SHOULD I HAVE A HOME WARRANTY OR HOME INSURANCE

Dated: July 29 2021

Views: 1

When purchasing a new home, it’s important to do in-depth research on all facets of the homebuying process. One thing you’ll need to understand is how to best protect yourself and your investment if anything were to go wrong. Check out the information on home insurance versus home warranty below to educate yourself on your options.

Home Insurance

Homeowners insurance pays for any accidental damages and loss that are caused by fire, lightning strikes, windstorms, and hail, however, damage from earthquakes and floods is typically not covered. It also covers the replacement of personal property in case of theft or damage and liability if a person were to get injured in your home or on your property. According to American Home Shield, the average annual cost of a homeowner's insurance policy ranges between $300 and $1,000, and the bank usually asks you to obtain a policy before the mortgage is issued. Make sure to keep in mind that each type of coverage in the policy is subject to a limit and, in most cases, you will have to pay a deductible.

Home Warranty

A home warranty is designed to cover the cost of repairs and replacements of larger appliances and crucial systems in your home that may fail or break due to age and wear and tear. This includes but isn’t limited to HVAC, electrical, or plumbing components, kitchen appliances, and your washer and dryer. With a home warranty, you are required to pay premiums year-round, even if you do not use it, and it won’t cover damages if appliances were not maintained properly or if the damage is from a fire or other disaster.

Realtors help you to understand all facets of the homebuying process so that you do not have to try to figure it all out alone. Contact Tiffany C. Everett EXP Realtor, today for all your Realestate Goals. 

Blog author image

Tiffany C. Everett

"I am dedicated to providing excellent customer service. My philosophy is simple: clients are my priority." Tiffany C. Everett is a Realtor with EXP Realty. She is a Florida native and has been a Po....

Latest Blog Posts

SHOULD I HAVE A HOME WARRANTY OR HOME INSURANCE

When purchasing a new home, it’s important to do in-depth research on all facets of the homebuying process. One thing you’ll need to understand is how to best protect yourself and your

Read More

Today's Real Estate Market Explained

Today’s Real Estate Market Explained Through 4 Key TrendsAs we move into the second half of the year, one thing is clear: the current real estate market is one for the record books. The exact

Read More

The Number ONE Question Asked About Today's Real Estate Market

Is The Real Estate Market Cooling Off?  The answer is - somewhat. Below is a mixed bag of relevant data to sift through...               Let's start

Read More

Is The Real Estate Market Shifting?

Here are a few headlines last week from CNBC and Realtor.com:  "Epic Housing Shortage May Finally Be Starting To Lift As Surprising Number Of New Listings Hit The Market In June"

Read More