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Purchasing a furniture protection plan for furnished homes may seem frivolous, but when your friend spills a glass of wine on your $3,000 leather couch, you might sing a different tune. While furniture insurance is not for everyone, it can be a worthwhile investment depending on your lifestyle and budget.
If you’re on the fence about purchasing a furniture protection plan, then do your research and take notes.
Whether caused by the aforementioned wine stain or a moving-related scuff, damage to furniture can be covered by a furniture protection plan, which offers repairs within the plan’s time frame just like auto, home, or renter’s insurance. Often sold by a furniture store or retailer, these plans can cost anywhere from $100 to 6% of the total cost of the furniture purchased. Where furniture protection plans differ from typical insurance plans, however, is that the consumer generally pays a one-time fee instead of monthly payments.
If you are curious about a protection plan for furniture, it is important to understand that there is a fine line between furniture insurance and consumer scams. On the one hand, some furniture protection plans are prorated which forces the consumer to pay an exponentially higher portion of the repair or replacement costs despite the depreciation of the item in question.
In which case, is a furniture protection plan worth it?
In the aforementioned case, it is not worth the replacement costs if the consumer only receives a 20% reimbursement of the total repair cost for a seven-year-old credenza. These are the types of “plans” you want to avoid.
However, some furniture manufacturers or third-party insurers offer a verifiable and legitimate plan with no prorated costs or hidden fees. Don’t be afraid to ask questions and always read the fine print.
Your money is on the line, after all.
Additionally, there are many situations in which furniture protection plans can be a wise choice, especially when you are investing in costly home items (see #3 below). Read on to learn about specific circumstances in which ensuring your piece of furniture may be beneficial or would, at the very least, bring you peace of mind.
While we love our furry friends and want our homes to be as much theirs as ours, sometimes they will leave a not-so-cute lasting impression on our furniture. Whether it’s a cat scratching up your favorite recliner or your dog staining your beautiful velvet couch, pets of all species increase your risk of furniture damage.
Though you can’t really blame your animal for acting like, well, an animal, you can still protect your furniture from them. Many furniture protection plans will cover pet damage but as previously mentioned, always read the fine print. If the damage caused by pets is the one circumstance swaying you towards purchasing furniture coverage, be 100% sure that the insurance plan you are contemplating will offer that coverage.
Some children are docile, well-behaved darlings. Some children are rambunctious and free-spirited. Some are a little of both. Regardless of what kind of children or child you may have, they are still children, and there is one tenet of childhood that will always exist across the board: Accidents (and messes) happen, no matter how hard you try to prevent them.
Whether your child is flinging paint in creative bliss or accidentally spilling their sippy cup, a furniture protection plan can keep your investments looking flawless. Be sure to find a plan that covers all of the tears, spills and stains that can be caused by even the most well-behaved children. With the safety net of a furniture protection plan, you can let your kids be kids without the worry of destroying your furniture (or at least being able to repair or replace it for free when they do).
If you are a young college student with a cheap hand-me-down futon and a jury-rigged bookshelf, then purchasing a furniture protection plan is not for you.
However, for those whose furniture is an investment, a work of art, a one-of-a-kind priceless family heirloom, or something you simply don’t want to have to purchase ever again, then a furniture protection plan will give you peace of mind. Big furniture items—like couches, chairs, tables, and sideboards—are not like clothes or groceries. They are infrequently purchased and come with the hope of lasting a lifetime.
As with any big investment, like a car or home, expensive or precious furniture needs protection. Just knowing that your furniture will continue to look flawless for years to come no matter the cause—whether it be messy pets, children, friends, roommates, spouses or otherwise—is invaluable.
You are having a housewarming cocktail party and invited all of your friends. You can’t wait to show off your new, beautifully designed living room filled with high-end, stylish furniture. Then you think of that one friend—that one who, every time he comes over, accidentally breaks a wine glass or spills beer on your sofa. Most of us know a person like this, and sometimes that person is you (or the person you live with).
If you or your friend, roommate, partner or spouse are accident-prone, planning ahead with furniture protection can save you the headache of having to replace expensive items or live with them being marred for life.
Even if you don’t have an accident-prone friend and just enjoy hosting dinner parties and cocktail soirees, alcohol can turn even the most put-together person into an accident-prone clutz. In this case, a protection plan may also be right for you. This way you can not only host the party but relish in it without worrying about anyone (yourself included) ruining your furniture.
While the trust economy that has emerged over the last decade has reimagined how we interact with strangers, there are still times where human error inevitably rears its ugly head. If you travel for work and frequently sublet your house or apartment, a furniture protection plan could be a safe bet. All it takes is one bad tenant to ruin your sofa. While they get to check out, you have to live with it.
Rent out your furnished space with peace of mind that no matter what happens to your furniture, you’re covered.
Even the most reputable manufacturers can create a product with defects. While some are instantly noticeable, others may not become apparent until the furniture arrives in your home. It may even take a few days of usage to notice a defect, be it a chipped coffee table or an uncomfortable couch cushion.
Furniture protection plans often cover defective furniture, so even if you don’t notice it until after the return policy has ended, you can still have your item replaced or repaired.
As has already been mentioned several times throughout this blog post, it is very important to research, read the fine print and ask questions (whether to a person or a search engine). Most furniture protection plans aren’t straightforward, with some having hidden fees and others being straight-up scams. There’s a lot of scams out there, so don’t fall for it.
However, before you even get to the fine print, it is necessary to understand your lifestyle needs and budget. It is also important to know the types of materials which will need protection, like fabric and hardwoods.
Do you live in a pre-furnished home? Is your furniture cheap and easily replaceable? Do you pride yourself on taking immaculate care of your furniture? If you answered yes to any of these questions, then a furniture protection plan is likely not for you.
However, if any of the aforementioned six scenarios apply to you, then furniture protection will give you the priceless gift of peace of mind. Just like you would take care of your body, your home, and your car by insuring them, you should do the same for your furniture.
Everyone has a different concept of value. Whether the value of your sofa is $5,000 or the value of your coffee table is the memories spent around it with your grandmother decades before it came to your possession, then take care of it. All it takes is one accident for you to be thankful that you did.
The Spruce. Hidden Costs When Buying Furniture.
CPS. Is a Furniture Protection Plan Worth The Money?
CPS. 10 Things To Consider If A Furniture Protection Plan Is Worth It.