While a home warranty is a service agreement that covers major systems and appliances in a home, a homeowners insurance policy protects a home against natural calamities and disasters. Home warranty is an ideal option for those having old home systems and appliances, whereas homeowners insurance is required while buying a home with a mortgage loan.
Unlike a homeowners insurance policy, a home warranty plan usually doesn’t require the payment of a deductible; instead, you’re charged a moderate service call fee (commonly around $100 or more). Homeowners warranty coverage is purely optional and not required by your mortgage lender or anyone else.
Your home insurance policy is not a home warranty, Whether you are a first time home buyer, moving into your second or third home, a new condo or even you are selling your home, you may want to learn about the advantages of a home warranty to help you decide if you should purchase one in addition to your home insurance.
If you feel that the word "insurance" isn’t a major part of your vocabulary, don’t worry. That will change quickly when you purchase your first home. Two types of insurance you may need to carry are homeowner’s insurance and mortgage insurance. While at first glance they may seem similar, they are two very different insurance animals.
Homeowners insurance, which covers you for vandalism, theft and certain disasters, and a home warranty plan, which pays for certain items in your home if they break. Homeowners insurance is required when you have a mortgage and is an essential protection for any homeowner. It allows you to rebuild should a storm or fire destroy your biggest asset.
HOA insurance vs homeowners insurance If you belong to a HOA for single-family homes or subdivisions, your home insurance coverage won’t differ too much than if you weren’t in an HOA. Your HOA insurance coverage doesn’t extend to the structure of your home, so your dwelling coverage isn’t impacted by the master policy like condominiums are.
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The coverage, cost, terms, and conditions vary greatly. Home insurance is compulsory in some cases whereas home warranty is a recommended choice. Difference Between Homeowners Insurance vs Home Warranty Insurance. Now that you have a fair idea of the difference between home warranty vs home insurance, let’s summarize.