical appliances, home appliance insurance doesn’t cover items like your laptop, tablet, and cell phone. For similar coverage, you need to consider gadget insurance.
How is it different from home insurance or extended warranty?
Home appliance insurance offers broader coverage than household contents insurance. A household content policy gives you protection if your home appliances are lost or damaged as a result of an event such as fire, flood, or theft, but it does not cover mechanical or electrical failure. Some policies include accidental damage, usually as an optional extra.
Extended warranty coverage provides similar protection to a home appliances policy and falls back to the tab if an item fails. However, it is less flexible as it only covers one item and, since you cannot shop, is often more expensive.
These types of policies also usually cover a certain number of years, while it is possible to find home appliance insurance that will provide coverage for as long as you want.
Which devices are worth covering separately?
This is entirely a matter of choice. But if you couldn’t afford to replace or repair your home appliances – and couldn’t live without them – then it’s probably worth protecting them.
Conversely, if you’re a fan of the latest technology or know you’d like to swap out your refrigerator for something that better suits your needs, the prospect of your existing model failing may be more of a cause to celebrate than a worry.
What does household appliance insurance cost?
Coverage costs start at around £ 5 per month for an item. However, if you want to insure more than one home appliance, many insurers offer a discount. This can add a lot of value and, depending on the size of the discount, covering more devices can cost even less.
Where can I get home appliance insurance from?
Home appliance insurance is available from a handful of insurers. So it pays to shop around or use a comparison website or insurance broker to find the best deal for you.
When should i hide
If you want to opt for the safety of your white goods and other household items, you can take out home appliance insurance or add items to an existing policy once your items are no longer covered by the manufacturer’s warranty.
Also, check to see if you don’t have coverage yet. For example, some bank accounts come with extended warranty coverage as a giveaway.
What features should I look for in home appliances insurance?
Price is usually the first consideration, but it may be worth paying an additional fee to ensure quality coverage. One of the best guidelines is to have a 24-hour hotline that allows you to contact a technician quickly. broad coverage and no surpluses or limits on the number of claims you can make or the age of your devices.
It’s also worth checking the fine print for policy terms. Most insurers expect you to follow the manufacturer’s instructions when using the device, and some also state that you will only use an authorized repairer. Some also expect proof of purchase, especially for higher value items.
Is it worth paying extra for home appliance insurance?
Once you’ve received a quote, weigh the cost of coverage, including any deductibles you may have to pay if you need to make a claim, against the cost of replacing the item to see if it makes financial sense is.
Also, think about what to do if a home appliance fails. If it’s easy and happy to replace it, don’t worry about the cover, but if you’d prefer the peace of mind that a repair or replacement is just a phone call away, it’s worth considering.