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The cost to replace an outside AC unit can vary widely, depending on where you live, the brand and the size. Expect to pay between $4,350 and $12,000 to replace an outside AC unit, which includes permit fees and labor. If there is a fire in your home or a pipe bursts suddenly and your AC needs to be repaired or replaced as a result, you may be covered by your homeowners insurance policy.
In the event where your AC is damaged by bad weather such as lightning, hail or winds, your AC may be covered by your home insurance depending on your policy limits. Also, home insurance may cover your unit if a tree fell on it and damaged it. An important point to note however is that earthquakes and floods are usually excluded from most homeowners insurance policies. Your homeowner insurance policy will cover an air conditioner if it’s damaged or destroyed in a house fire. It’s also protected in the event that lightning strikes a part of your system and damages its electrical components.
Comparing Home Warranty vs. Home Insurance
To find out whether your AC has coverage, you’ll want to have a professional take a look at it. They can give you an idea of what caused the damage and you can review your policy to determine if you’d have coverage. Hurricane winds blew debris into your central AC unit on the side of your house and destroyed it, Or, you should be covered if lightning struck your unit and caused it to stop working. Don’t lose hope if your current policy doesn’t offer HVAC coverage. You do have options for additional coverage on home appliances and equipment.
If water damage results from flooding as a cause of loss, your unit may not be covered. Lightning strikes and fire If a fire destroyed your AC unit, your homeowner’s insurance policy would cover AC repair or replacement. Your home insurance policy would also pay for replacement if lightning were to strike your AC unit and damage the electrical components. If your air conditioner stops blowing cold because of a part malfunction, your policy provides no coverage for its replacement.
When Does Homeowners Insurance Cover AC Units?
To help when something goes wrong, not when something stops working when it reaches the end of its expected life. Ensure you have a copy of the police report in the event of vandalism or theft of your unit. If your AC unit is vandalized, it’s important to notify the police to document the crime. Keep reading to learn more about the basics of homeowner insurance and how HVAC factors in. Founded in 1976, Bankrate has a long track record of helping people make smart financial choices.
Therefore, this compensation may impact how, where and in what order products appear within listing categories. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. And damages its electrical components, your home insurance policy will pay to replace it. Homeowners’ insurance that will cover HVAC unit’s prices will vary. A good ballpark is that you will pay about $35/month for every $100,000 your home is worth.
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For example, an insurer might pay to replace an AC unit damaged by fire or a falling tree. Usually, when an AC unit leaks, it is not because of a covered peril. Instead, it occurs because of wear and tear or an issue with the internal components of the unit. In this case, a home insurer would not pay for repairs or replacement.
Homeowners insurance policies pay for any property covered under your policy damaged or destroyed by a covered peril. For example, air conditioning counts as property covered as long as it is damaged by a covered cause. However, maintenance issues, such as broken parts or the replacement of an aged system are disqualified because wear and tear do not count as covered perils. In many areas of the country, a working HVAC system is an essential system for comfort and quality of living. If a fire were to destroy your air conditioner, your homeowner’s insurance policy should cover the repairs or replacement.
He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts. This will protect your unit from malfunctioning while ensuring it runs efficiently. Ask a professional how often AC units should be serviced in your area. Regularly look out for damaged branches on nearby trees and cut them so they don’t fall onto your AC unit. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Your home insurance will not cover damage due to neglect or poor maintenance. If something like rust, corrosion, or smog causes your furnace to malfunction, a standard policy isn’t going to cover the damage. Your homeowner’s insurance policy will have a liability limit, which determines the insureds amount of coverage if an incident occurs.
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