First, let me start by saying it is okay if you thought home warranty and home insurance were the same prior to getting to this blog. I too thought the two were synonyms and could be used interchangeably, though that has changed ever since I first bought my home in 2016. Due to my epiphany, it is only just for me to help shed light onto those who may not know.
So essentially, home warranties and home insurance are the same in one that pays to have a peace mind if anything were to happen to certain items, by either having to pay less for damages/loss or having assistance in getting things replaced/fixed. Nonetheless, they are different in terms of the items covered and how it is arranged.
In an article by Realtor.com, home warranties normally “cover repairs and replacements on systems and appliances due to normal wear and tear” while home insurance “covers your home's structure and belongings in the event of a fire, storm, flood, or other accident”. (To Read the article referenced, please visit the following linke: https://www.realtor.com/advice/buy/what-is-a-home-warranty/)
Home warranties are not mandatory, and can be paid for either the seller or buyer, though in some cases seller may the buy a one-year home warranty to entice the buyer and give each other a piece of mind. The residential purchase contract for Arizona has a section that goes over home warranties, while home insurance is arranged outside of the contract and is typically paid for by the buyer.
Since both are different, it is ALWAYS a good idea to speak with your realtor to obtain more information, based off your needs. Feel free to reach out to me with questions as well, as I am happy to help!
Author:Michelle Mojica Phone: 602-687-0617 Dated: May 14th 2018 Views: 314 About Michelle: ...
View our latest blog posts in your RSS reader. Click here to access.
Mojica & Associates Real Estate has over 55 years of combined real estate experience here in the Valley. Concentrating on evolving trends in a rapidly growing market, we specialize in finding the perfect opportunity for first time buyers, families looking to upgrade their home, 2nd home buyers and investors. Whether you are looking for the perfect place to hang your hat or finding qualified buyers to purchase your current property at top market prices, we can get it done for you.
Mojica & Associates Real Estate professes that the only way to best serve our clients’ needs is to continually educate ourselves and our agents on the most current and future market trends. Whether it is cutting edge technology to showcase or find the perfect home, making sure our staff is the most knowledgeable in the Valley on contracts, curre nt laws governing real estate sales, short sales, or simply updating our listings throughout the day, we deliver.
Available to you, our most important client, is a vast network of business professionals dedicated to every facet of the buying or selling experience. We specialize in “targeted” marketing that provides optimal exposure through every forum available in today’s competitive market.
Are You Renting? You Should Read This.Hey Renters, I am going to give
"Victor went above and beyond the call of duty while helping me find my home. He was very patient, polite, and professional and also demonstrated great knowledge of the area where I wanted to buy my home. I would highly recommend Victor as a real estate agent to anyone that's interested in buying a home in AZ."