Because even if you have carryovers using them is still burning up a chip you can play later. 

@Cassidy Burns thanks Cassidy, very helpful!

The lender is going to require insurance because if the house burns down how are you going to pay them back the loan if you don't have insurance.

@Garry Burns,  perfectly acceptable.

If your appliance is under warranty they might cover it, if not $700 is not bad compared to a burned down house. just make sure you have your electrical box inspected and for any possible burnt wiring.

Should cancel with him, save money, and burn a bridge? 

A tenant may not be specifically planning to burn you on paying rent but may have decided it's not their top priority that month and a few days late will be OK.

The answer about whether or not you would be eligible is a big fat "it depends". 

@Chris Sukala and of course I fat fingered the submit before proof reading.

Are there desperate cash buyers just driving along with their money burning a hole in their pocket who will call this number because they feel they can trust an ARV printed on a bandit sign?