Market Overview

Refrigerators, While Necessary, Prove to be Unreliable Compared to Other Appliances, According to Safeware

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Dublin, Ohio, July 31, 2018 (GLOBE NEWSWIRE) -- In 2017, Americans spent over $16 billion on household appliances, according to Statista's website. These devices serve a variety of practical purposes, such as cooking food and washing clothing. With dependence upon appliances so high, Safeware, a leading provider of product protection and extended warranty solutions, wanted to share research on what appliances are most prone to breakdowns and malfunctions to serve as a notice for consumers.

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Appliances are a common convenience, but certain types, such as fridges, prove to be more unreliable than others.



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Safeware's most recent loss study shows that within the first five years of owning a French-door refrigerator, over 50% experience some sort of mechanical breakdown. This type of refrigerator is also the priciest, averaging an almost $2,000 price tag. Side-by-side refrigerators have the next highest incident frequency, with almost 30% experiencing a malfunction within the first five years of being owned.

Conversely, stoves and freezers are found to be more reliable. According to Safeware, only 15% of stoves and 9% of freezers experience a breakdown within the first five years of being used. Furthermore, these appliances are also more budget-friendly than refrigerators.

Today's high-tech appliances are more complex and therefore more prone to various failures. According to Money Talks News' website, new features found on appliances can contribute to these breakdowns. From LED touch-screens to motion sensors, there are many more components to appliances that can break compared to older and more simplistic models.

"Consumer appliances are essential for household functions and are heavily depended upon to be reliable and long-lasting," says Safeware's Chief Executive Officer, Bryan Schutjer. "Unfortunately, they don't always live up to those demands. Safeware offers product protection on appliances to help bridge this gap and allow them to function at their best capacity for as a long as possible."

Appliances are a costly necessity for almost all consumers, aiding in daily tasks and providing numerous conveniences. However, these products also fall victim to unpredictable damage and malfunctions, which can quickly become a major disruption. Safeware strives to provide comprehensive product protection for appliances to ensure that consumers can own their devices with confidence.

About Safeware

Having pioneered the technology insurance industry in 1982, Safeware is now one of the most recognized names in product protection. Safeware's innovative approach to insurance and extended warranty solutions has propelled the company into multiple industries including education, corporate technology, fitness, furniture and appliances. By allowing partners to customize coverage based on their unique needs, Safeware provides best-in-class programs allowing customers to own their products with confidence.

Learn more about Safeware online at www.safeware.com or by calling 1.800.800.1492.

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Stephanie Wise
Safeware
614.781.0559
swise@safeware.com

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