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Home insurance is always beneficial, and insurance policies typically offer contents insurance to cover your appliances. These policies are beneficial in the event of loss, theft, or damage to your devices, including items you take out of the house. Read on to learn about contents insurance and appliance coverage to determine what type of policy you should purchase.
Covered Appliances
The products covered under your contents insurance policy typically include personal items in your home or being transported to a new property. For example, if your microwave, dryer, or refrigerator is being moved from your apartment to a new home, these items are generally covered throughout the move. However, the appliances may not be covered if the movers are responsible for accidents or other damage. In these cases, the transporters should have insurance that covers your personal items. You may want to consider purchasing new homeowners insurance because some recently built houses have preventable risks that could cause your contents coverage request to be denied.
Limits
Although your appliances may be covered under contents insurance, the amount could be decreased or increased depending on the coverage limit or the actual cost of the products. For example, the appliances could now exceed your policy limits due to price increases, causing you to add some funds to the purchase.
Search for on-sale items or stores that have yet to increase prices on similar appliances or products that perform the same function. Remember your deductible comes first. For instance, if your deductible is a thousand dollars, it will be subtracted from contents coverage before the insurer pays the limit to replace or repair the products.
Repair or Replacement
Sometimes appliances can be fixed. Therefore, the item’s repair fees are covered instead of the cost of purchasing a new product. Items damaged beyond repair can be replaced if your request meets all requirements. Contents policies typically cover the value of similar or equivalent replacement in these instances. However, depreciation due to wear and tear isn’t included when items are replaced.
Some replacements and repairs are denied due to accidental damage or incidents caused by pets, and items used for a home business or appliances in unoccupied homes may not be covered. Always speak with an insurance representative before purchasing a policy to learn more about what’s covered and not covered.
Wear & Tear
Over time, normal deterioration occurs due to continuous usage and the device’s life span. For instance, you may notice your dishwasher has stopped working correctly or your washing machine or refrigerator has broken down. The issues could be due to problems covered under contents insurance. However, wear and tear might be the cause. If so, you may need to replace your appliances. To prevent wear and tear, use the items correctly and keep them updated and repaired as often as necessary.
If you own a home or are considering buying one, take the time to understand exactly what your homeowners insurance policy does—and doesn’t—cover. The friendly professionals at Altra Insurance Services will be happy to help you examine your current policy and determine if you have the coverage you need. We can also help you with renters insurance, commercial insurance, and motorcycle and car insurance National City. Call one of our friendly agents today at (800) 719-9972.