Why Renters Need Equipment Breakdown Coverage
Renters need this coverage to protect their belongings if a sudden breakdown occurs because of mechanical or electrical failure. Suppose a truck backs into a power pole in your neighborhood sending a power surge through the electrical system of your apartment. If the power surge damages your laptop computer’s circuitry, your equipment breakdown coverage can help you pay for the resulting repair or replacement costs after your equipment breakdown deductible is paid.
It’s affordable insurance that covers the appliances you own in your rental too. So, if you moved into a rental home with your own refrigerator and stove, the appliances would also be protected under this coverage. Keep in mind, though, that normal wear and tear isn’t covered.
Why Homeowners Need Equipment Breakdown Coverage
The things that you use all the time at home can break unexpectedly. Dishwasher motors go out and washing machine pumps suddenly stop working. Swimming pool filtering and heating equipment can fail too.
Additional coverage like this can help you to get many key appliances and equipment across your home up and running again. And in most cases, costly out-of-pocket expenses can be limited to the amount of your deductible. And if your outdated appliances need to be replaced, equipment breakdown coverage will also pay the additional cost — up to 50% more than the value of the item — to upgrade it with a current EnergyStar or energy-efficient model.
This is key coverage that works with your current homeowners policy. Your home’s full of things you cherish, and they need great protection. And because this coverage helps pay for expensive repairs, it can really pay off when you need it most.
Contact Your Agent for an Equipment Breakdown Insurance Quote
While you’re considering your equipment breakdown coverage options, put some time aside and connect with your American Family Insurance agent. With them, you can review the ways they’ll help you protect the items in your home. You’ll find our agents are experts as customizing a policy that fits your exact needs and your budget.