While taking home insurance most of us wonder ‘
are warranty and insurance the same?
’ Well, I will explain if there are any home warranty vs insurance differences or if the two terms are the same.
Get home loans at the lowest interest rate from your preferred banks at NoBroker!Before telling you what are the similarities and the difference between home warranty and home insurance, I will tell you what is a home warranty and home insurance.
What is a home warranty?A home warranty is a protection against the home’s internal system and appliances. A home warranty is a contract the homeowner gets to fix or replace any items. It can be any item such as a geyser, air conditioner, paint colour, mixie, lights, fan, etc.
What is home insurance?The insurance which provides protection to a home’s structure is called home insurance. Home insurance covers everything that is damaged due to unavoidable events such as floods, fires or burglaries. Home insurance also covers medical expenses for injuries. I must tell you that home insurance and home loan insurance are two different things. Home loan insurance is taken so that the loan is repaid by the insurance company when the borrower fails to pay the home loan. I will get back to the difference between homeowners insurance and home warranty.
Difference between home warranty and insurance:
Home insurance and home warranty are similar but they are not the same. The main difference between the two lies in what they cover. Home insurance covers damages and replacement of items due to the personal loss occurring from events such as theft, fire, flood, etc. A home warranty on the other hand covers repairs and replacement of a home’s systems and appliances when they fail to perform due to old age or normal wear and tear. Generally, home insurance is taken when the homeowner has mortgaged the property. A home warranty is in no way related to a mortgage. These are the differences between home warranty vs home insurance.
Is home warranty different from home insurance?Home warranty and home insurance are two different things. Home insurance covers charges for many items. Whereas, a home warranty is provided on a specific item. They may seem similar but if you opt for a home warranty and home insurance you need to pay for them separately. Generally, the premium of home insurance is more than a home warranty.
I hope I was able to clear the doubts regarding home warranty vs insurance.
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Authors Of The Question
Difference between home warranty and insurance
Siddharth
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1 Answers
2 Year
2022-08-03T01:41:16+00:00 2022-08-03T01:41:18+00:00Comment
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