The odds are not in your favor. It is an insurance policy where they collect money from lots of people and pay out to few people. Never buy an insurance policy for something you can afford to replace yourself. Would be able to buy a new refrigerator or air conditioner for $1000 to $2000? If yes don't buy. IF not, then maybe it would be worthwhile for you. Consider that many of those companies have more excuses not to pay than to pay, and substantial hoops for you to jump through before they will pay. If you do buy a policy, be sure to read the actual policy (not the sale brochure) so you know what you have to do for them to even consider a claim.
This reminds me of a flashlight I bought at Harbor Freight the other day. It was around $10 with the 20% off coupon made it around $8. The cashier asked me if I wanted an extended warranty on it for 2 years for $2.49!