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If you are interested in this coverage, contact your insurance agent or company. Once the claim is approved, the insurer will provide you with a portion — usually half — of the repair or replacement cost, and it will pay out the remainder once the work has been finished. Once you have a repairman out to fix the AC, they can give you an idea of why it broke. If you’re unsure of whether your insurance will cover it, call your provider.
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Fire and Lightning Damage
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.
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Does Homeowners Insurance Cover Stolen Property?
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But if the cost is more than your deductible, you should consider filing the claim. If the leak is covered, you can submit a claim to your home insurance for the damage. That said, the cost of the repairs needs to exceed your deductible before your insurance kicks in. While it’s highly unlikely one policy would provide coverage and the other wouldn’t, let’s take a deeper dive into the important things to know about homeowners insurance and your AC unit.
When does homeowners insurance not cover AC units?
Home insurance typically covers HVAC units to the same extent the rest of your home is covered. This holds true for most homeowner’s insurance companies, including State Farm. It’s not uncommon for your HVAC unit to be damaged by pests or pets, but unfortunately, that isn’t covered by your warranty. So if a rat chews through an electrical component or your dog damages your unit while you’re at work, you probably won’t receive coverage for repairs. Equipment breakdown coverage is relatively inexpensive as a policy add-on coverage.
A standard homeowner’s insurance policy covers a wide range of damages and appliances. Reaching out to an insurance company to inquire about homeowner’s insurance is a must for anyone who owns their house. In fact, homeowner’s insurance is one of the most popular types of insurance policies, as it covers a wide range of events and damages that may occur within your property.
Find the Right Home Insurance Policy
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.
Consider purchasing equipment breakdown coverage or a home warranty for extra protection for your HVAC system and other appliances. If your AC doesn’t have coverage under your home insurance, be sure to check with the manufacturer. The cost of a home warranty varies considerably depending on your coverage level and the warranty provider. The average cost is $600 per year, but can range from $265 to over $1,400 annually. You should also expect to pay a service fee, or deductible, ranging from $55 to $150 per service call. If you don’t have coverage for the leak or the repairs are less than your deductible, you’ll have to pay for them out of pocket.
Before buying these add-on policies, however, homeowners should make sure the cost of the additional premium is worth paying. From the above discussions, we can infer there are several situations where your broken AC may not be covered by your home insurance policy. Also known as repair insurance, the policy will take care of the repair and replacement expenses of your broken AC unit. You can browse the internet for a reputed home warranty insurance program. Additionally, some home sellers may extend a handy home warranty program to homebuyers. It’s to note here that home insurance companies generally follow different coverage principles when it comes to window AC and central AC.
So if you accidentally drop your unit on the garage floor or it’s damaged during an intense game of pick-up basketball, the damage would not be covered under your insurance policy. MoneyGeek recommends that you shop around and compare offers from different companies to find the best homeowners insurance for your needs. On average, homeowners insurance costs $175 per month, but that amount can vary depending on your belongings.
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