Last update at November 26, 2020
Investing in home warranty insurance will put your mind at ease. You won’t have to worry about appliances breaking down or paying hundreds of dollars for an electrician to make repairs to your home.
What’s the difference between home warranty insurance and home insurance? Home insurance generally gives you coverage for specified perils, such as a natural disaster, theft, or fire. If you have the correct riders and additional coverages added, these natural disasters could include an earthquake, hurricane or flood damaging your home. Home insurance can also provide coverage if someone gets hurt while staying in your home.
On the other hand, home warranty insurance covers large home appliances such as central air conditioning and heating systems, washers and dryers, dishwashers, stoves, and refrigerators. It also includes functional services such as your electrical system, gas, and plumbing. You can customize your home warranty insurance plan to cover certain appliances and services by month or year.
Based on our research and experience, we have determined the top 5 home warranty insurance companies. These include:
As a landlord and investor, you may want to cover all your large home systems for a rental unit. This way, you keep your property well-maintained, so you don’t have to worry about tenants dealing with broken appliances. And when the time comes to rent out your place to another resident, everything will already be in working order.
If your rental property is relatively new, you may not have to get home warranty insurance because the appliances should already come with a manufacturer’s warranty. However, if your rental property is a bit older, you may want to cover major appliances and services.
There will be different costs for the type of property you own, from a condominium to a townhome. Often, after paying a yearly premium, you will be charged a service fee for each claim. Nonetheless, the home warranty insurance you purchase can also be tax-deductible as an operating expense.
Getting home warranty insurance will have you save money and time by providing:
Not everything lasts forever, and this includes large home systems and appliances. When things get damaged or stop working correctly, you’ll want the problem to be addressed and fixed as soon as possible.
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