Lotte Hi-Mart expands appliance insurance coverage

[Image source: Internet Community]

Lotte Hi-Mart Co., South Korea’s major electronics distribution company, is expanding its appliance insurance, offering coverage for damages incurred after the purchase of electronic devices.

Following the launch of insurance products covering damages for six items with screens, including TVs, laptops, monitors, smartwatches, tablets, and all-in-one PCs, in April last year, the retailer has recently broadened the coverage to include mobile devices.

Lotte Hi-Mart’s damage insurance covers about 5 percent of the appliance’s purchase price as a premium, providing coverage for repair costs due to damages for one year after the purchase.

This insurance is particularly aimed at vulnerable electronic devices such as TVs, laptops, tablets, PCs, monitors, and smartwatches that are prone to damage or water exposure.

Lee Seung-yeol, head of Lotte Hi-Mart’s insurance interior team [Courtesy of Lotte Hi-Mart]

“Product damage insurance is a great option for families with children in daycare or kindergarten,” Lee Seung-yeol, head of Lotte Hi-Mart’s insurance interior team, told Maeil Business Newspaper in a recent interview. “In July of last year, we introduced mobile damage insurance to offer additional peace of mind for devices like smartphones.”

Lotte Hi-Mart also offers an insurance product for customers who purchase appliances through channels other than Lotte Hi-Mart. This insurance option, available at 18,000 won, provides coverage for repair costs for second-hand appliances, ensuring that customers can maintain their appliances with ease.