As a homeowner, you will often have to deal with equipment failures. Breakdowns can occur from general wear and tear, faulty components, power surges, or damage caused by storms or accidents. The cost of repairs is an unexpected expense that many homeowners can’t afford. However, now you can purchase equipment breakdown coverage which can take away some of the stress of this unexpected expense. Here’s an in-depth analysis of the benefits of equipment breakdown coverage.
What Is an Equipment Breakdown Coverage Plan?
Equipment breakdown coverage covers the cost of repairs for certain systems in your home. If your equipment is properly maintained, this type of coverage will pay for damages that occur to your equipment that is beyond your control. Equipment breakdown coverage can help prevent the following expenses:
Your water heater is an example of a pressurized system. Your water softener or water filtration system may also fall under this category. Your entire plumbing system is pressurized so that water will flow throughout your home. If any part of the system loses pressure, water will only trickle.
Environmentally Friendly Appliances
Environmentally friendly appliances are full of sensors that check for both temperature and moisture. Solar panels and geothermal units fall into this category. The more components these devices have, the more likely they are at risk for power surges, overloads, and general breakdowns.
Equipment breakdowns may include loss of power, depending on what causes the power to go out. If your refrigerator or freezer stops working, you will have to pay for the damage to the equipment and the food that was stored in it.
Electrical or Mechanical Equipment
Electrical and mechanical equipment, including sump pump motors, well pump motors, air conditioners, and HVAC compressors, fall in this category. Garage door motors are also included. If you have lighting systems that run from dusk to dawn, they will be included under this category.
Power surges can affect various types of electronics, furnaces, cooling systems, and any other devices sensitive to electric current changes. Power surges can be caused by problems with the utility company or lightning strikes.
Equipment That Goes on the Road with You
Equipment breakdown insurance will also cover many devices that travel with you. This includes laptops, tablets, CD/DVD players, or mp3 players. Headphones may also be included in this, especially if they are multi-functional. It’s important to keep all of your electronics in carrying cases to avoid damage.
Other Equipment Failure-Related Damage
When equipment fails, your clothes can be damaged, furniture can be destroyed, and large amounts of food can spoil. These types of damage may be costlier than you think. Take a quick guess at how much money it would take to refill your freezer, and you might be surprised.
Equipment breakdown insurance is a great thing to have when considering how many pieces of equipment you have in your home. Contact the agents at EastEnd Insurance Agency to learn more. We have answers you can count on when trying to keep your home secure and your equipment running smoothly.