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Every homebuyer needs insurance to cover their home in case it is impacted by a fire, storms, or criminal activity such as burglary or vandalism. Home insurance is not only valuable, but it is also typically required by lenders to secure the loan. Although home insurance covers a lot of costly events, it won’t help when appliances break down. If the heating and air conditioner system breaks down, a homeowner with only home insurance will have to pay for the repairs out of their own pocket. 

Home Insurance

Home insurance has obvious benefits. If a home catches on fire, a homeowner with insurance can expect their policy to cover the costs to rebuild it. Few people need to utilize fire coverage. However, home insurance covers the repair or replacement costs of roofing that is destroyed by storms. Knowing that, if a disaster happens, a family will not lose their home can give a homeowner peace of mind. 

As much as home insurance covers, there are plenty of things that are excluded. It’s important for new homeowners to read their policies thoroughly to understand the limitations. This additional reading will help a homeowner understand which repairs are not covered so they won’t waste their time filing a claim for excluded repairs. One common exclusion is flooding. Home insurance policies typically do not cover damage from water that comes from outside the home. Those who live in flood-prone areas should consider purchasing separate flood coverage. 

Home Warranty

There are 7 Things To Know About Home Warranties. Unlike insurance, warranties are optional. Lenders do not mandate home warranties, but real estate agents may recommend warranties to their clients. Another thing people should know before they invest in a warranty is that they will have to pay a deductible to get covered repairs. Those who want a lower deductible should expect to pay a higher premium. 

Home warranties cover major appliances. This includes dishwashers, refrigerators, water heaters, and heating and air conditioning units. Repairing or replacing one of these appliances could be quite expensive for a new homeowner. According to RealtimeCampaign.com, that is why warranties are generally recommended in the first couple of years of homeownership. Sellers may include a home warranty from First American with the sale to entice buyers if their home is on the market for an extended period of time. 

Warranties Can Help Buyers Save Money

Renters are often encouraged to purchase a home when the monthly mortgage rate would be less than they pay for rent. However, a mortgage is not the only cost of owning a home. Homeowners have to pay for insurance, water, property tax, homeowners association dues, and various other maintenance expenses that renters don’t pay. Some buyers are shocked at how much it actually costs to own a home. When they are faced with an expense like a broken appliance or furnace, they may have to go into debt to pay for the repairs. A warranty can help them save their money and avoid going into debt or even losing their home due to the expenses associated with unexpected home repairs. 

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