Every homeowner knows the struggle of purchasing home appliances for their house. It’s not just the cost of those appliances, but the repair and maintenance costs that squeeze out money from your pockets. However, if you have a Home Appliance Insurance you don’t have to worry about those charges!
Home Appliance insurances also known as Home Appliance Warranty plans – cover the cost of repairs and maintenance of home appliances. Unlike the usual insurance policies, these insurance plans cover certain events such as routine deterioration or breakdown of devices. Although the insurance policies bring relief for the homeowners – they are not cheap either.
Depending upon the insurance plan and the insurance a home appliance policy can cost between £49 to £120 per year. To get the best insurance policy for the key appliances of your home, you must always check 5 things when shopping for an appliance insurance policy:
1. Appliances That Are Covered By The Policy:
Just like any other insurance policy home appliance policies also have different types/plans. Each of them is designed to cover different sets of specific home appliances. So hence, it is necessary to check the list of appliances/devices which are covered under the policy you wish to buy.
2. Limits of The Appliance Policy:
The next important thing that you must check about insurance policy for appliances is its limit per claim. It means that you have to check two things: what is the maximum limit per claim at one time – and how many claims can you make over the cover period? Furthermore, also check the financial impact for smaller claims.
3. Risk Of The Appliance Malfunctioning:
Before you go for insurance shopping, assess the malfunctioning risk of your major home appliances. Insure those appliances which are in constant use like your TV, Washing Machine, Cooker, Fridge-Freezer. They are likely to bear wear and tear during the cover period of your insurance.
4. The Monthly Cost:
One of the critical things about the insurance policies for home appliances is the ‘monthly cost!’ This will ensure that you can make payments – otherwise, the cover would become void leaving you to pay for the repair and maintenance costs all by yourself. A good monthly cost is betwee £3 to £5. A little tip for those who want to save their money – go for the online insurance application plus combine the policy for more than appliances rather than going for one. This way you can get some cost-saving discounts on your monthly payments.
5. The Total Amount Covered By The Policy:
Just like all the other insurance policies, home appliance policies also have a limit up to which the costs are covered. It’s not just the maximum amount covered by the policy but also the type of costs that your insurance policy covers. Although most appliance policies cover repair and maintenance costs – some also cover the cost of replacement. A good cover limit should start from £500 per claim.
In addition to these 5 features, always check the customer service and reliability for your insurance company!