Undoubtedly, the grandest financial purchase we ever make is buying a home. And we really really want to protect our investment, so, we prudently purchase a Homeowner's Insurance Policy. Okay, truth be told, our mortgage lenders likely mandated it, but I know you were smart enough to want one anyway.
However, has anyone ever suggested that you may also want to purchase a Home Warranty Policy? How does the coverage of this policy differ from the standard Homeowner's Insurance Policy you ask. Oh, I'm so glad you asked because I really want to inform you. Your homeowner's insurance protects you against damage to your house's structure and to your personal property that was caused by an event like a fire or theft. It also provides liability protection if say, your mail carrier broke a leg on your walkway. Eek. But what about your household appliances and systems, what if they break? Well, with your homeowner's insurance policy they are left out in the cold, abandoned with no coverage. And your wallet just took a big hit.
A home warranty policy is a service contract that provides discounted repair and replacement services for household appliances such as dishwashers and refrigerators. It also covers your HVAC, electrical and plumbing systems. A home warranty policy would grant you repaired, or replaced, appliances and systems at a reduced cost. Happiness. This is a policy well worth considering. If you just bought new construction, your appliances and systems are likely covered for a while so you're good. If your home is older with older appliances and systems, it's worth looking into these policies. Like all insurance policies there is an annual or monthly payment coupled with "copays" for services. These policies offer a variety of coverage options having varying price points, so you can choose the plan that best suits your needs. Do some research and see if it makes financial sense for you because it could ultimately keep more of your money in your wallet. And that my friend, would be cause for celebration. And your hot refrigerator may thank you too.