Reasons to get a home warranty insurance plan

Buying a house in this day and age is quite expensive. To the point, it’ll leave you broke. But, that does not mean that maintaining it should burn another hole in your wallet. 

So, the question that now begs an answer is - do you need home insurance or home warranty insurance? And what is the difference between the two? Fret not, we have these questions covered.

Home insurance covers the structure of your home and protects you from damages, theft and at times may extend coverage to medical expenses that occur on the property. Home Warranty Insurance protects the internal elements such as the systems and appliances of your home. 

If you’re still unconvinced about the amazing advantages of home warranty insurance, here are more reasons why you should opt for it: 

  • Cost-effective

The cost of repair or replacement of any household appliance is anywhere between $6000 to $14000. But, if you had a home warranty insurance plan, it’d get replaced with no hassle. 

  • Covers pretty much all major appliances and systems

From your heating and cooling systems to all the major appliances, the warranty covers it all. 

  • Get that sweet peace of mind

All that stress of going through the yellow pages, finding one contractor that suits your needs, getting quotations, all that gets thrown out the window when you have a home warranty insurance plan. 

Now, if these options have you convinced on why it’s absolutely necessary to get a warranty, let’s see when is the right time to get home warranty insurance coverage? You can get one when:

  • You want to sell, rent or purchase a house
    When you put your house on the market, you should opt for home warranty insurance plans. This assures the new home buyers that they won’t face any major bills once the purchase is complete.
  • Your house hits the 5-year mark
    Well, once your house completes five years, you’re likely to experience more issues and repairs. So, if you do not have that kind of financial cushioning or if you’re not into DIY projects, warranty is a must-have. 

So, how do you pick a service provider?

It’s important to remember, that the services you receive will be based on the premium you’re willing to shell out. Also, select the provider based on customer reviews and their reputation. 

