CAA Insurance Company (Ontario) has introduced two new products, including a new product covering some types of damage to home equipment.
The company has launched Home Equipment Breakdown coverage, which covers “appliances and electronics against mechanical, electrical or pressure-system breakdowns,” it said.
"The new coverage includes all your home's belongings from your computer to your lawnmower to everything in between," Robin Joshua, the company’s director of corporate underwriting and risk management said in a statement.
"Extended warranty plans can be expensive, hard to manage and usually cover a single piece of equipment. Our new Home Equipment Breakdown coverage goes a step further and covers multiple items, regardless of age."
The policy would cover breakdown from things like mechanical failures, but not equipment damaged by water, fire or vandalism, among other causes.
It also offers extra coverage for costs associated with temporary repairs or expediting permanent repairs up to $3,000. It also makes extra coverage available for perishable goods that are spoiled from a loss of power to a refrigerator, for example.
CAA Ontario has also introduced tire coverage, which it says extends past the existing manufacturer's warranty. Current policyholders will have tire coverage added to their policies at renewal time, CAA said. It includes:
- Coverage for up to four tires on existing vehicle(s) (including winter tires)
- Coverage on all repairs due to a road hazard ($25 limit/tire repair)
- Coverage on all replacements due to a road hazard (no limit/tire)
- Coverage on mounting and balancing replacement tires ($25 limit/tire)