Why Every Homeowner Should Have Home Warranty Insurance

Protecting your home does not have to end at homeowners insurance. Purchasing a home warranty is another smart way to guarantee that in the case of an emergency, you won’t be caught off guard. Home warranty insurance plans are available for both new and existing homes and can be purchased from insurance providers. These plans provide guaranteed replacement or repair of certain household items.

What is the difference between home warranty insurance and homeowners insurance?

Distinguishing between homeowners and home warranty insurance can be confusing, but here is the easiest way to tell the two apart:

o Home warranty insurance- Provides coverage for repair and the replacement of household items but not the home itself.

o Homeowners insurance-Provides coverage for the contents and the house itself in the event of damage or theft, but not its contents.

Do I need both?

After reviewing the difference between insurance and home warranty insurance, having both is strongly recommended since they both provide different types of coverage. While having homeowners insurance is a must, some of the benefits of having home warranty coverage also make it a very desirable option.

The benefits of home insurance include:

o Providing an additional selling point to potential buyers and renters of your home-People like to feel confident when spending their money on large purchases. Having a home insurance warranty can help put the minds of potential buyers or renters at ease and seal the deal.

o Avoiding spending money out-of-pocket for expensive repairs or to purchase new appliances -Paying for large household items is very expensive and often happens at the most inopportune times. With this form of insurance you do not have to worry about coming up with a way to fund these expensive purchases or repairs.

o Allows those with low or fixed incomes to save more money towards other expenses-For most people, owning a home requires keeping a tight reign on your budget. You can keep your emergency expenses low with this special insurance.

Owning home warranty insurance provides coverage for items like:

o Microwaves

o Stoves/cooking ranges

o Ceiling fans

o Water heaters

o Garbage disposals

Most policies will only cover appliances that we were in the home at the time of purchase or were built-in, but you can often purchase additional coverage for items that were subsequently purchased.

Although home warranties are not always necessary, all homeowners should carefully consider whether or not they may need them

Source by Sally Desh

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