There is no such thing as furnace insurance or furnace replacement insurance. But if your furnace or boiler is damaged or destroyed by one of the perils covered by your homeowner's insurance, that expense might be covered.
If your furnace has a mechanical issue, a standard policy won't usually pay for the cost of repair or replacement. However, you may be able to add an equipment breakdown endorsement for a fee to receive coverage.
When Does Homeowners Insurance Cover a Furnace?
Homeowners insurance typically covers any sudden and accidental damage to your furnace, as long as it is not excluded from your policy. For instance, if a tree branch falls on your furnace, your insurance policy should cover the cost of repairs.
Suppose repair is due to normal usage or wear and tear, incorrect installation, earthquake, lack of maintenance, or when the furnace has reached the end of its life expectancy. In that case, policies usually do not cover these damages.
Most homeowners insurance policies will not cover this cost when replacing your furnace. This is because replacing a furnace is considered a major renovation, not an emergency repair. As such, it will not be covered by your policy.
In some cases, you may be able to add coverage for the replacement of your furnace to your homeowner's insurance policy. This coverage is typically available from some insurers, but the cost will vary depending on your policy and the specific coverage you choose.
Homeowners Insurance: Protection Against Unexpected Expenses
It is important to remember that homeowners insurance protects you from unexpected and accidental damage to your home and does not cover the cost of regular maintenance and repairs. While homeowners insurance can provide coverage for furnace repair in some cases, it is wise to research your options and ensure that you have the right coverage to protect your finances.
At Auto Express Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you. Learn more about our products and services by calling our agency at (832) 232-4655. You can also request a free quote by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!