Both Homeowners Insurance and Home Warranty protection plans can be great options for a buyer, but how do you know if you need one or both?
A Homeowners Insurance policy covers any accidental damage to your home and belongings due to theft, storms, fires, and some natural disasters. There are four primary areas covered under the policy: the interior and exterior of your home, personal property in case of theft, loss or damage, and general liability that can arise when a person is injured while on your property.
A Home Warranty is a service contract that provides for repair or replacement of your system components and appliances that fail due to age and standard wear and tear. For example, your electrical, dishwasher, dryer, washer, HVAC and other appliances will be covered under a home warranty. Most warranties are signed with a 12 month contract but are not mandatory in the home buying process.
You can find more information, including a video that explains the difference in more detail by clicking here. If you have any questions or are interested in options available to you, please contact me and I can point you in the right direction.