When safeguarding your home, it's crucial to understand the differences between home warranties and home insurance. Both offer protection, yet each caters to different aspects of homeownership. Home insurance acts as a safety net for unforeseen catastrophic events such as fires, theft, or personal liability that could impact your finances significantly. On the other hand, a home warranty provides a solution for the inevitable wear and tear of household systems and appliances covering unexpected repair costs.
This article from HomeZada delves into the differences between the two options including differences in costs, coverage scope, and how they can complement each other in protecting your investment. Enjoy the article and give me a call with any questions you have or if you want help with any of your real estate needs.
Tim Houterloot - Broker/Realtor
317-997-0165 - Cell
indyhomepro@outlook.com
Source: HomeZada | Repost Houterloot 2/8/2024 -
Consider your home a big investment, like a really expensive car. Just like you need insurance for your car, your home needs protection, too. There are two main ways to protect your home: Home Warranties and Home Insurance. They might sound similar, but they’re pretty different. Let’s break it down in simple terms so you can figure out what’s best for your house.
What is Home Insurance?
Home insurance is like a safety net for your house. You buy a plan that helps pay for big, unexpected problems, like if your house catches fire, gets damaged in a storm, or someone breaks in and steals your stuff. It also helps if someone gets hurt at your house and sues you. There are different kinds of home insurance, but most people get the kind that covers many problems, except for a few things it won’t cover, which are listed in the policy.
What is a Home Warranty?
A home warranty is like a repair plan for the stuff inside your house. It covers fixing or replacing things that break because they’re old or worn out, like your fridge, air conditioner, or plumbing. You pay for the home warranty company every year, and if something breaks, the warranty helps pay to fix it. It’s not for big disasters, just the regular wear and tear on your house.
Key Differences Between Home Warranties and Home Insurance?
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