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3 commonly-asked questions about home warranty insurance plans
Owning a home comes with several unexpected expenditures, which are not always covered by your homeowners’ insurance. In such cases, it proves handy to opt for a home warranty insurance plan, which is designed to cover what your homeowners’ insurance doesn’t. A home warranty insurance plan is considered to be the foil to your home insurance when the certain perils that wreaked havoc on your home—water damage, earthquake, floods, or mold—are not covered by your home warranty insurance. Here are certain things you should know about home warranty insurance plans that will help you arrive at an informed decision.How is a home warranty insurance plan different from homeowners’ insurance?For starters, homeowners’ insurance covers damages that are caused by certain defined perils, such as straight-line winds, fire, burglary, hail, and other property claims. It even covers certain types of water damage. However, homeowners’ insurance doesn’t cover the expenses that are associated with appliances or home system failures unless these failures are caused by the said peril. Home warranty insurance, on the other hand, covers things that aren’t covered by homeowners’ insurance. These are essentially service contracts that pay for the cost of repairs or replacement of appliances, built-in appliances such as heating and air conditioning, and plumbing, when they cease to function. It typically costs around $250-$500 annually but can run closer to $1,000 depending on what plan you choose. How does home warranty insurance plan work?A home warranty insurance plan works in a similar fashion as the product warranty for any appliance you might have purchased. When you opt for a home warranty insurance plan, the company pays for the repairs and replacement of the specific components of your home which are included in the policy, such as your HVAC system, furnace or boiler. You will have to pay an annual fee which is used for dispatching a contractor to your house for repairs whenever a problem arises. What factors are covered by a home warranty insurance plan?It is essential for you to know that home warranty companies tend to offer several tiers of coverage, and these are some of the common things that are covered:Basic coverage includes the cost of plumbing systems, dishwashers, oven ranges, garbage disposal, exhaust or ceiling fans, sump pump and water heaters, built-in microwaves or tubs, and heating and electrical systems. If you opt for enhanced coverage, it would include central air, clothing washers and dryers, refrigerators, and garage door openers. These items would be covered if you pay its additional charges.You can even choose from the optional warranty coverage, such as well pumps, pools and spas, standalone freezers, septic systems, and central vacuums. Before you decide on a home warranty insurance plan, ensure that you shop around for it.
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Top 3 home warranty insurance providers
Homeowner’s coverage is a prudent solution to protect your home from unforeseen damages; however, it’s crucial to note that this doesn’t include the repair of home systems and appliances. This inconvenience might result in you spending hundreds of dollars even on a small repair. A viable solution to this quandary is a home warranty insurance as it covers repairs and replacements for home systems and a variety of home appliances.Interested? We thought so! To help you get started, we’ve chosen this year’s best providers offering top home warranty insurance plans and quotes. Have a look.American Home ShieldLooking for customized service? Then you should check out home warranty insurance plans and quotes by America Home Shield. Their “Build Your Own Plan” option allows you to personalize coverage by giving you an option of selecting 21 systems and appliances. And you can add optional coverage for septic system plumbing, septic sewage ejector pump, well pump, and pool and in-ground spa equipment. But if you want to stick to the standard packages, America Home Shield offers a Systems Plan, an Appliances Plan, as well as a Combo Plan.AFC Home ClubIf you’re looking for a home warranty provider that lets you choose your own repair technician and offers a lifetime workmanship guarantee, then you must check out home warranty insurance plans and quotes by AFC Club. All their plans are furnished with ID protection, credit monitoring, and an emergency alert network. They also have an in-house service team including highly trained sales representatives and claims executives. The annual plan cost ranges between $350 and $600.First American Home WarrantyIf low fees are a priority, then First American Home Warranty is a fitting choice. Currently, they only offer two plans: Basic and Premier. The latter makes more sense if you wish to protect repair costs pertaining to heating, electrical, and plumbing systems. While they don’t cover pre-existing problems, they will replace items that can’t be repaired irrespective of their age, make, and model. Furthermore, the company renders 24/7 support and has a massive network of independent contractors and qualified technicians that are vetted properly. You can protect your home for as little as $28 per month.To know more about home warranty insurance plans and quotes, please visit the official sites of the abovementioned providers
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Tips to get the best home warranty insurance quotes online
Before we begin, you must understand that home warranty insurance and homeowner’s insurance aren’t the same. A warranty is merely a service contract between you and the insurer to cover home repairs and replacements for basic appliances and systems. Home warranty companies only cover damages to your appliances and systems, but you will still be liable to damages that have been caused on account of misconduct. Homeowners insurance provides complete cover for damages, replacements, and even personal liability on account of any damages. Here are a few tips to help you get the best home warranty ins plans quotes online.Check accreditationOne of the foremost factors to consider includes the Better Business Bureau (BBB) rating and accreditation. The BBB certification implies that the company adheres to the business standards set forth by the governing authority. So, ensure you compare home warranty ins plans quotes among those companies that have an A+ accreditation and have been providing insurance services for quite some time. Check State regulations for warranties There is no one uniform regulatory authority as home warranty companies in all 50 states are governed by their respective state laws. For example, not all states require the insurance provider to register their services with the Commissioner of Insurance. Note that State regulations impact the quality of warranty provided by the companies. Be aware of coverage rules Home warranty provides a limited cover for select home appliances and systems. So, you must double check to confirm that the plan you choose covers mostly everything. There is absolutely no point in paying a premium for vendors who cannot provide substantial cover for damages and replacements. Also verify and understand the claims process after you choose a plan. Quicker the claims and reimbursement disbursal, better will be the insurance company. Calculate cost of home warrantyIt all ultimately comes down to how much you are willing to spend. You will be able to set a budget only after narrowing down the number of appliances and systems that you want to include in the warranty cover. Several factors constitute the cost of the insurance plan apart from the premium and deductibles. Here are some of the popular home warranty insurance plans and quotes you can get onlineAmerican Residential WarrantyBest overall service provider for home warrantyAFC Home ClubBrings you the flexible plansAmerican Home ShieldGives you better coverage optionsAmazon Home WarrantyTop BBB-accredited service provider
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An overview of AARP medicare supplement plans
