Why Homeowners Should Get Both a Warranty and Insurance

Buying a new home is exciting, but it is also intimidating. Up until this point, most people haven’t been responsible for the majority of repairs and upkeep — in fact, in many cases, renters are not allowed to perform any of those tasks. Homeowners should know the difference between homeowners insurance and home warranties so they can feel more confident as they move into a new home.

  1. Get Insured 

Homeowners insurance Newark DE is a little different from auto insurance because it isn’t required by law — it is legal to own a home without it being insured. However, most lenders will require you to have this insurance before you can finalize signing. Homeowners insurance is well worth the cost even if your lender doesn’t require it, because it typically covers expensive damages to the structure of the home, such as damage caused by fires or other natural disasters. Aside from covering the home itself, it can cover personal items that have also been damaged by the event.

  1. Do Get the Warranty 

If you are buying a home other people have already lived in — especially if you don’t have a clear picture of how responsible they may or may not have been — purchase a home warranty. These may cost a few hundred dollars up front, but that cost can easily be recovered in a single claim. These warranties are very helpful when it comes to appliances such as garage door openers, ovens or refrigerators. If the appliance can’t be repaired, your warranty might provide a brand new one. You never know what might break soon after you move in.

Having coverage from both of these options will help you move into your home with ease, knowing that if something does happen to your home or appliances, you will likely have help to get it taken care of instead of shouldering the burden of repairs or expenses all on your own. It’s important to have both since they cover different kinds of repairs.