Insurance And Home Warranties

Insurance And Home Warranties

For some reason Home Warranties are not considered Insurance.  The majority of insurance policies are fundamentally alike, with the following coverage:

  • Dwelling:  Always required when your property is secured by a loan and usually covers at least the amount of the mortgage.  Also, for the homeowners that have no mortgage this coverage is recommended for the ‘Just In Case’ occurrence.

  • Personal Property:  Similar to Renters Insurance this coverage can help replace damage belongings when that damage occurred due to something that is beyond your control.

  • Personal Liability:  Ever have guests, neighbors, or family over for a visit?  Well if they fall or hurt themselves in your home this coverage should assist with any hospital bills or lawsuits.

  • Loss of Use:  Can’t live in your home while the insurance funds a getting it repaired?  Guess what?  This coverage will pay for your temporary domicile elsewhere (usually but not always until repairs are complete).

  • Other Structures:  Dwelling coverage may not include that detached garage or tool shed.  This coverage will include physical improvements on the land (like fences and gates).

  • Additional:  Extra coverage’s, higher limits, rare antiques, you name it and they may cover it.  Two that should be considered are Identity Theft and Sump Pump Overflow (for those with basements).

I mentioned earlier that Home Warranties are not the same as Insurance (but they act it).  Minor repairs or replacements such as a new furnace or an air conditioner can be a big and unexpected expense.  Enter the Home Warranty to the rescue.  Just name an appliance, in the home, and Home Warranty Companies may cover it.  Furthermore, many home sellers will provide a Home Warranty.  Just ask.

Ps  In a flood zone?  Flood Insurance is commonly an additional coverage.


Curtis Ward Headshot
Author:
Phone: 312-488-9287
Dated: March 5th 2018
Views: 18
About Curtis: My philosophy is simple: clients come first and I pledge to be in constant communication. I believe ...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

You Might Be Leaving Money At The Closing Table - In this second installment I talk
Competing Offers In Wicker Park Sellers Market - I'm thrilled to tell you 1546 N
Signs Of Generations Moving And More Inventory Coming To The South Loop - Like last month, low inventory and
Cure Ald FUNDRAISER - Hello friends!  👼;

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

eXp Realty Illinois
939 West North Avenue, Suite 750
Chicago, IL
312-436-0599