Home Appliance Insurance Policy

Are you equipping your house with yet another time-saving or labor-saving device? If yes, then you would agree that in the present times, people are much more dependent on machines than their own self. Almost all of us today have become gadget freaks. Right from washing machine/tumble dryers and dishwashers to PCs and home entertainment systems, the list of gadgets a house encompasses goes endless. Talking about the kitchen alone, it is stuffed with electronic devices such as oven, refrigerator, microwave, mixer, toaster, electric chimney, electric tandoor and blender. Though electronic items are user friendly and time-saving products, they are utmost costly and valuable.

At the time of buying any electronic device, it is understandable that you would not be thinking or concentrating on repairs, replacements and domestic home appliance insurance, just yet. However, it is advisable for you to know what do you mean by home appliance insurance and how advantageous is it for you? Home appliance insurance policy offers protection against the risk of loss or damage to domestic appliances, due to electrical or mechanical breakdown. Electrical and mechanical appliances, which are distinctly different from electronic items, come under the purview of home appliance insurance.

Important Aspects
These days, retail outlets even have started selling home appliance insurance. At the time of buying, they mostly offer you an insurance policy for the product sold. However, it is advisable not to plunge into the policy, before you have checked the market. It is possible to get a higher level of domestic appliance insurance cover, for less money, from a dedicated domestic appliance insurance specialist. Experts are likely to present you with a better offer that would include all your domestic appliances, for less money, than the retail outlet. At the time of comparing policies, make sure you evaluate not only the cost of each plan, but also the features.

While getting appliance insurance policy for a particular product, make sure you know the procedures that are followed when an appliance breaks down or needs to be replaced. While some plans allow you to choose the service station, there are others schemes according to which your device would be sent to company's select repairmen only. In case of replacement of unit, some home appliances insurance plans enable the individual to choose their own new unit, according to the set monetary fund. However, there are others which would allow you to choose from a short-list of replacement units. At the time of finalizing the policy, make sure to inquire about required maintenance schedules in order to keep the plan up-to-date and active.

These days, single domestic appliance insurance covers white goods, such as fridge, freezer, washing machine and dishwasher as well as television, stereo, computer, lawnmower and so on. So, instead of buying separate insurance for individual items, you can get a cost saving home appliance insurance, for all your products. A domestic appliance insurance policy varies between one and another provider. However, some of the standard features that all of them constitute of are new-for-old cover, accidental damage cover, a network of approved repairers, 24 hours helpline and renewable protection.

Formalities
The domestic appliances insurance policy can be taken as an individual policy or as a part of Householder's Package Policy. The amount of claim payable would be limited to the sum insured or market value at the time of loss, whichever is lower. Applicants are required to submit the completed proposal form furnishing full particulars of each appliance for easy identification like manufacturers serial No, Frame No, Batch No and/or Model No. The cost of home appliance insurance policy is payable by way of a monthly premium charged on the replacement value of the appliance.