Home Warranty and Home Insurance: A Guide

Investing in your own home is a huge step to take. You’ve saved up for years and you’re finally ready to put that money down and get the perfect property for you and your family. When you buy a home, the mortgage itself isn’t the only thing you are investing in. You also are going to want to invest in either a home insurance policy, a home warranty, or both plans. These are all policies that you can pay into to help give you peace of mind that your home is safe and secure through any natural disasters or general wear and tear that it may go through.

As a new homeowner, you may have a lot of questions about what you need out of homeowners insurance or a warranty. What liability coverage should you invest in? How much coverage do you really need? Will your personal property within the home be covered? These are the questions you’ll want to look into before you invest in any kind of policy. Let’s dive into this short and simple guide about the differences between home insurance and a home warranty.

What is home insurance and what does it cover?

Insurance is required on so many different aspects of your life. You can’t drive a car without getting car insurance and most individuals are required to have some form of health insurance. These are policies that you pay into through the years so that if a disaster arises, the insurance company will help you cover the costs. This is the same with a homeowners insurance policy. If your home is damaged due to a natural disaster or if you lose anything because of theft, your home insurance company will help reimburse you for the damage and to replace anything that is lost.

Some companies will even refer to this as home and contents insurance and you can do a home insurance compare to find the best price and options for you. Overall, home insurance will cover the physical structure of your home and include personal property coverage. This policy is typically required for you to get as a homeowner.

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What is a home warranty and what does it cover?

If home insurance covers the building and the property, what additional coverage do you get with a home warranty? A warranty policy is usually something you can pay into that covers your home if certain systems experience any general wear and tear or break down unexpectedly. This is the case for your homeowners policy if you chose to go with the warranty. Think of your home warranty as the policy that covers your systems rather than the house itself.

If there is a problem with your heating, AC, appliances, plumbing, or electrical, having a warranty will usually help replace those interior systems. A home warranty won’t cover additional damage, but the coverage limit of your insurance may make that a covered loss. Another big difference between the two is that home insurance is mandatory and a warranty is optional.

You love your home, so take care of it.

When you become a homeowner, you put a lot of work into your home. Whether you call the top interior design firms Denver or try to do it yourself, you want your dwelling to be full of personal belongings and furnishings that make it feel like home. After putting that much time into creating a great space, you want to protect it in case of a natural disaster, theft, or an appliance break down.

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This is the main argument for getting both insurance and a warranty. You want to cover as much as you can so you aren’t left paying a fortune to fix an issue that otherwise would have been covered by these policies.

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