Most household appliances are covered under a standard homeowners policy;you don't need to worry about insuring your washer and dryer, for example. However, highly specialized, expensive or professional equipment sometimes needs an additional rider or separate policy to make sure you're covered. This is especially important if the appliance is central to your business or personal quality of life. Although the process of comparing these policies is similar to comparing any policy, appliance coverage does include some points peculiar to covering this kind of property.
Instructions
1. Consult with your current provider about a rider before beginning a look for additional policies. An insurance rider is an addition to an existing policy that provides extra coverage. If you can get a rider for the appliance, this will almost always be less expensive than setting up a new policy.
2. Determine the replacement cost of your equipment. If your appliance is older, take into account that you might need to replace it with a newer, and more readily available, model.
3. Get policy estimates from at least three providers. Include your current provider, as it will probably offer a multi-line discount. Also get an estimate from at least one specialty provider, a company that specializes in insuring durable equipment and appliances.
4. Compare the details of the policy offers you receive. Check especially for the deductibles, exclusions and stated value of the appliance you want to insure. If these details are very different, contact the providers and ask for an estimate on a policy that more closely matches your other offers.
5. Go with the least expensive policy. If the details are similar, price is the most important difference.
Tags: current provider, from least, policy that, your current, your current provider
