The majority of home and condo insurance policies do not provide coverage for the breakdown of household equipment or systems.
Peace Hills Insurance Company has developed “Home Equipment Breakdown Coverage” which offers more comprehensive coverage for a longer period of time and less money than what a warranty offers. The coverage can be added to all homeowner, condominium, and seasonal packages and includes the following equipment:
- boilers, furnaces, and heat pumps
- central air conditioning systems
- computers, peripherals and wireless device
- electrical service panel
- home entertainment equipment
- home security monitoring and control devices
- kitchen and laundry appliances
- personal medical equipment
- pool and spa pumps heating and filtration
- portable generators and sump pumps
- radiant floor heating
- vacuum systems (built-in)
Under the “Home Equipment Breakdown Coverage”, coverage is included for the most typical expenses up to the limits specified in your policy. Coverage includes the following:
- Repair or replacement of insured equipment
- Loss of Use: payment for lodging should your home be made uninhabitable because of damage to the insured equipment
- Expediting Expenses: payment for cost of temporary repairs and the expedition of permanent repair or replacement
- Spoilage Coverage: payment for cost of replacing perishable foods that have spoiled due to lack of power, light, heat, steam or refrigeration because of a breakdown
- Pollutant Clean Up and Removal: payment for expenses incurred as a result of a breakdown of insured equipment
- Environmental, Safety and Efficiency Improvements: if equipment needs to be replaced, they will pay up to 150% of the original cost to replace it with an equivalent product that is more environmentally friendly, energy/water efficient, or safer to use
Coverage and limits available are as follows:
- $50,000 blanket limit on “Insured Equipment”
- $5,000 Expediting Expenses
- $5,000 Spoilage Coverage
- $5,000 Pollutant Clean Up and Removal
- $5,000 Environmental, Safety and Efficiency Improvements, 150% maximum
Please do not hesitate to contact our Office if you have any questions regarding “Home Equipment Breakdown Coverage”, or if you would like a quote to add this coverage to your policy.
Thank you,
The Costen & Associates Team
