Takes the Time to Explain the Difference between Home Warranty Companies in Texas and Homeowner’s Insurance Providers

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Homeownership is on the rise in recent years after a sharp decline sparked by the recession of 2007 through 2009. Millions of people purchased homes last year, and even more, are currently on the market. As all those people consider the needs and responsibilities of owning a home, certain points come to mind. One of those is whether to purchase a home warranty.

What Is a Home Warranty?

Home warranties are quickly gaining steam among homeowners. Still, research indicates that only a fraction of the nation’s homes are currently covered by a warranty. That leaves millions of homeowners with potential gaps in their protective measures. Warranties cover certain issues standard homeowner’s insurance doesn’t. They apply to specific repair and replacement needs that often arise. One can click for more info on the subject, but we’ll cover a few basic points right here.  

What Is the Difference between a Home Warranty and Homeowners Insurance?

Homeowner’s insurance is required by law according to and many other sources. Everyone who owns a home must have insurance to protect their assets and interests. Of course, not all possibilities are covered by all insurance policies. Warranties basically fill in the gaps by covering problems that aren’t included in most homeowners’ insurance policies. 

What Does Homeowners Insurance Cover?

For the most part, homeowner’s insurance covers damages caused by theft, vandalism, fire, and acts of nature. The latter might include tornadoes, severe storms, and heavy snow or ice. All those natural occurrences can lead to serious destruction. Mischievous and malicious people can certainly cause ample damage as well. Insurance coverage provides protection in those instances. 

What Do Home Warranties Cover?

Many household problems don’t fall into the previously mentioned categories, so insurance doesn’t cover them. These include broken appliances, worn electrical wiring, damaged plumbing, and malfunctioning air conditioners to name a few. For problems like those, the Best Home Warranty Companies In Texas May 2022 can provide further assistance.

Do Homeowners Need Home Warranties?

Though insurance coverage is required, warranties are optional. That’s not to say they shouldn’t be considered. Seemingly minor repairs and replacements that aren’t covered by homeowner’s insurance can certainly add up to major expenses. Those costs can be difficult to cover for most families. They may eat away at one’s savings if one has a savings account. Most families don’t at this point. As such, those household repairs and replacements can greatly hamper a budget. With all that in mind, warranties can be extremely helpful.

Deciding Whether to Purchase a Home Warranty

Many people feel that home warranties aren’t necessary. Those homeowners believe that purchasing extra coverage from companies like First American Home Warranty is just another expense to factor into the monthly budget. When they find themselves facing appliance repairs, electrical replacements, and other problems, though, they may begin to feel differently.

Quite a few homeowners insist their home warranties have paid for themselves over time. They’re not replacements for homeowner’s insurance, and they don’t cover the same types of damage as homeowner’s policies. Still, they serve as supplemental coverage and fill in many potentially expensive gaps left behind by basic insurance policies.

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