Homeowners Equipment Breakdown Coverage

November 14, 2017

In the next few months, we will rely on our home heating systems more and more.  But are you prepared to pay for an expensive repair if this equipment breaks down?  With Equipment Breakdown coverage you can be protected against risks to your home systems and property that are often excluded from a typical Homeowners policy.

What is Equipment Breakdown coverage?

Equipment Breakdown coverage protects you against unexpected repairs or replacement costs due to an electrical, mechanical, or pressure systems breakdown.

A few highlights of this coverage are:

  • The coverage follows the terms and conditions of your current homeowner’s policy, meaning that other structures on your property, such as a garage or shed, are covered as well.
  • Off-premises coverage is included for property away from your home, like a laptop at college.
  • This is a good alternative to home warranty plans, which can be expensive.

What property does it cover?

  • Clothes washers and dryers
  • Computer equipment
  • Dishwashers
  • Freezers
  • Heat pumps
  • High efficiency home heating and central A/C systems
  • Home security systems
  • Refrigerators
  • Ovens
  • And more!

What doesn't it cover?

This coverage is intended to protect you in the event of a mechanical breakdown, not normal wear and tear.  A mechanical breakdown often occurs suddenly.  Wear and tear takes time to occur; equipment performance slowly declines but the equipment continues to work.  This includes leaks from a water heater.  Coverage for wear and tear is excluded in a homeowner’s policy, and because no equipment breakdown has occurred, it is also excluded as a coverage by the equipment breakdown endorsement.

Why is it important to you right now?

The coverage helps you pay for losses, including breakdowns specific to heating systems:

  • If your furnace breakdowns unexpectedly and needs an expensive repair.
  • If you experience a power surge, damaging electrical items including your furnace.

Equipment Breakdown coverage can be added to your Homeowners policy with Goodville.  Speak with your local agent about the coverage and if it fits your needs.

This blog entry is created for informational purposes only.  Any viewpoint or sponsorship of outside parties involved in the blog entry does not necessarily represent Goodville's stance as a company.  The blog should not be used as a substitute for professional advice.