Is Having Homeowners Equipment Breakdown Coverage Beneficial?

Equipment breakdown coverage is an endorsement that can be added to your homeowners insurance policy for added protection. Even when you maintain your equipment regularly, breakdowns do occur, and they can be quite costly. Monitoring the condition of your equipment can reduce the risk of a breakdown, but it won’t eliminate it. This is where you may need equipment breakdown coverage.

This coverage benefits homeowners by covering the following perils and related expenses.

Power Surges

Power surges caused by lightning strikes or malfunctions in the utility lines may damage your heating and cooling systems, resulting in expensive repairs. Equipment breakdown insurance will cover those repairs and replace any units that can’t be repaired.

Electrical or Mechanical Equipment Breakdown

Many of your appliances have motors or compressors, including your well pump, air conditioner, sump pump, and furnace. Replacing any type of motor or compressor can be quite expensive, but breakdown coverage will reimburse it. Regular maintenance is a must to keep all of your equipment in good working condition and detect any damage before it causes a breakdown.

Environmental-Friendly Appliances

Solar panels are always exposed to outside elements and at risk of being damaged. Smart appliances that are full of electronic components are also prone to repairs. If even one component goes out, you cannot use it until repairs are made. Power surges are the major reason when it comes to damaging electronics. However, breakdown coverage will come to your rescue in such circumstances.

Pressure Systems

If pressure systems, including your water heater and plumbing systems, break down, they can cost you a good chunk of cash to get them back up and running. Without equipment breakdown coverage, you will need to pay for this out of pocket.

Portable Equipment

Portable equipment includes laptops, cell phones, tablets, and any other devices that you use during travel. Whether the equipment is used for personal or professional reasons, having it sufficiently covered for breakdowns or other types of damage is extremely important.

Equipment Failure-Caused Damages

Equipment failure can cause expensive damages. For example, when a refrigerator breaks down, all of your food may spoil. Your clothing may be damaged if your dryer malfunctions. Breakdown insurance will help cover the cost of replacing these items.

Refrigerated Property

If a deep freezer or refrigerator breaks down, it may cause expensive repairs or replacements. You will also need to replace any food that was lost. In such circumstances, breakdown coverage will cover the damage and compensates for the lost food.

New appliances can be costly to repair or replace, so it is essential to have equipment breakdown coverage. It can cover the unexpected loss or repair of a much-needed appliance. Contact our team at Lou Aggetta Insurance Inc. today if you have any questions concerning the coverage.