Why You Should Have Homeowner's Insurance And A Home Warranty
Have you ever heard of someone purchasing a home warranty? If so, do you know what this is? A lot of people know exactly what homeowner's insurance is, but they may not know what a home warranty is. While there are some similarities between these two products, they are not the same, yet both are important to have. Here are a few things you should know about homeowner's insurance and a home warranty when you own a house.
Home Insurance Is a Must If You Own Your Home
If you own a home, not having homeowner's insurance is not a wise decision, even if your home is paid off. If you have a loan on the home, you really do not have a choice in the decision; your lender will require it. If you do not have a loan, your homeowner's insurance is the only protection you have for your home.
Home insurance is designed to protect you if something damages your home, such as hail from a storm or damage from a fire. When anything like this occurs, your insurance company will pay for the repairs your home needs, as long as the damage is from something that your policy covers.
A Home Warranty Is Optional
While home insurance is required, having a home warranty is optional; however, it is well worth the money. A home warranty is similar to home insurance, as it provides coverage for things that get damaged, but it is different with what it covers. Instead of it covering your home from damage, a home warranty covers your appliances and home systems, such as your water heater and furnace.
If any of these things break, you can contact your home warranty coverage company. They will send a technician to make the necessary repairs, and you will only have to pay a small portion of the costs for repairs.
Why You Need Both
Having both types of coverages is a good idea if you want to avoid having to spend a lot of money if something goes wrong. It is also a good idea to have both options because each cover different things. Having both will protect you more and will prevent you from having to come up with large sums of money if something breaks or gets damaged.
If you are interested in getting a quote for insurance, you should contact a company in your city that offers homeowner's insurance policies. You can also check out a website like https://www.windfallinsurance.com for more information.
