Today’s modern home appliances and electronics are more vulnerable as compared to those in the past. A major power strike or surge has the ability to cause permanent damage to your appliances and electronics.
If the damage is not immediate, power surges will deteriorate the lifespans of your appliances and electrics, and it’s unlikely that you may notice when a surge is actually happening. Power surges bring about unexpected damage that has you spending hundreds of dollars to fix the issues.
As a matter of fact, most essential appliances that we depend on for everyday use, have a limited lifespan. It’s essential that you are prepared for any sort of breakdown of these appliances, their general repairs, and maintenance.
To help with this, most homeowners tend to purchase home repair insurance policies, so that they don’t have to come up with a large sum of money when appliances and electronics incur unexpected damages.
These repair plans are also known as a home warranty. A home repair insurance is a service agreement that’s entirely up to the homeowners. But, it helps to cover and further reduces the cost of replacement or repair of household appliances, electronics, and systems.
Different types of home protection plans include portions of home repair. In this article, we will cover what exactly is a home repair insurance plan and what it covers.
What is a Home Repair Insurance?
While standard homeowners insurance often covers appliances if they are damaged by major incidents such as fires or a string power surge that happened during neighborhood maintenance works.
Moreover, the manufacturer’s warranties are usually effective just for a few years, and not for the appliance’s expected lifespan. Utility insurance only covers utility lines like water and sewage pipes, electrical wires, and gas lines.
This is why additional coverage for your home repair is important, as it helps bridge the gap and also provides protection for everyday wear and tear. When something breaks in your house, and it’s covered by a policy, you will only need to forward a service request.
It’s always recommended to file your claim at the earliest possible time when the item malfunctions or fails. Of course, you need to make sure the item is both covered and meets the criteria of the home repair insurance plan.
You don’t have to worry about hiring your own contractor as the home repair insurance provider will have that done for you. This is often done within 48 hours after the claim has been filed. They will repair your appliance or system, and if it’s unable to be repaired, they will replace it.
What is covered in a Home Repair Insurance?
It’s important that you understand that home repair insurance contracts vary. That said, on a base level, home repair insurance plans cover items that are clearly mentioned in the contract, and this is different from normal wear and tear.
Everyday appliances like dishwashers are usually covered in basic repair plans, whereas, enhance plans consist of luxury items. Many home repair insurance plans allow customized coverage as well, in which you can either add or subtract appliances.
This also helps save money by opting to not have insurance coverage for appliances that you don’t own. Also, you could choose to put together an inventory of appliances it makes sure you are benign covered for everything you have.
The most common type of systems and appliances covered by home repair insurance are ovens and stovetops. Washers and dryers, water heaters, refrigerators, air conditioning, electrical systems, and sewer and plumbing lines.
However, keep in mind that home repair insurance plans are not liable to match the color, brand, or dimension of your appliances and systems. A home repair insurance only replaces your product with one of the same standards, and some may even match energy efficiency ratings.
How Much Do Home Insurance Plans Cost?
The cost of a home insurance plan ultimately depends on the type of plan you get. For instance, FirstEnergy offers two home service repair plans that cost less for the first six months. In fact, no matter what home repair insurance you choose, do ask if you are going to be charged additional service fees if you need a revisit.
Most insurance plans specify a coverage cap. Some also cap the total amount of repairs that provide in a year. Make sure you read your insurance plan carefully before purchasing it.
No one wants to pay hundreds of dollars to repair their appliances, electronics, or systems after buying them for an expensive price itself. This is why, a home repair insurance plan is worth the money, and you no longer have to worry about unexpected costs. We hope, you know understand all the ins and outs of a home repair insurance plan.