Home generators are an increasingly popular option for homeowners looking to ensure they have power, despite a power outage. However, before you invest in a generator, it’s important to know whether or not your homeowner’s insurance will cover it.
Does Homeowners Insurance Cover Generators?
Homeowners insurance only covers a generator if it is damaged due to covered perils, such as a tornado, fire, lightning, etc. Besides, homeowners insurance will not cover older generators and damage due to normal wear and tear.
Some insurance companies may offer separate coverage (an “endorsement” or “rider”) for generators. This coverage is usually limited to a specific amount and may include a deductible.
If you are considering purchasing a generator, it is best to contact your insurance company to find out if they offer coverage for a generator. Not all companies offer it, and the rates and coverage limits may vary from company to company.
Will Your Generator Lower Insurance Premiums?
Automatic standby generators that are powered by natural gas or propane may receive 5% discounts from most insurers. To be eligible for the discounts, you should permanently install a generator in your home. Portable generators used for outdoor events or camping will not qualify for discounts.
What Is Not Included in Standard Home Insurance Coverage?
Standard home insurance policies do not cover damage caused by power outages. This includes damage to appliances, electronics, and other items.
In addition, standard home insurance policies do not cover the cost of repairs or replacements for the generator. This includes repairs to the generator itself, as well as any related parts or components.
Should I Buy a Generator?
Whether or not you should invest in a home generator is a personal decision. While generators can be a great way to ensure your power is reliable during a power outage, they can also be costly to purchase and maintain.
Before deciding, it’s important to consider the frequency of power outages in your area, the generator cost, and the maintenance cost. Additionally, it’s important to factor in any potential discounts or coverage limits offered by your insurance company.
Purchasing a home generator should be based on your needs and budget. If you decide that a home generator is necessary for your home, speak with your insurance company to see if they offer coverage.
Get All-Inclusive Homeowners Insurance Coverage from Aimpro
At Aimpro, we understand the importance of having a reliable power source. That’s why we offer a compressive homeowners insurance policy that includes coverage for home generators. In addition, we understand that every home is different, so we offer custom coverage options to suit your needs. Contact us today to learn more about our coverage options and to get a free quote.
