D.C. Equipment Breakdown Insurance

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DC Equipment Breakdown Insurance

In 2020, D.C. had over 61,472,000 property insurance claims alone that were paid. The right coverage can save you money in the long run. Equipment breakdown insurance is protection for your personal and business assets.

An independent insurance agent can help you find the best policy for an affordable price. They work with multiple carriers so that you have options. Connect with a local adviser to get started today.

What Is Equipment Breakdown Insurance?

In D.C., equipment breakdown insurance can be included in your personal or commercial insurance policies. It is different from your other property coverages, and each insures separate parts of a loss. Both are necessary to maintain sufficient protection.

What Does Equipment Breakdown Insurance Cover?

Your personal and business insurance in D.C. will vary depending on numerous factors. The majority of D.C. locals will have some sort of property exposure. Equipment breakdown will provide insurance for the following types of property and damage.

  1. Power surges
  2. Electrical shorts
  3. Mechanical breakdowns
  4. Motor burnout
  5. Operator error

Equipment can typically include the following items

  • Boilers
  • Air conditioners
  • Freezers
  • Refrigerators
  • Heavy machinery
  • Contractors equipment

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Equipment Breakdown Coverage under Home Insurance

The majority of D.C. home policies will have a form of equipment breakdown coverage. This will be worked into the annual average cost of homeowners insurance in D.C. at $1,235. Some carriers will include this automatically, and others will make you add it to the policy.

A limit of $5,000 to $10,000 is typical for equipment breakdown. It will provide protection for your appliances and more. This can come in handy when a loss wipes out all of your equipment.

Equipment Breakdown Coverage under Commercial Insurance

D.C. had $750,576,000 in commercial insurance claims paid in 2019 alone. A portion of those losses was property-related. The replacement value will determine the rate of your equipment breakdown coverage. 

This limit of protection can be included in your business owners and package policies. It is separate from your business personal property, and both are necessary. Equipment breakdown can help a business pay for the following.

  • The repair or replacement of damaged equipment
  • Lost income resulting from damaged equipment
  • Spoiled inventory like food or other products
  • Additional expenses accumulated as a result of damaged equipment

Does Business Property Insurance Cover Equipment Breakdown?

It's important to note that your D.C. business property insurance is not the same as equipment breakdown coverage. Both are needed to get sufficient protection. Business property insurance covers the following items.

Your equipment breakdown will provide for power surges, electrical shorts, mechanical breakdowns, motor burnout, and operator error. Business property coverage is needed for the more common perils listed above. These limits of protection work together when a loss occurs.

How to Connect with a D.C. Independent Agent

Your D.C. business and personal insurance policies are essential to avoid financial ruin. With the right coverage, you can be prepared for any loss that comes your way. Equipment breakdown insurance is a key coverage to obtain on your policies.

Fortunately, an independent insurance agent can help quote your insurance at a fair price. They do the shopping for you at no cost, so you save time and money. Connect with a local expert on TrustedChoice.com for custom quotes.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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