Air conditioning units come in many different types, shapes, and sizes. Regardless of your specific unit, it's best to obtain insurance. AC repairs can be quite costly, especially if physical damage occurs. In most homes, the homeowner's insurance policy covers AC damage and repairs. However, not all units are covered by homeowners' insurance. In such cases, other policies exist to help you mitigate high repair/replacement costs. This piece will explore some of these insurance plans.
1. Homeowners insurance
The most common coverage option for an AC unit is homeowners' insurance. This insurance policy covers all damages to the structure and appliances in your home. Since a central AC unit and heat pump are considered part of your home's structure, they're often covered by most policies. This includes damages occurring to your AC from fire, vandalism, and falling trees.
However, window ACs and aftermarket installations may not always be covered. This is because they may not be considered part of the original structure of your home. Make sure you closely read through your policy to check the specific conditions of coverage.
2. Warranty
Your AC unit may also be covered by a manufacturer warranty. However, most warranties only provide limited coverage from manufacturer defects (operational issues that occurred due to no fault of your own). In addition, warranties last for between 3-5 years at most. If you're purchasing a new AC, you should certainly ensure that it comes with a manufacturer warranty. Prepare yourself for a plan B after the warranty expires.
3. Custom insurance policy
You may also obtain an insurance policy that is specifically customised for your air conditioning unit. These custom policies work much like an auto insurance policy. You begin by identifying the right insurance company, after which you disclose the value of your AC and pay a monthly premium. In the event of any damage to the unit, the insurer will cover repair/replacement costs. When signing up for a customised policy, make sure the deductible amount is lower than what you would pay for average repairs.
4. AC Maintenance plans from a contractor
Some HVAC contractors now provide plans/programs for ducted reverse cycle air conditioning. These plans are designed to make it more affordable for you to carry out repairs/replacements as necessary. For a monthly fee, the contractor will regularly inspect your unit for any potential issues, carry out emergency repairs, and even replace some parts as required. AC maintenance plans are an excellent way of mitigating frequent repair costs and establishing a useful working relationship with repair contractors.
Hello! My name is Jake. I am the kind of guy who finds out about a subject and then who must learn everything he can about it. A subject I have focused on in recent times is HVAC. This might seem a little strange. However, my interest was sparked when an HVAC contractor visited my home to install a new air con system. He was really friendly and he took the time to answer my questions. Since then, I have been doing everything I can to learn about HVAC. I hope you enjoy reading what I have written on my blog.