Whether it’s a house, a townhouse, or an apartment, homeownership is a point of pride for Canadians. The benefits of owning far outweigh those of renting, but ownership has its own set of financial challenges. When a renter’s HVAC, appliances, or other home systems fail, it’s inconvenient, but the financial burden falls on the owner, the landlord. When things go wrong for a home owner, they are on the hook for most, if not all, repair and/or replacement bills if not properly insured.
Home Equipment Breakdown Insurance (HEBI) is an insurance product designed to cover your home’s electrical, mechanical, and pressurized systems and equipment in the case of a malfunction or breakdown.
HEBI covers your home’s systems that make it habitable. Some of the covered systems are:
- HVAC (Furnaces, Boilers, Radiant Floor Heating, Heat Pumps, etc.)
- Electric & Water (Water Purification and Filtration, Well Pumps, Sump Pumps, Electricals Service Panels, Generators, Solar Panels, etc.)
- Security & Accessibility (Monitored Security Systems and Control Devices, Elevators, Chair Lifts, Automatic Doors, etc.)
Your home’s equipment that makes your life more comfortable, more convenient, and more productive is also covered. Covered equipment includes:
- Kitchen & Laundry Appliances (stove, fridge, microwave, wash machine, dryer, etc.)
- Home Entertainment (televisions, stereos, control devices, etc.)
- Computers & Wireless Devices (laptops, tablets, phones, etc.)
- Power Tools & Shop/Yard Equipment (table saws, drills, lathes, routers, air compressors, lawn mowers, etc.)
- Portable Medical Equipment
When you add HEBI to your home or condo policy, you get the following coverages:
- Repair and/or replacement of the affected system/equipment
- Expediting expenses to speed up the repair and/or replacement of the affected system/equipment
- Additional living expenses if your home isn’t habitable
- Replacement of spoiled food if your fridge or freezer fails
- Lost rental income if your home isn’t habitable due to a system or equipment failing
If you want to add HEBI to your home or condo policy, want to confirm your coverage, or just have some questions, our brokers are happy to help!
This article is for informational purposes only and is not intended as professional or legal advice.
© 2018 Rayner Agencies Ltd. All rights reserved.
