home equipment protection

[aja8888]

I questioned my state farm agent yesterday on the equipment endorsement when she called me to upsell some other endorsements. I found out there are some stipulations, I told her to send me the information on the endorsemt and 'she told me she could only send out the one I already had. but in questioning her I found out that there is some kind of stipulation about it has to be accidental and sudden. I don't know what that means and evidently neither did she. As it turns out if you have a 20 year old furnace and it breaks down and parts are available they will fix it, but if it is just normal wear and tear they won't replace it if that is what is necessary. as has been said on this site before "if it sounds to good to be true, it probably is".

You should ask her who determines if it is accidental or sudden when it fails.

 

[TwoByFour]

I wonder if such a policy covers septic systems? I just found out our septic tank is cracked. At least $10k to replace it. Ugh.

 

[always_learning]

I would be concerned that any claim might count against me since it's the same company that handles my home insurance. I would be afraid that any claim could be construed as me being more likely to make a future claim against my HO policy and they'd raise rates.

I've read & heard where some people who use the roadside assistance on their car insurance get dinged when needing a tow or tire repair, so that's where I get my concern.

Check with your company, as not all do this, but I would be too afraid to use such a product.

 

[frank]

they said it would not effect my homeowners insurance rates if I had a claim. last winter my wife slid in the ditch with her car. it was no big deal, a couple tires off the pavement, but in iowa you are not allowed to pull them out yourself. so I call a rollback truck to go winch it out of the ditch. when I get there the guy has wife's car on the truck. I ask him to pull to the next side road and unload it and I will pay him. he charges me 125. I give him a check get a receipt. next day I go to state farm to turn in my claim under my cars emergency road service. the agent at state farm tells me that that kind of insurance is only for real emergencies and maybe I shouldn't file a claim. I file it anyway, got paid no premium increase. If you buy insurance and can't use it, because of fear of rate increases, it's time to look for another company.

 

[frank]

You should ask her who determines if it is accidental or sudden when it fails.

it turns out the company decides. I went in personally and saw the endorsement that she sees on her computer. there were 100 reasons to deny coverage. So another lost cause.