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Protecting your home with home warranty and homeowners insurance

Protecting your home with home warranty and homeowners insurance

Sierra Madre Home with Pool

The excitement a homeowner feels when receiving the keys for their new home is fantastic. After a long period of looking at several properties, signing paperwork, speaking to lenders and going through inspections it can be overwhelming to start thinking about unforeseen issues that might arise once you move in to your new home. Pasadena Views Real Estate Team wanted to put together some useful information for home buyers and owners on how to protect themselves from having to pay hundreds or even thousands of dollars when appliances in the home breaks and other ways to protect your home.

Home Warranty

One of the questions buyers usually ask is how much money they need to have on top of the actual purchase price of their home for unforeseen circumstances. A major concern is often which warranty they have for the appliances and systems in the home. The great thing is that when sellers sell their home they usually provide the buyers with a one year home warranty. Home warranties basically cover major appliances such as dishwashers, stoves and it also covers major systems such as air-conditioners. Depending on which home warranty company you choose to use, make sure to carefully read through their policies and what their different plans cover. Having a home warranty means that you can avoid paying a few thousand dollars to replace an appliance and instead only pay a service call which could range between $65 to $80 to have it repaired. We highly recommend that you compare different companies to make sure that you are getting the coverage that fits your specific needs.

Some examples of larger and established home warranty companies are First American Home WarrantyAmerican Home Shield, Fidelity National and Old Republic.

Homeowners Insurance

Home Owners insurance is a bit different from home warranty.  This type of insurance is sometimes also referred to as “Hazard Insurance” when speaking to lenders and escrow companies. Basically it covers the structure of your home should there be any damage due to fire for example. It can also protect your personal property should theft occur and also protect you from personal liability exposures that you might have as a homeowner.  In fact, having homeowners insurance is a requirement from most lenders and you won’t be able to buy a home without it.

Buying a home is a big milestone in many people’s lives and by making sure that you do your research for home warranty and homeowners insurance companies and their different policies, we hope that you will be able to eliminate some of the stress that arises when thinking about protecting your home.

To find more about the home buying or selling process please contact Pasadena Views Real Estate Team directly at 626-629-8439 or e-mail one of our agents.

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