Q:

Should you get insurance for domestic appliances?

A:

Quick Answer

Insurance for domestic appliances, also known as home warranty policies, may be beneficial, especially for owners of older homes who are inexperienced at home maintenance. Consumers should be aware of what the policies cover and shop around to find a reputable company with reasonable deductibles.

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Full Answer

Home warranty plans are typically inexpensive, and often home sellers include the first year of coverage as part of the cost of the home. The policies make it simple for home owners to handle repairs. When an appliance breaks down, the homeowner calls the home warranty company. The company then contacts a service provider, who arranges an appointment for the repair with the home owner. Service providers usually attempt to repair the appliances rather than replace them.

Home owners typically pay a deductible or service fee for each repair a service provider makes. Occasionally, a home warranty company may deny a claim due to factors such as code violations, improper maintenance or unusual wear and tear. Some consumers become frustrated with home warranty policies because of a lack of understanding about what they cover or dissatisfaction with the service providers. Additionally, the policies do not usually give home owners the option of replacing an appliance instead of repairing it. Home owners should thoroughly peruse a home warranty policy before committing to it.

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