Get a whole year of Meerkat Meals & Meerkat Movies*
Home appliance insurance is there to plug the gap between home insurance and appliance warranties. While home contents insurance typically offers some cover for appliances, there may be strict limitations. For example, your policy may cover you for accidental damage and/or theft of an appliance but not mechanical breakdown, repairs, call-out fees or the cost of parts and labour. And while most new home appliances are protected by at least a one-year warranty, if something happens after that first year, you may find yourself in difficulties. You’re likely to be offered an extended warranty when you buy an appliance to cover this situation. But you could get better value and more extensive cover if you shop around and insure your appliances under a separate policy. This is known as standalone home appliance insurance. If your goods are expensive to repair or replace, this option could give you additional peace of mind.
Policies will vary but, generally speaking, the following will be covered:
Things like mobiles, tablets and laptops can be insured with gadget insurance.
If you’ve invested a lot of money in a brand-new LCD TV or a top-of-the-range fridge freezer, home appliance insurance might be worthwhile. A good tip is to consider the total cost of the insurance against the cost of a new appliance, and whether or not you’re willing to take the risk and buy a new product if it breaks.
The cost of home appliance insurance varies, depending on the value of your appliances and the insurance provider you choose. Typically, however, your monthly premium will be in the region of £1.49 to £22 for a standalone policy.
The first thing to check is whether your preferred insurance provider is willing to insure older appliances. A few other things to consider are:
It’s important to make sure you have the right level of cover in the event that something does go wrong. So it helps to know exactly what level of cover you’re looking for, before you shop around.
Some people choose to pay for an extended warranty, rather than taking out home appliance insurance. An extended warranty is, basically, an insurance policy provided by the appliance manufacturer, and it’s usually taken out and paid for in full at the time of purchase. It’s worth noting that an extended warranty only applies to the individual item you’re buying – you won’t be able to insure your existing appliances under an extended warranty. So, unless you’re buying everything from scratch, a home appliance insurance policy could be a better option.