Appliances

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Along with retailers, you may be considering appliance insurance through Square Trade, a company that offers protection plans on electronics and appliances. This type of plan covers failures that result from normal use an appliance and cover all parts and labor, but the coverage can be very expensive.

Appliances can be very costly to repair so it’s a good idea to be covered by an insurance policy. The last thing you want is for your washing machine to explode or your fridge to pack in; it’s extremely stressful and the thought that you might have to fork out for a new appliance is enough to make anyone despair. So, why not prevent spending this amount of money and get in-expensive appliance insurance for your home appliances instead?

Do you have a plan to cover your appliances after the manufacturer’s warranty expires? Have you thought about what you’ll do if your dryer, fridge, or TV goes phut after 2 years? A multi-appliance insurance policy (or extended warranty) provides cover for electrical and mechanical breakdown that goes beyond traditional home contents insurance. Skyscraper insurance ensures that insurance is as convenient as possible. For example, we arrange for repairs from quality-approved engineers on your behalf. Don’t forget, call-out fees are included in your cover.

If your appliance is damaged beyond economical repair, we will pay the replacement cost up to the maximum per claim limit.

Virtually all of the appliances in your home can be covered with a single insurance plan, regardless of appliance age, make, and model. Many systems in your home such as your HVAC system and plumbing system are also covered by most plans.

If you are considering a home warranty plan with appliance insurance, make sure you do your research to choose a solid home warranty provider. Not all companies are equal, so start by looking for a company that has been around for many years, as well as a company that offers affordable service call fees, several appliance insurance coverage options, and warranty plans that cover most appliances.

Unlike homeowner’s insurance—which covers theft and damage to your property caused by fires and storms—home warranties will take care of appliances and mechanical ­systems that might break down because of normal wear and tear. A basic policy costs somewhere between $300 and $500 a year and covers plumbing, electrical work, HVAC ­systems, and most major appliances (washers and dryers may be excluded). You can ­also buy additional coverage, a la carte, for things like hot tubs and swimming-pool mechanical’s. If something goes wrong, the policyholder simply calls the warranty ­company, which then dispatches an approved contractor to inspect the damage. If it’s covered, the homeowner pays a deductible of around $30 to $50—and the repair or ­replacement is done free of any ­additional charge.

Home warranties aren’t just for buyers and sellers. They’re great for homeowners as well—especially if they live in older houses. Say you purchased your house 10 years ago. Even though you’ve taken good care of it, some of the systems and appliances are probably showing their age. Shelling out for a warranty could work in your favor, since most companies that offer them don’t take the age of covered items ­into account. So if your furnace dies, and your warranty picks up the $2,000 it would cost you to replace it, the ­policy more than pays for itself.