Yes, your appliances are covered by your home insurance policy, but only for a few specific reasons. Those causes of damage or loss, also known as perils, are listed in your policy. It’s important to realize that home insurance is not a blanket coverage that protects against everything! However, there are some instances that it will protect your personal possessions, including your home appliances, against the 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
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 are their home insurance’s policy limits and the natural lifespan of their appliance. Your home insurance policy will have a certain coverage limit on personal property, and appliances can be pricey. A typical dishwasher can cost hundreds if not thousands of dollars. Speak with your insurance agent to best understand your home insurance policy so 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 and other power surges that can occur in your home. Both whole-home and smaller protectors are encouraged.
- Equipment Breakdown coverage helps protect against the sudden and accidental failure of an appliance. An internal peril, like a power surge, will not be covered by standard home insurance. This additional coverage can help protect you from the unexpected costs of replacing expensive equipment in your home. Normal wear and tear, however, are not covered by this policy addition.
- 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. This can impact you even if you don’t live in a flood zone! About 25% of all flood insurance claims come from homes outside flood zones, with claims averaging over $40,000. This makes flood coverage a worthy investment for any homeowner.
Find the Right Protection for Your Home Appliances for Less
TGS Insurance is here to help homeowners protect their appliances, possessions, and home structure without breaking the bank. We work hard to compare your coverage among our bank of 35+ insurance carriers year after year. Hence, 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.