A standard homeowners insurance provides the much-needed financial security for protecting your home and personal property. However, there are gaps in the policy where you may be exposed to cover the loss/damage of appliances you rely on every day, including your TV, water heater, furnace, home security system, refrigerator, computer, plumbing systems, etc. Though you regularly maintain these appliances, breakdowns are inevitable, and sometimes they can be quite costly to afford. This is where homeowners equipment breakdown coverage will come to your rescue.

What Exactly is Homeowners Equipment Breakdown Coverage?

It is an endorsement that can be included in your homeowners insurance policy to cover the repairs and replacements of your appliances and equipment caused by failures or breakdowns.

Benefits of Having Homeowners Equipment Breakdown Coverage

This coverage can benefit homeowners by covering the following perils and related expenses:

• Mechanical or Electrical Breakdown

  Equipment breakdown coverage will reimburse the losses or damages to your air conditioner compressors and sump pump motors caused by electrical or mechanical breakdown.

• Pressure Systems Breakdown

  If pressure systems, including your water heaters and plumbing systems, fail, they may cost you more money to fix or replace them. Without adequate equipment breakdown coverage, you will need to pay for this out of pocket.

• Power Surges

  Malfunctions in the utility lines or lightning strikes can cause power surges, resulting in expensive repairs or damage to your heating and cooling systems. However, equipment breakdown coverage will pay for such repairs/replacements, saving you from the financial burden.

• Repairs to Smart Appliances

  Smart appliances like solar panels are always exposed to outside elements, increasing their susceptibility to being damaged. Even minor damage can be expensive to repair, but breakdown coverage can help you afford it.

• Equipment Failure-Caused Damages

  Besides covering the damaged appliances, breakdown coverage also covers the losses caused by such appliances. For example, if your refrigerator breaks down, all of your food may get spoiled. Your clothing may get damaged if your washing machine malfunctions. Nonetheless, breakdown coverage will pay for replacing these items.

• Portable Equipment

  Portable equipment includes laptops, cell phones, tablets, and any other devices that can be carried during travel. Breakdown coverage pays for the repairs or damages to such equipment, whether it is used for personal or professional reasons.

• Refrigerated Equipment

  Repairing or replacing refrigerated equipment like a deep freezer can be expensive. You may also need to replace any food (if stored) that was lost. In such cases, breakdown coverage will kick in to cover the damaged equipment and compensate for the lost food.

Coverage Exclusions

Equipment breakdown coverage will not cover:

• Damages/repairs resulting from general wear and tear
• Equipment/appliances that are covered by warranty or guarantee or not kept at your insured address

Equipment breakdown coverage is worth having if you have several brand-new appliances without warranties or that can be costly to repair or replace out of pocket. Contact our agents at Weeks & Associates Insurance Services today if you have any questions concerning this coverage.