Equipment Breakdown Coverage and Why It MattersJanuary 2023
Each year it seems the world is introduced to yet another must-have modern convenience aimed at making our lives easier. From wine refrigerators to high-efficiency central air systems, we are regularly adding exciting new tools and technologies to our homes and lives.
The value of equipment breakdown coverage
Benefits over a home warranty
Many homeowners look to address this potential cost by purchasing a home warranty package. Its aim is the same: to protect you from the cost of expensive equipment repairs or replacements. In most cases, these warranties are made on a monthly basis, with costs varying based on the provider and package.
Compared to our equipment breakdown endorsement, a home warranty is almost certainly going to be more expensive. The plan may also restrict certain kinds of equipment or require an additional cost for coverage. When our endorsement is added to your homeowners policy, coverage applies to all real and personal property in your home―and it stays with your policy.
It’s also worth noting that the endorsement will pay up to 150 percent for replacement of equipment to allow you to get a more efficient option that is better for the environment. Off-premises coverage is now included as well. So you’re covered even if your or your child’s laptop gets damaged when outside the home.
Promoting greater peace of mind
The information we share on our site is intended to serve as a general overview. Please refer to your policy or contact your local independent agent for specific coverage details.
Home and Auto are best together.
Besides combining home and auto coverage, our Member’s Best policy provides a collection of exclusive benefits.