Does Home Insurance Cover Appliances?
It could. The question will be if making a claim is worth it.
You wouldn’t buy home insurance for appliances, because existing elements of your home insurance policy would cover damage to appliances due to specific situations.
For example, if a fire ripped through your kitchen and destroyed your fridge and oven, your fire insurance would be the part of your home insurance to cover appliances. On the other hand, if a flood washed away your basement and the washing machine you had down there, your flood insurance would be the coverage to kick in.
If your reason for wanting to make a claim doesn’t involve any listed perils (if, for example, your kid decided to put a brick in the dryer and damaged it beyond the point of usability), you may still be able to claim the repair through your home insurance.
But before you make a home insurance claim to cover an appliance repair, consider the impact to your monthly premium, and whether it makes more sense to pay out of pocket for some repairs.
What’s covered under home insurance?
Your home insurance will most likely cover the following:
- Damage caused by perils. The most common perils you might find listed on a home insurance policy are: fire, lightning, explosion, falling objects, impact by aircraft or land vehicle, riot, water, smoke, windstorm, hail, vandalism, theft, transportation of personal property, electricity, accidental glass breakage and collapse due to weight of snow, ice or sleet. You’ll have to review your individual policy for details.
- Living expenses should you have to leave your home due to damage and/or repairs.
- Liability if someone is injured on your property or if you damage someone else’s.
- Replacement costs of your personal property in your home or vehicle, or someone else’s damaged personal property if you’re found responsible for the damages.
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When does home insurance not cover appliances?
Your home insurance provider probably won’t let you leverage your policy to cover issues due to aging, maintenance or regular wear and tear. And that’s a good thing — because 9/10 times it would hardly be worth the money when you consider the effect making that kind of claim would have on your premiums relative to what the repair would actually cost.
If you wanted to protect yourself against the costs of these kinds of repairs — which might be a good idea if you use your appliances often, like if you’re a new parent using the washing machine a lot or you’re a home chef and depend on the oven to test new recipes — you’d be wise to look into a home warranty.
Home insurance vs. home warranties
A home warranty would normally cover the cost of appliance repair due to age and wear, would kick in after your manufacturer’s warranty expires.
Most warranties will cover your washer/dryer, oven/stove, fridge, furnace, HVAC and hot water heater. Depending on the warranty you choose, you may be able to cover other big-ticket items like TVs, computers and servers.
It’s important to know the difference between home insurance and home warranties so you know what covers what.
Thinking about home insurance? Get a quote today.