Yes, your appliances are covered by your home insurance policy, but this doesn’t mean that they are covered from everything. Home insurance is not a blanket coverage that protects against everything, but there are many instances that it will protect your personal possessions, including your home appliances, against named perils specifically listed in your policy.
How Does Home Insurance Cover Appliances?
Your appliances are protected in the same way that personal property is protected on your policy. This means for a standard HO3 homeowners insurance policy, your appliances are protected from the commonly named perils that are explicitly listed on your policy. Some of the major peril risks most appliances face that home insurance coverage will protect against include:
- Theft and vandalism
- Fire and lightning
- An artificially generated electrical currents that are sudden and accidental
Check out our article on HO3 home insurance for further details about the policy and those perils.
Beware of Policy Limits and Wear and Tear
Two of the biggest hiccups homeowners tend to find when submitting a claim with their home insurance provider for an appliance-related claim come from their home insurance’s policy limits and the natural lifespan of their appliance. Your home insurance policy will have a certain policy limit on personal possessions and appliances are typically somewhat pricey by nature. A typical dishwasher can cost hundreds if not thousands of dollars. Speak with your insurance agent to best understand your home insurance policy so that there are no surprises and speak with them about additional coverage options to avoid gaps in your protection. Homeowners should also note that while their appliances may be protected from theft or vandalism, normal wear and tear is not covered and would require a warranty from the manufacturer, a home warranty, a separate coverage option, or out-of-pocket payment to restore.
Additional Protections for Your Home Appliances
While your home insurance coverage will help you stay protected against some perils, there are other ways that you can protect your appliances. Let’s review some easy protections available to homeowners and their appliances:
- Surge protectors are a great way to help protect against lightning strikes as well as other power surges that can occur to your home. Both whole-home and smaller protectors are encouraged.
- Equipment breakdown coverage helps protect against the sudden and accidental failure of an appliance, but it will not protect against wear and tear. This Is great coverage for homeowners who are looking to stay protected from the unexpected costs of replacing expensive equipment within their homes. Normal wear and tear, however, are not covered by this coverage nor your homeowners insurance.
- Extended Replacement Cost is a coverage option to help homeowners rebuild their homes in the event of a total loss. This coverage will provide homeowners with more protection than their initial homeowners insurance policy will provide due to its policy limits. Again, it’s important to remember your policy limits, and adding this coverage can help you avoid coverage gaps.
- Flood insurance helps protect your home during flood events which is a peril your home insurance does not protect against. Even homes outside of flood zones should consider flood insurance coverage. 25% of all flood insurance claims come from homes outside of flood zones with claims averaging over $40,000, making flood coverage a worthy investment.
Find the Right Protection for Your Home Appliances for Less
TGS Insurance is here to help homeowners protect their appliances, possessions, and their home’s structure without breaking the bank. From providing each of our clients with windstorm coverage automatically added with 2% deductible to every homeowners insurance policy we write to comparing your coverage among our bank of 35+ insurance carriers year after year so you always stay covered for less, we do it all. We’ll even bundle your home insurance with other policies such as your auto insurance for even more savings! Contact us today to stay protected with a hassle-free experience that builds coverage to protect you while saving money.