Owning a home is likely one of the most significant investments that you will make in your life. Because of this, you want to protect it and the huge asset that it is. That is why it is essential to have the correct tools in place to protect you, your things, and your home. Now, you might be asking yourself if you need to purchase both a home warranty and home insurance, and the answer is yes. They serve different purposes, and it’s essential to understand those differences.
Home insurance is a policy that covers any accidents that happen to or at your home. Policies typically cover storms, fires, and depending on the type of plan you have, some natural disasters are covered. Furthermore, your belongings will be covered if they are stolen or damaged. The main areas of your home that are covered under a typical home insurance policy are the interior and exterior of the home, your personal property that might be lost due to damage or theft, and general liability that might be needed if someone is injured on your property. There are many affordable home insurance East Islip NY plans available, so shop around until you find the policy that fits your needs best.
A home warranty, also commonly known as a home service plan, is a contract that protects the major components of your home. If your heating and cooling system goes out or there are issues with your major electrical or plumbing systems, you can have them repaired. Depending on your plan, you can even have items such as your kitchen appliances or washer and dryer covered. Typically with home warranties, you pay your monthly premium, and if something breaks down, you pay a one-time service call fee, and the warranty covers the repair or replacement cost.