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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.
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