What Is Home Systems Protection Coverage?
A standard home insurance policy typically offers extensive coverage for damage to the structure of your home, detached structures on your property, and your personal belongings. But does this coverage include the breakdown of any of the systems and equipment that help your home run smoothly and make you feel safe and comfortable every day?
Morse, of course, is referring to many of the things in our homes that we generally take for granted until the day they stop working, like central air-conditioning, washers and dryers, burglar alarms, and more. So, will you be able to rely on your homeowners policy to help you make repairs or purchase a replacement if essential household equipment or an entire home system grinds to an abrupt halt? Only if you’ve thought ahead and worked with a local insurance agency, like Morse, to make sure you’ve added the Home Systems Protection endorsement to your existing home insurance policy.
What does Home Systems Protection cover?
This endorsement typically provides coverage for the following home systems and equipment if they suddenly or accidentally fail due to a mechanical or electrical breakdown:
- Air-Conditioning and Heating Systems
- Boilers and Furnaces
- Chair Lifts and Elevators
- Computers, Tablets, and Smartphones
- Conventional and Solar Water Heaters
- Electrical Garage Door Openers / Gates
- Electrical Service Panels
- Geothermal and Solar Installations
- Heat and Well Pumps
- Home Theater and Audio Systems
- Home Exercise Equipment
- Home Security Monitoring and Control Devices
- Installed Sump Pumps
- Kitchen and Laundry Appliances
- Lawn and Garden Equipment
- Mobile Medical Equipment
- Pool and Hot Tub Equipment / Filtration Systems
- Pool and Spa Pumps
- Portable and Permanent Emergency Generators
- Power Tools and Shop Equipment
- Radiant Floor Heating
- Water Treatment and Filtration Equipment
Does this list include things that your family would find it hard—maybe even unbearable—to live without? Well, if you have the Home Systems Protection endorsement in place when any of this essential equipment breaks down, you’ll also have more peace of mind because it may help you get things back up and running quickly and at minimal cost to you.
One thing to keep in mind is that this endorsement will not cover breakdowns due to normal wear and tear. However, it may help with the costs of repairing a system that has lost functionality due to a manufacturer’s defect, improper installation, or past repair.
How much does Home Systems Protection cost?
Considering how comprehensive this endorsement is, you’d think it would cost an arm and a leg. But the Morse team is happy to share that a Home Systems Protection endorsement with a coverage limit of $100,000 per occurrence is typically available for less than $100 per year.
This small extra expense may seem even more reasonable when you consider that Home Systems Protection also usually includes coverage to help you with the cost of other common consequences of a broken-down home system, like food spoilage or the need to temporarily relocate.
Of course, the actual price of your Home Systems Protection coverage will vary depending on your insurance carrier, as will the amount of deductible that you have to pay out of pocket should you experience a covered home system breakdown. But spending just a little bit more to add this endorsement to your homeowners policy could be well worth it. If you ever need to repair or replace a critical (and generally very expensive) piece of home equipment, or a whole home system, having this coverage could save you thousands of dollars.
How does Home Systems Protection work?
Not only is this endorsement available at a low cost, but it is also extremely easy to activate if you ever need it.
Let’s say you have Home Systems Protection when a piece of covered home equipment malfunctions. With this endorsement, you’ll typically have the freedom to choose where you would like to go for a repair or replacement estimate. Then, once you get a quote, you submit it to your insurance company for review. If the quote fits within your insurer’s guidelines for reasonable repair or replacement costs for this specific item, you should receive approval to get the work done or purchase new equipment if needed.
In addition, there is no expiration date to this coverage. It will be on your homeowners policy until you want to cancel it, in which case you would simply contact your local insurance professional.
Do you need a Home Systems Protection endorsement? Ask Morse, of course!
Our team will help you determine your home’s level of risk for an equipment or system breakdown and go over the potential cost of such an event so you can evaluate whether you and your wallet would be comfortable taking that hit. We will also review your current homeowners policy for any coverage gaps that may be filled by having the Home Systems Protection endorsement or other optional home insurance coverages. For example, it may be smart to consider another highly cost-effective endorsement called Service Line Coverage, which is designed to provide homeowners with important financial protection against failures of their water, sewage, heat, steam, or power service lines due to leaks, breaks, tears, ruptures, or collapse.
If you have additional questions about the Home Systems Protection endorsement or are ready to add this coverage to your current home insurance policy, please feel free to call Morse. We look forward to working with you to make sure the homeowners coverage you have today is customized to fit your property, belongings, family, and life.