The American Association of Retired Persons or commonly known as AARP is a non-profit organization providing a number of public outreach programs, to enhance the quality of life for older people in the country. The outreach program focuses on information, advocacy, and service for a positive social change and to deliver value to its 38 million members part of the program. AARP has several affiliated organizations which include: AARP Foundation: A nonprofit initiative to assist people who are of the age of 50 and above. AARP Experience Corps: An initiative which encourages older adults to take up teaching and to mentor for a good cause. AARP Institute: Holds the charity funds of all AARP nonprofits. Legal Counsel for the Elderly: Provides low cost or no cost legal assistance for the elderly. AARP Services: Provides quality control and research for profit. AARP Financial Services Corporation: AARP's for-profit real estate group. AARP Insurance: The organization which holds health insurance policies and plans like AARP medicare supplement plans 2017 among many others. AARP Medicare supplement plans 2017: If you are eligible for medical, then it is a good idea to consider AARP Medicare supplement plans 2017 to help cover and take care of your out of pocket medical expenditure and other costs which are not part of your original Medicare plan. Benefits of taking up AARP medicare supplement plans 2017 include: Coverage of out of pocket expenses, which will include many that are not covered by Medicare only. Provides options when it comes to choosing doctors and hospitals who accept Medicare patients. There is no network restriction which means the plan is applicable and valid in most places. Medicare supplement plans ensure no referrals needed for specialist visits. Supplement plans do not require any claim forms to support your application. UnitedHealthcare has over 30 years of experience of providing AARP Medicare supplement plans with expertise and commitment to guide you through the plan selection process and find the best health insurance plan from which you can benefit immensely. Plans are also available for members who are above the age of 65 and are eligible for Medicare due to being differently abled or suffering from health complications. AARP members enjoy exclusive benefits which cannot be otherwise availed in different Medicare plans available. However, understanding the terms and conditions is imperative to assess which supplement plan would work well with your existing Medicare plan to reap maximum benefits.
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Benefits of AARP Medicare and supplement plans
Health insurance has become a necessity, more than a precaution today owing to a number of health complications people face on a regular basis. AARP Insurance provides healthcare and Medicare with supplement plans for the elderly through its non-profit organization. Exclusive member benefits include professional consultation with experts who will guide you through the various steps when you are eligible for Medicare, and AARP Medicare supplement plans 2017. However, here are a few things you should know before browsing for AARP Medicare plans: AARP Medicare supplement plans have maintained a stable rate of 2.9% increase annually for the past four years. Members will have the added benefit of switching from one AARP supplement plan to the other and can also avail discounts on plans offered in more than 36 states. Retirees who have enrolled into AARP Medicare and supplement insurance plans after the age of 65 as per the specifications of AARP, massive enrollment discounts of 30% are offered which will keep decreasing by 3% after that every year. Cost and benefits of AARP plans have to be evaluated to understand the which Medicare and AARP Medicare supplement plans 2017 are best suited for you. AARP open enrollment happens once a year which is why asking the right questions will help compare plans and choose from the best available at low cost or even no cost. Your Medicare plan expenses will include particulars like payment for premiums, associated deductibles, expenses incurred for doctor visits and hospital stays if necessary. Supplement plans will also be influenced by these factors which will help compare costs and benefits. AARP Medicare and supplement plans will be valid across doctors and hospitals which are covered under their network. Refer to the Medicare hospital directory to find out which hospitals are covered under your plan. AARP also has Medicare select which covers 19 states for select original and supplement plans. Check whether you will need any referrals to visit specialists and hospitals covered under Medicare, and AARP Medicare supplement plans 2017. Compare costs of prescription medications which might be needed for various health complications which can be generic or even specific. Finding out an estimated number of doctor visits and estimated hospital expenditure on an average can be incurred, will help you compare and choose from the best plans available. Medicare supplement plans offer simple billing arrangements like subsidized options and split billing. AARP Medicare supplement plans provided in association with UnitedHealthcare has the highest satisfaction rate compared across health insurance plans available in the market.
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Opting for a permanent or term insurance, make the right choice
Term life insurance is a great fit for people who support families, providing financial support when you aren't around anymore to provide for them. At times though, you need to leave behind something more for your fully grown children/heirs. In such instances, the permanent life insurance is your best bet. What Is Term Insurance?The term insurance is a type of insurance plan that covers your family for a specified period. The yearly premiums are quite inexpensive. This is because you will be covered for a short span; your policy loses its value after the completion of this period.Term insurance policies range for a span of 1 to 30 years. Most people opt for a span of 20 years, and premiums stay unaltered throughout the term. The Benefits Of Term InsuranceTerm insurance is often referred to as pure life insurance since it is devised to offer coverage for your family if you have a premature death. The only benefit of this policy is that, if you die within the stipulated period, your beneficiaries will receive all the benefits. What Is Permanent Insurance?Permanent life insurance covers you as long as you live, and even beyond that. The most critical feature of the permanent insurance is the cash value, which accumulates and grows with the passage of time. You can also borrow against this value to supplement your savings at retirement. Using The Cash ValueThe cash value is free from any tax payments, which means that you won't have to pay any revenues for the accumulated gains. But you should note here that it is crucial to pay off the policy with due interests in time. Otherwise, you will end up reducing the death benefit to a considerable extent. Also, if you decide to surrender the permanent insurance policy, you will be left with no coverage at all. Features Of Permanent Insurance: Permanent life insurance is relatively more complicated than term insurance. An experienced and reliable financial counselor would be able to help you understand and choose the right options. Although seemingly complex, permanent life insurance is actually very straightforward.The yearly premium charges remain the same as long as you live, you get guaranteed death benefits, and the cash value rises at a predictable rate.You can also find whole life policies that earn you annual dividends. You can use these to: Take as cash Leave as a deposit for drawing interest Use to reduce the interest premium Repay the policy loans Purchase additional coverage Determining The Coverage You RequireGo for a tenure that coincides with the number of years family would be most vulnerable regarding finance. Consider the various forms of financial aid your family will need if you are not by their side. The payout from life insurance should replace your monthly income, and keep your family paid and protected.
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