It can be costly and inconvenient to repair or replace your HVAC system when it breaks. Warranties and standard property insurance usually provide limited coverage. Because of the importance and cost of your heating and cooling equipment, you can consider getting some HVAC insurance to cover it properly and give you peace of mind. Let’s take a closer look at HVAC insurance coverage.
How Can You Get HVAC Insurance?
Standard homeowners insurance policies offer some coverage for furnaces and AC units. However, they usually don’t cover damages from certain events, such as maintenance issues, normal wear and tear, or accidental damage. That means the insurance company won’t pay a single penny if your HVAC system starts developing problems or after, say, 10 years of use, it stops working.
You can get adequate HVAC insurance by purchasing equipment-breakdown coverage. It specifically covers (among other things) air-conditioning units and furnaces. It covers damage to HVAC equipment caused by power surges, operator error, motor burnout, and boiler malfunction.
What Can It Pay For?
Some of the costs that equipment-breakdown insurance can pay for include:
- Costs to replace or repair the damaged HVAC equipment.
- Costs for the labor and time to replace or repair the equipment.
- Business-income losses if the breakdown causes a total or partial interruption. For instance: the revenue lost if your tenants can’t stay in your building due to an AC failure.
- Other expenses you’ve incurred to speed up restoration or limit loss.
Before buying any HVAC insurance, it’s always best to weigh all your options and speak to licensed professionals. For more information on protecting your heating and cooling equipment from damage, or for professional insight on any other HVAC topic, contact us at Detmer and Sons. Residents and business owners in the Dayton area rely on us to keep their HVAC systems working at optimal levels.