Your HVAC system contains some of your home’s most essential and expensive equipment, so you need to have the assurance that it’s fully protected against damage. HVAC insurance can provide this peace of mind, but it’s vital to know if your equipment has adequate coverage now under your existing policies, or if you need to purchase additional insurance. Here’s a look at the various ways your HVAC can be protected:
Typical HVAC Equipment Coverage Under Homeowners’ Insurance
If damage occurs to your HVAC equipment from one of the named perils listed in your homeowner’s policy, it’s most likely covered. These types of events can include:
- Accidental fires
- Hail, wind or similar storm damage
- Vandalism and theft
- Power surges and lightning strikes
- Impact from falling objects, like a tree limb
- Floods caused by ruptured pipes
Exceptions to Homeowners’ Insurance Coverage
If your HVAC system components are damaged accidentally, your homeowner’s policy likely won’t cover you for repairs or a replacement. Equipment breakdowns and failures due to normal wear, old age or maintenance issues aren’t covered either. Plus, HVAC damage caused by flooding that occurs during a natural disaster isn’t typically covered under standard homeowner’s insurance, unless you have a separate flood insurance policy.
Major Appliance or Home Warranty Insurance
There are companies that offer supplemental warranties that act as insurance coverage against breakdowns/failures and the repair or replacement of major appliances and household equipment, such as your HVAC components. The cost of these policies can vary greatly, as well as the exact coverage and terms.
HVAC Contractor Service Plans
Reputable local HVAC contractors usually offer service plans for household heating and cooling systems. This kind of coverage focuses on preventive maintenance, so it’s rather like a hedge against equipment breakdowns and failures. A good service plan should give you a variety of benefits that include twice-yearly maintenance visits, savings on parts, labor and after-hour service, extended warranties on new equipment, and priority service.
To learn more about HVAC insurance or how our extended service plans can protect the comfort equipment in your Broken Arrow home, contact us today at Air Assurance.
Our goal is to help educate our customers in the Tulsa and Broken Arrow, Oklahoma area about energy and home comfort issues (specific to HVAC systems). For more information about other HVAC topics, download our free Home Comfort Guide or call us at 918-217-8273.