Home Appliance Insurance

Extended warranties are regularly sold to customers who purchase electrical goods, generally offered by the store that sells them the product; one in five appliances are bought with an extended warranty. These schemes are generally far more expensive when taken out with the store, and you are almost guaranteed to get a better deal by shopping around with other insurers for home appliance insurance instead.

Home appliance insurance covers not only individual items, but groups of electrical items specified under the policy you are offered. The average cost of repairing a TV is £47 according to the Office of Fair Trading, and this combined with the cost of other potential breakdowns, could make taking out a home appliance insurance policy worthwhile.

Home appliance insurance is offered by a wide range of insurers and premiums can start from as low as £8.49 a month, and whilst this may sound steep over a year, some insurers offer a new for old replacement if your appliance is less than five years old and cannot be repaired.

Some questions you should be asking the insurer when shopping around include; do you get a replacement item if yours cannot be fixed, does this only apply to the first year of the appliance warranty, is accidental damage covered, and do they put a cap on labour and parts costs.