Why Get Equipment Breakdown and Service Line Coverage with Edison, Cost & Convenience
Innovations in our households initially started with the introduction of basic appliances like the refrigerator, oven, dishwasher, and the washer and dryer combo providing time & cost conveniences. Countertop residential microwave ovens changed the landscape of what we now consider premier time savers. In 1967, the first residential countertop microwave oven came to market, costing $495, an equivalent to $4,675 today. By 1986, the U.S. Bureau of Labor Statistics estimated 25% of households had microwave ovens and today, over 90% of households do.
Food preparation advances like the air-fryer and slow cooker, allow more time to watch TV, exercise, and engage in other hobbies. Along with the added conveniences of modern-day appliances and tools in our homes, we also have added to our household budget. The risk of having costly items repaired or replaced should they be damaged in the event of a power surge is high, this is why getting equipment breakdown and service line coverage is so important.
Understanding Equipment Breakdown and Service Line Coverage
Equipment breakdown coverage is designed to protect homeowners from unexpected repair or replacement costs associated with essential home systems and appliances. This type of insurance typically covers HVAC systems, kitchen appliances, electrical systems, and home technology. Service line coverage protects against the cost of repairing or replacing underground service lines that run into your home- such as water and sewer lines, electrical, fiber optic and phone lines.
Assess Your Needs
Have you ever taken the time to do an assessment of all the little things in your home? You probably have more than you think.
Close your eyes for a moment and take a mental inventory of your house going room by room. Start with the living room- think about where your electrical outlets are. What electronics do you have? Do you have a home theater set up with a TV or video projector, soundbar or surround sound system, DVD or Blu-Ray player? What about other components such as streaming devices, gaming consoles, and media servers? How about ambient lighting, a CD player, and a turntable? Does your couch have features such as electronic reclining, heater, or massage? Do you operate your home theater with smart technology?
Now think about how much it would cost, just in your one room, to replace everything if your home were to be struck by lightning and ruined all your equipment. The average cost of a home theater ranges between $5000 - $10,000.
Additionally, the estimated cost to replace your home’s major appliances can run upwards of ten thousand dollars. Factor in other convenience electronics found in your home office, gym, and other spaces including electric door locks, voice-controlled virtual assistants, portable gaming systems, automatic blinds, and home security cameras and this could place a tremendous strain on your finances.
Here's a breakdown of the average costs to repair or replace common appliances:
- Refrigerator: Repair costs can average around $300, with a range of $200 to $500 or more, while replacement costs can range from $1,000 to $3,000 or more.
- Dishwasher: Repair costs typically range from $100 to $300, while replacement costs can range from $300 to $600.
- Washing Machine/Dryer: Repair costs can range from $125 to $450, while replacement costs can range from $400 to $2,000 or more.
- Stove/Oven: Repair costs can range from $100 to $350, while replacement costs can range from $500 to $2,000 or more.
- Microwave: Repair costs can range from $100 to $250, while replacement costs can range from $100 to $500.
What is your Service Line Risk?
Did you know, property owners are typically responsible for the municipal or commercial service lines from the street to their house? Think of all the lines feeding the home to have it operate – power, water, and internet. Underground wiring and piping include telephone and cable lines, drainage, waste disposal, power lines, electrical wiring, and natural gas pipes. Service line coverage not only covers damages due to wear and tear, leaks, and root invasion from trees, but it also covers excavation, replacing the damaged piping, and restoring landscaping dug up during the repairs.
The Cost of Not Having Coverage
There are so many things added to our lives for convenience, but have you thought about the time and money it would take to repair or replace these items/appliances? Many appliances come with standard warranties to cover manufacturer defects or failures of the product for a period of time after purchase. Some people purchase service contracts on their big-ticket items, but service contracts cover wear and tear repairs and are not an extension of your homeowners insurance policy like equipment breakdown insurance policy.
Similarly, consider the gorgeous, shade-bearing Magnolia or Oak tree planted on your property. The general guideline for healthy root growth and to avoid damage is the distance from your home’s foundation to the estimated mature height of the tree. Without the proper conditions for a tree to grow, tree roots in poorly drained or compacted soil will seek out water and drain lines. A tree root invasion could cause blockages, cracks, and leaks to the lines servicing your house and the cost of repairing it will fall on you.
Getting equipment breakdown and service line coverage provides cost convenience by protecting you from large, unexpected repair bills for major appliances and utility lines in your home. Equipment breakdown and service line coverage may be added* without significant out-of-pocket costs, minimizing financial stress when faced with sudden failures like a broken air conditioner or a leaking water line; essentially, it gives you peace of mind knowing you're covered for these costly repairs.
*Service line coverage is not available for condo policies.
How to Get Started:
- Review your Current Policy: Review your existing homeowners insurance policy to see if it includes these coverages.
- Assess Your Needs: Consider the age of your home appliances and underground utilities to determine your risk of breakdown or line service issues.
- Compare Costs: Speak to your insurance agent to understand the premiums and deductibles associated with adding these coverages.
Equipment breakdown and service line coverage is more than an optional endorsement.
Equipment breakdown and service line coverage is an essential tool for modern homeowners seeking financial protection and convenience. These coverages ensure that when life throws unexpected challenges your way whether it's a failed refrigerator or a damaged water line, you're equipped to handle them without derailing your budget or disrupting your lifestyle. At Edison Insurance Company, we're committed to providing affordable comprehensive solutions tailored to your needs; contact your agent today to learn more. If you’re not yet insured by us, getting started is easy. Visit our website to get an online quote now.
