Do you have home warranty insurance?

If you recently purchased a new home, a new condominium or recently rented an apartment you probably have also recently purchased home owners insurance.  But let me ask you a question, did you also purchase home warranty insurance?

Many people don’t know about home warranty insurance and lots of people have probably never heard of home warranty insurance, but the truth is that home warranty insurance is a very valuable type of insurance for new homeowners because it protects your personal possessions.

What is home warranty insurance?

Home warranty insurance covers the costs associated with repairing or replacing your home’s systems and appliances in case they are damaged in an unfortunate event such as a fire or from water damage.  Home warranty insurance helps homeowners reduce their risk in the case of an unfortunate event by providing important insurance coverage for their personal possessions inside their home.

Home warranty insurance is available to home owners above and beyond the clauses of their standard homeowner’s insurance policy.  Home warranty insurance covers the cost to replace or repair major home operating systems and personal appliances. Home warranty insurance is an investment within itself because it protects some of the most valuable assets inside your home.

After the price of your home your personal appliances and your home operating systems are most likely the most expensive things you own.  Just think about that for a moment, when you moved into your home after your down payment and moving costs what was your biggest expense? It was most likely your dishwasher, your hot water tank and your other personal appliances.

How can you buy home warranty insurance?

All home owners can purchase home warranty insurance whether you are a first time home buyer or existing homeowner.  I am sure that the last thing that any home owner wants is to deal with the expenses that come with the need to repair or replace their personal appliances that may be aging.

This is exactly why all homeowners need a home warranty insurance policy – because it is a cost efficient way to purchase peace of mind and protect your personal possessions. It may also be cheaper than having to incur the cost of replacing your personal appliances and home systems.

Home warranty insurance will cover your appliances and home systems beyond the manufacturer’s warranty.  Since it is an additional type of insurance to your standard home owners insurance policy you (as the home owner) have the freedom to pick and choose which personal possessions, appliances and home systems you would like to have covered in your home warranty insurance policy. Most standard plans include water heaters, plumbing and dishwashers.

Many different insurance companies offer home warranty insurance policies, although it is not always offered by all insurance companies.  Some of the home owners insurance companies that offer home warranty insurance policies include (but are not limited to) All State, Fidelity, First American Insurance and Bank of America.

The next time that your home owner’s insurance policy is due for renewal talk to your licensed insurance agent and discuss if adding a home warranty insurance policy is right for you.

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