You are legally required to get home insurance when you purchase a home. This provides coverage of the structural component of your home and a selection of your belongings, such as your television and jewelry.
Home insurance does cover most of the belongings in your home. If they get damaged, lost, or stolen, you would need to pay for the repairs or replacements out of your own pocket.
For example, if your home is exposed to a fire, flooding, or storm and several of your expensive belongings get damaged, it’s unlikely that you’d be able to make a claim on your home insurance. Covering the costs of repairs or replacements by yourself could be very expensive. This is where home warranties come in handy!
What Is A Home Warranty?
A home warranty is an optional form of insurance that you can get as a homeowner. It provides coverage for the belongings inside your property in the event of disastrous events, such as fires, massive floods, or burglary.
You can get varying levels of coverage, and your annual or monthly warranty payments will reflect this. A higher level of coverage costs more, but you could save a lot of money if your belongings get damaged. Instead of paying for all of the repairs and replacements yourself, your home warranty provider will contribute to some of the costs.
What Does A Home Warranty Cover?
Depending on your coverage level, your First American Home Warranty will cover a specific set of items in your home. When you sign up for a home warranty plan, you should always double-check which of your belongings are covered by your policy so that you know when to make a claim.
Generally, your home warranty plan will cover:
- Electrical wiring
- Heating and air conditioning systems
- Internal plumbing
- Dishwasher
- Washing machine
- Tumble dryer
- Oven and hob
- Refrigerator
- Freezer
- Built-in microwave
- Water heater or boiler
The following are common optional things that many people choose to add to their home warranty plans:
- Ice machine
- Trash disposer and compactor
- Ceiling fan
- Spa equipment
Some home warranty providers offer add-ons if you have a specific feature in your home that you’d like to cover. For example, you might want to cover a kitchen appliance if its manufacturer warranty has expired. If you have more than one of each appliance, you may need to pay an extra fee to add this to your plan.
Why Should You Get A Home Warranty?
Since home warranties aren’t mandatory, it can be tough to determine whether or not you need one. Signing up for a great home warranty plan gives you peace of mind knowing that you won’t be forking out a huge bill if your home is victim to a disaster.
Your home warranty will also give you access to the most qualified technicians with years of expertise and knowledge under their belts. Once you’ve made a claim on your policy, your belongings will be repaired or replaced as quickly as possible so that you can get back to your normal day-to-day in no time.
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