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New homeowners often have a limited familiarity with home warranties. What is a home warranty policy? What does a home warranty cover? How does it compare to an insurance policy? Should a homeowner purchase both?
Let’s start with the basics. A home warranty policy is not the same thing as an insurance policy. Homeowner’s insurance is coverage that protects your entire home in the event of an emergency. It’s a way to limit your financial losses in case of something like a fire or theft. Though insurance is not usually a legal requirement, most lenders will ask for proof of insurance as a condition of a home loan. Even if you could manage to purchase a home without it, it’s unwise to leave such a significant investment uninsured.
A home warranty is not an alternative to homeowner’s insurance. Home warranty coverage is more targeted and protects specific appliances and systems in and around the home. Think of it as extra financial protection, or a complement to homeowner’s insurance.
There is significant variability among home warranty plans. Liberty Home Guard’s Appliance Guard plan, for example, covers a range of common appliances. This includes refrigerators, dishwashers, ovens, washers and dryers, and more. Our System Guard plan, on the other hand, covers home systems, such as plumbing, electrical, heating, and air conditioning.
If a standard home warranty plan leaves something in your home without coverage, you can customize your plan as necessary. Home warranty plans are commonly adjusted to cover things like pools, sump pumps, septic systems, and central vacuums. Home warranty plans can even cover home maintenance services, such as gutter cleaning and pest control.
In short, home warranties can cover what you want them to cover. Reach out to Liberty Home Guard at (866)-699-4589 to find coverage that works for you.