Home Warranty vs. Home Insurance

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Did you know that Home Warranty and Home Insurance are not the same? 

These two are often times confused or thought of as the same item. There are major differences between the two. The first difference is home warranty is NOT required by mortgage companies compared to home insurance that is required. Many don't pay any mind to home insurance because it is most likely that this is included into your monthly mortgage. As fhome warranty it is most commonly paid at the time of the purchase of the property for the fiscal year and must be renewed every year after that. 

Price range for a home warranty can range from $450-$800+ depending on the coverage plan you chose, and service company.  Home owners insurance can go anywhere from $1,200-$2,400+ again, depending on area, home age, service company, and many more factors that can play a role into your price.

Even though both are for your peace of mind, and home protection they can differ in their specific role. The best way to think of them, is home warranty is taking care of home appliances, and home systems. Home Insurance is covering your home in general, and your personal belongings. 

As expected these two services will have a deductable. Once again, this will be different to everyone according to their plan. 

If you are in need to place a claim for either one of these services, it is best to call and ask specific questions about your service plan coverage. Once that is understood you will most likely place your claim over the phone, or in your online account portal. 

When not sure, always check your options with both and decide which will be a better option for your home and family. These companies are here to protect and help you with the life of homeownership.