Is the time of a loss when you want to discover what’s not covered in your homeowners policy?
Not all homeowners policies include mechanical and breakdown loss coverage — but Nationwide Private Client offers broad coverage. Simple misuse, faulty installation or poor maintenance can cause a breakdown that is costly to repair or replace. Intended for everyday maintenance, home and extended warranties can be very limited and expensive. Equipment breakdown protects your clients from large losses, which can easily cost thousands of dollars. By some estimates, home maintenance expenses that include expenses related to equipment breakdown can cost between 1% and 3% of a home’s value per year.
How you may be at risk
Nationwide Private Client’s most common equipment breakdown claims involve losses to appliances. One recent claim was submitted for a fully customized deluxe built-in oven that broke down. Our client requested that the inspection take place the very next day, so the claims team accommodated the request and worked closely with the client to ensure the process was easy. Immediately upon inspection, it was determined that the cause of loss was due to an electrical breakdown, which caused severe damage to the oven. Fortunately for our client, he had a Nationwide Private Client homeowners coverage that covered this breakdown,1 allowing us to submit our findings and request a full replacement (for a like-kind quality oven) to our reinsurance partner, Mutual Boiler Re (MBRe). Our client let us know that he was very pleased with our proactive, caring and expeditious claims service.
How Nationwide Private Client responds
With Nationwide Private Client, you can enjoy the added benefits of equipment breakdown protection, as we include our equipment breakdown enhancement endorsement automatically with every Nationwide Private Client homeowners policy.
If an appliance or other household system breaks down,2 our coverage provides up to $100,000 after a $500 deductible for the repair or replacement of the item. Examples of covered items include home infrastructure systems, such as HVAC, water heaters, boilers, air/water filtration, pool equipment, chair lifts, alarm systems and electronic or fiber optic equipment within the home. In addition, it covers personal property including appliances, computers, entertainment systems, consumer electronics, exercise equipment and other power equipment.
Examples of covered equipment and potential costs:
Why it’s important for you
Given the fact that mechanical breakdown is not a covered cause of loss under traditional homeowners policies, the time of a loss to your home is no time to discover what’s not covered in your homeowners policy.
Nationwide Private Client offers these added benefits:
Why Nationwide Private Client
Nationwide Private Client is dedicated to helping protect the assets and reputations of our clients. Our highly personalized insurance products, services and concierge-style claims management are thoughtfully designed to meet the distinctive needs of affluent individuals and families. We are committed to providing you a superior experience whenever you need assistance.