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Written By Erin Easley
Published 09/25/20Appliance repair costs are an unwelcome but inevitable part of homeownership. Daily use can wear down an oven, dishwasher, or other appliance more quickly than we might like. Fortunately, there are ways to mitigate the expenses associated with broken appliances. An investment in insurance on home appliances can be an effective way to save money.
In this post, we’ll take a closer look at what homeowners’ appliance insurance is and what it can cover. We’ll also explain how you can find the best policy for you and your home.
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Appliance insurance refers to various policies homeowners can purchase to cover the repair and replacement of major appliances in the home. This optional insurance protects homeowners from paying for repair costs out-of-pocket when an expensive machine fails due to normal wear and tear. This kind of insurance policy, also called a home appliance warranty, is purchased from a third-party provider as opposed to the appliance manufacturer.
You might also see appliance insurance policies referred to as appliance protection plans, but be careful not to conflate appliance insurance with homeowner’s insurance, which is something quite different. Homeowner’s insurance protects you from financial losses in the event of damage or theft. Homeowner’s insurance does not typically cover individual appliances.
There is a great deal of variety in the appliance insurance plans that are available to consumers. Some policies may cover a single appliance while other plans provide bundled coverage for multiple items. Here are some of the most common items that are covered by appliance insurance plans.
This list is not exhaustive. Many providers will also offer coverage for less common appliances. Appliance insurance, however, will not cover home systems, such as plumbing, electrical, and HVAC. Homeowners can purchase home system insurance or a more comprehensive home warranty to protect those components of the home.
Appliance insurance plans are not one-size-fits-all. It’s important to assess your needs and do some research to find the best plan for you. Here are some tips.
Liberty Home Guard wants to make sure you have the information you need to make an informed decision. You can read more about the ins and outs of warranties and insurance on our blog. You can also speak with a member of our team by calling (833)-544-8273.