Congratulations on your new home! Like most homeowners, you might still be experiencing the honeymoon period of enjoying life in the new home, and we won’t burst your bubble. However, there is one thing that you might not be aware of: purchasing a home repair insurance or more commonly known as home repair warranty. No, it’s not homeowners insurance and neither is it landlords insurance. Here’s why you need it now, before the honeymoon period is over.
What is Home Repair Insurance
Home repair insurance in Burbank is different than homeowners insurance in that, it covers home appliances and systems in your house which your homeowners insurance won’t cover. Imagine this scenario: flash flood inundate your house due to which a beam falls and damages your kitchen appliances. While your homeowners insurance will cover for the repair of the beam, your broken kitchen appliances will not be included. That’s where home repair insurance comes in.
Home repair warranty covers items in your house by estimating their costs and divide them by their life expectancies. For example a microwave oven might have a life expectancy of around eight to ten years as compared to a cooling unit which lasts around fifteen years. Like any other type of policy, it depends on how much you pay to get covered. Some home repair insurance companies limit the coverage by capping the repair costs so you might want to read the small prints when you sign on.
Nevertheless, home repair insurance covers a lot of aspects at a fraction of the cost of repairs. This may seem like an unnecessary expense at the moment, but you will wish you had it in time of emergencies..
Savings from Home Repair Insurance
For the sake of memorability, we’ll just create an acronym of the aspects that home repair insurance cover as PAWSH. Now let’s see how it can save you tons of ch-ching (money).
One of the most frequently broken down items in the house is plumbing. Be it a choked drain, burst pipe or dripping faucet, plumbing repairs are expensive, and you want to be prepared for the costly plumber’s visit. If you have home repair insurance, you’re saved one headache.
There’s not a single house that can exist without appliances. From your stove to dishwasher, washing machine, dryer to microwave oven, home repair insurance covers for their repairs, regardless of their minute existence in your life.
You might not have considered this but electrical wiring is costly. It’s not about changing a light bulb or turning on your TV switch. There is a whole system of wires, that may spark and go awry within seconds. Having your home repair insurance would be handy if you accidently put a wet plug into the socket, and the house goes kaboom because of it.
Most modern houses are equipped with security alarms or cameras, automatic locks, sprinklers and a bunch of other security gadgets that are costly. If any of these breaks down, then you can be sure home repair insurance will cover it.
Heating or Cooling
Whether it’s your furnace that breaks down or the air conditioner conking out, repairing is as costly as the appliances themselves. You’ll thank yourself for purchasing insurance when you have to call a technician over for repair.
While these are only basic home appliances and machinery that we’ve listed, you can ask your home repair insurance company to give you a list of items that can be covered in your house. Or better still, ask your real estate agent to help you in selecting the type of items you should get covered, and how much you should spend on it. The best part about this type of policy is that, it is customisable. You might end up paying only a couple of hundred dollars a year for all the repairs required to be done during the same year. Savings all the way, beyond the honeymoon.