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My waffle maker had the same problem. Matter of fact 99% of these electric appliances have a thermal fuse which seems set to blow and make us buy a new one. Coffee makers, hair dryers, frypans. Ha Ha! Costs all of $1.98 to buy a fuse. I bought three just in case...two left over.
Thanks for the excellent photo and explanations.
Junior Mr. Fix It - Chicago
2 years ago on How I Fixed My Broken Rice Cooker: The Complete Illustrated Instructions