Appliance insurance: What can go wrong and how much it costs

Your home is full of expensive, high tech appliances that you use every day – probably without a second thought! After all, how many times to you truly consider your washing machine, your oven, or your dishwasher? How many time did you give extra thought to your appliance insurance? In all likelihood, not that often. That’s normal! You shouldn’t have to put much thought into your appliances – that’s why they’re there!

However, if something should happen to your appliances that results in a pricey repair or replacement, your “making life easier” appliances suddenly make your life much more difficult. Luckily, there are appliance warranty options that can help protect you against unanticipated high costs when something breaks down.


What Appliances Should You Keep an Eye On?

There are many appliances in your home, and all of them have the potential to break down or require a full replacement. Some causes are foreseeable – aging appliances tend to run out of steam, intricate parts break or snap, or a high-tech piece of equipment malfunctions with overuse or misuse. It’s important to know what to look for in each of your major appliances so you can protect against problems with appliance insurance when they occur.


Washing machines are a common household fixture. There are many different model types and brands, but in general they all have an electric motor that powers their water fill system and their agitator system. Whether you’re dealing with a defective timer or a stripped agitator spline, costs to repair a washing machine vary greatly. On the low end, a quick repair of an electrical connection could cost $60. On the high end, to repair an internal transmission failure you could be looking at a $200-400 repair cost. That is, of course, assuming that you won’t need to replace the machine entirely which could range from $400-1000.


Dryers are equally complicated appliances. Common problems include a motor that turns the dryer drum burning out, a broken thermal fuse that would mean the dryer overheats regularly, and electrical problems that could halt the function of the dryer entirely. Repair a broken drum or replacing a thermal fuse could cost up to $200 on base models. More high end models will have higher repair costs. That being said, a brand new dryer likely won’t break right away, so an extended appliance warranty or other appliance insurance option may be your best method of protection.


Dishwashers also tend to be problematic and they have regular issues as far as breaking down. What makes dishwashers more complicated than other appliances is that the symptoms users see that signify something is broken are very vague. For example, many users report that their dishwasher is noisy. A noisy dishwasher could mean any number of things – from a worn washer arm bearing to a broken motor bushing. Dishwashers are slightly less expensive to repair – most problems can be solved for at or under $150.

Oven or Stovetop

Ovens are either gas or electric, and depending on the kind of oven you have you’ll run into different problems. For example, a gas oven that isn’t heating could mean a faulty ignitor. However, if you have an electric oven and the heating element is broken, that repair is significantly more intensive and expensive.


How Do You Protect Against These Expenses?

Option A: Extended Appliance Insurance

One option that you, as an appliance owner, has is to purchase the extended appliance warranty for your appliances. Most appliances across the board, regardless of the brand, have a limited warranty policy that comes with their appliances. Although they differ, a fairly run-of-the-mill limited warranty option would be similar to LG’s washer warranty – they offer a one year parts and labor warranty, a 10 year warranty on the motor of a washing machine, and a lifetime warranty on the washing machine’s drum (in comparison to 1 year on everything as standard warranty).

The problem is that you would have to individually purchase some dozens of such extended appliance warranties to cover all the electric products you have at home, and it would cost you plenty. To buy a washer, dryer, dishwasher and oven extended warranty in one go could be an expense which will even surpass the costs of fixing!

Some appliance companies also offer an over-extended warranty option that you can purchase. This appliance insurance usually lasts up to an additional three to ten years after your limited warranty ends. That being said, statistics show that most are not worth the cost and effort of insuring them in this period.

Option B: Home Warranty Covers Also Electric Appliances

Your final option is to purchase a home warranty. One home warranty can cover all of your appliances – simplifying the process for you. For a low monthly payment you’re set up to only pay a small labor fee when a contractor comes out to fix or replace your broken appliance. This monthly payment covers all of your appliances, and possibly any extra home systems or features you may want covered like a pool or spa. Although an appliance warranty is a good option, a home warranty will likely help you to maximize your funds when trying to protect against expensive appliance repairs.