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Buying a home is generally the largest purchase that an individual will make. Costly repairs and replacement of older items that can be found in an existing home are not usually things that a new homeowner wants to deal with. It can be both expensive and time consuming. Unfortunately, as a home ages it is bound to have some items that need to be repaired or replaced. To protect your investment and your sanity when buying a piece of real estate, be sure to investigate home warranty options. A home warranty provides coverage that a standard hazard insurance policy would not. Fill in the gaps in your home insurance policy with a home warranty.
Homeowner’s Insurance Policy Coverage vs. Home Warranty
In order to close on a home it is required to have a homeowner’s insurance policy of some sort in place. The lending company can even require a homeowner to obtain specific coverage levels or endorsements to ensure the risk they are taking on as the lender would be lessened. Only under rare circumstances would a homeowner get away without having an insurance policy on his home. It’s simply a must have item. There are always gaps in coverage that provides the insurance company a way to wiggle out of some responsibility, however. In order to fill these gaps, particularly in the first year of homeownership, a homeowner can obtain a home warranty to provide coverage where the insurance policy typically ends. Major appliances and electrical, heating, and plumbing systems would be covered. The out of pocket expense to obtain a home warranty is negligible, particularly when compared with the coverage it provides.
Manage Unexpected Household Expenses with a Home Warranty
A home warranty can protect you from having to deal with the expenses of repair and replacement items within your home. In fact, it can help you manage those items which will eventually expire in a way that reaches well beyond a standard insurance policy’s provisions. Usually a home warranty is one year in length and covers major appliances and systems that an insurance policy does not. A basic warranty would provide coverage for the following items:
In addition to these items listed here, there are many more systems and appliances that would be covered under the provisions of a home warranty. Rather than worry about the expenses associated with these items during the first year of homeownership, manage them with the purchase of a home warranty.
When you are buying or selling a home, something to keep in mind is that you might want to find a home warranty Phoenix company to make sure your house is covered. It can be a benefit to the seller of the home because their house could be more marketable with a warranty. It could be a benefit to the buyer as well because they will not have to fork out the cash if some of their appliances start to fail after the purchase of their new home. Whether you are buying or selling a home, there are some things that you might want to keep in mind so that you are able to purchase the best home warranty in Phoenix has to offer.
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