Home appliance insurance covers the cost of repairs in case the appliances in your home malfunction or break down. It covers practically all the appliances at home, including ovens, refrigerators, dryers, dishwashers, washing machines, and more. However, the precise coverage amount differs based on your chosen plan and provider. Here are the benefits of home appliance insurance, the overall cost of purchasing a plan, and the right time to buy one.

Benefits of home appliance insurance
Getting this type of insurance has many advantages, some of which are discussed below:

Fills the gap between your home insurance and appliance warranty
While your home insurance may cover your appliances, it has many terms and conditions. For instance, it will cover the cost only when your appliances are stolen or damaged due to incidents like fire. Home insurance does not cover the expenses for repairing appliances that have stopped working.

On the other hand, your manufacturer’s warranty will cover your appliances if they stop working. However, it will be valid for only a limited period. And in most cases, appliances like refrigerators and dishwashers start developing problems a little later, once the warranty has expired.

This is where appliance insurance steps in to help. It lets you save a lot of money on repairing mechanical or electrical issues in appliances and rectifying accidental damages even after the warranty period.

Reduces downtime
Your appliances are vital for you to go about your day smoothly. Any breakdown or damage can disrupt your schedule. Moreover, it becomes very inconvenient when you must wait for someone to fix it or save extra every month to replace the appliance. When you have home appliance insurance, you do not have to worry about these things. Your insurance provider will immediately connect you with someone who will repair your damaged appliance or help you replace it quickly. It ensures you can go about your routine without inconvenience.

Prevents unexpected costs
An appliance breaking down out of the blue means you must prepare to pay out a significant amount for repairs. The price increases when you need to replace parts or completely overhaul the entire system. Moreover, there may be unexpected and hidden costs involved. However, if you purchase home appliance insurance, you only have to pay a small premium every month. With this, your appliances can be replaced or repaired anytime, and the provider will cover the expenses. You do not have to shell out a lot if your system suddenly stops functioning, and you can continue saving for other purposes.

Covers more than one appliance
Most providers let you cover multiple appliances in your home. You can add as many of them to the policy as you want, depending on its maximum limit. This way, you are assured that the essential appliances in your home are protected. You may also save extra money since some insurers offer a discount for insuring more than one unit.

Offers additional perks
Several home appliance insurance providers offer extra perks with their coverage plans. These usually include free maintenance checks and discounted replacements. When you consider it for the long term, these extra benefits can help you save a considerable sum.

How much does home appliance insurance cost?
When you apply for home appliance insurance, you must pay a monthly fee for the service. In addition, you will have to pay a fee to the person who visits your house to handle the repair and maintenance work. The average cost of home appliance coverage across several popular insurance providers is approximately $50 monthly or $600 annually. Service call fees for the technician usually range between $75 to $125 for each claim. All these estimated costs are for the basic plans that offer coverage for kitchen and laundry appliances. The rate will change depending on the provider, plan, number of appliances insured, and the city you reside in. Also, a majority of home appliance insurance plans have annual contracts. If you decide to cancel your plan earlier, you may incur additional fees.

What is the best time to get home appliance insurance?
The best time to enroll is when you have older appliances. Aging machines have higher chances of breaking down and requiring urgent repairs and frequent maintenance than newer models. Also, most of your older appliances will likely have an expired warranty, another critical reason to get insurance. Many people purchase appliance insurance as soon as they move into a new home. However, the premiums turn out to be an unnecessary expense as new appliances rarely break down.

Remember, you may have to wait at least 30 days after enrolling before forwarding service or repair requests to the provider. The exact period can differ depending on your chosen insurance company and plan, so inquire about the same before signing up. Also, read the documentation carefully to check which machines are covered and up to what limit. Not checking the limit can lead to higher out-of-pocket expenses at the time of repairs. Consult the provider’s customer service team if you have any queries about the features of the plan you are considering.

Engagement rings, heirloom jewelry, and wedding rings are all items that we hold incredibly dear. While we often store these in a safe in our house, we might lose them in the event of a theft or house fire. Hence, taking the right precautions to protect them from harm is essential. This can include taking out jewelry insurance that ensures all-around protection of these valuable items.

