Is kitchen appliance cover necessary?

JKan

A few years ago we rented out our house and took our cover with domestic & general for our kitchen appliances (washing machine, dryer, dishwasher, oven & microwave). When we took it out it seemed pretty inexpensive so we felt it was worth it but now we’re back in our house again and the cover has significantly increased and is now approx £75 pm which seems extortionate to me. I don’t know whether to keep it or cancel - the only problem is that the machines are now around 10 years old so perhaps it would be a silly thing to cancel now. Any advice would be greatly appreciated! 

Sandtree

Firstly, read your policy about what happens if the machines are beyond economical repair... something that is increasingly likely as they get older. Some service plans (these things are rarely written as insurance) wont cover BER for devices over a certain age.

Secondly, check it does cover you for rental properties... some only cover owner occupied properties.

Personally, I dont think these things are worth it... you have statutory rights with the retailer for up to 6 years (though diminishing returns over time) and after 5 years it doesnt hurt as much in my opinion. Also a lot of repairers offer a fixed price job, often with some form of credit if its BER. 

Being a landlord however may impact your statutory rights as you arent a consumer but a business and there is a certain convenience in being able to give the tenants a single number to call that isnt you in the event of an issue if you arent using a management company.

PRAISETHESUN

I personally tend to self-insure these sort of things - just set aside some money that you would've otherwise paid in premiums to buy new stuff if/when it fails. A half decent brand with a half decent warranty should last at least 5 years, and in that time you've probably saved more than the cost of a new appliance.

TELLIT01

We had this cover for items in our own house, not one we rented out, because it was only a few quid a year.  We cancelled when the price shot up from naff all to about £75 per year.  Since we cancelled I think we have had to have somebody out once to our washing machine, so we have saved a fortune.  If you want to play safe, put money aside each month.

tealady

Never bothered with it. Fridge and freezer still going strong (both over 15 years old). The 1st fridge I had was left behind when I moved (it was 18 years old)
Personally think insuring white goods is a waste of money.
If you are worried about cost of replacements look for ex display models.