How jewelry insurance works
Most homeowners in the country opt for a home insurance policy. While this policy can be used to pay for jewelry repair or replacement after a house fire, it provides limited coverage of up to $1500. In addition to jewelry, this amount can be used for watches, furs, and semiprecious stones.
On the other hand, jewelry insurance provided by specialized companies can provide more comprehensive coverage compared to a home insurance policy. For instance, they can help cover preventive maintenance measures such as clasp replacement or stone tightening. Further, they also pay for any jewelry pieces lost in floods, earthquakes, and other scenarios listed in the policy.

What it covers
In most cases, separate jewelry insurance can cover loss, theft, and damage. So, for better clarity, here is a list of kinds of jewelry that are covered by separate jewelry insurance:

• Earrings
• Brooches
• Bracelets
• Necklaces
• Tiaras
• Antique or heirloom jewelry
• Watches
• Wedding bands and engagement rings

While specialized companies cover the items mentioned above on an “all-risk” basis, they may not pay for the damage caused by scenarios not mentioned in the policy. This comprises wear and tear, intentional loss or damage, manufacturer defects, and damage caused by rodents and vermin.

Need for jewelry insurance
There can be various reasons why one may need jewelry insurance. A few reasons are listed below:

• Protection against theft
  If one keeps jewelry pieces in their house, they must keep in mind that these pieces can be easily lost or stolen. According to statistics, in 2021, the nationwide rate of property crime in the country was 1,993.4 per 100,000 of the population. In such cases, predictably, the most heavily stolen commodities are diamonds and other pieces of jewelry. Hence, one can opt for jewelry insurance to offset any heavy losses. This can also help one feel at ease during such difficult times.
• Increased protection compared to warranties
  Typically, warranties cover the cost of repairing manufacturing defects in jewelry up to a certain limit. This means that they can only cover repair costs related to workmanship. So, if damage has been caused to the piece of jewelry due to the owner’s negligence, it will not be covered under the warranty. In such cases, one can easily cover the cost of damage using jewelry insurance and even protect it from further harm or loss.
• Cataloging the jewelry and its value
  Knowing their worth can be handy in cases where one has received specific jewelry pieces as a gift or as an heirloom. When one opts for jewelry insurance, they are persuaded to uncover previously unknown information about the property. This can include its composition, age, appearance, photographic records, purchase price, and current value. The information mentioned above is helpful during legal proceedings and audits.
• Provides more protection
  As mentioned previously, standard homeowners’ policies have a cap on the coverage amount. So, if one owns jewelry worth more than $1500, the coverage provided may fall short. Moreover, the insurer will subtract the deductible from the claim payout. If one has $1,500 worth of jewelry stolen and has a $1000 deductible, they may get only $500 in coverage from the insurance company. On the other hand, when an individual purchases separate jewelry insurance, they can safeguard their property even if the amount exceeds the home insurance limit.

Jewelry insurance companies to check out
Here are a few top jewelry insurances companies that one can check out:

• BriteCo Jewelry Insurance
  This company offers cover for loss, theft, damage, and even the mysterious disappearance of insured jewelry. Furthermore, BriteCo even helps pay for maintenance services like stone resetting and prong re-tipping. Another feature that sets this jewelry insurance company apart is its policies’ lack of deductibles. That said, they cover up to $350,000 per customer and $150,000 per piece. In addition to the above, if an individual finds the item’s replacement costs more than expected, BriteCo will pay up to 125% of the item’s appraised value.
• Jewelers Mutual
  Jewelers Mutual, founded in 1913, has more than a century of experience in the industry. Typically, its policies cover theft, loss, mysterious disappearances, damage, earthquakes, and floods. On top of this, the company may pay for preventive maintenance or repairs, such as restringing broken strands of pearls or fixing bent prongs. In most cases, Jewelers Mutual does not provide cash payouts. Instead, the payment is made to the jeweler of the insurer’s choice. Additionally, they provide discounts to customers so that they can avail themselves of home security systems, inscribe identification numbers on jewelry pieces, or invest in a safe deposit box.

Generally, stand-alone jewelry insurance costs 1% to 2% of the value of each item. But the policy’s price can differ depending on factors such as location, number of pieces, and the deductible amount.