Is Homeowners Insurance In Florida And Home Warranty Same?

While homeowners insurance in Florida and home warranty are designed to help homeowners and considered as same, the fact is they are totally different. The terms and condition, the level of coverage and rates vary greatly. A home warranty is a recommended choice, whereas, home insurance is compulsory in some cases, for example, to get your mortgage approved; your lender may ask you to purchase homeowners insurance policy for more protection.

Coverage

Home insurance in Florida

  • Covers your home and belongings in the event of loss occurred due to natural or man-made disasters. For example, fire, storm, hurricanes, burglary, etc.
  • Offers you liability protection from third party lawsuits in case they got injured or their property got damaged inside your premises or if your neighbor came visiting you and fell down accidentally may decide to sue you, then in these cases, home insurance will take care of such claims.
  • If you have a mortgage on your home, home insurance is mandatory.

Home warranty

  • It covers the cost of repairing major household appliances or replacing them in case they break down.
  • Offers protection for your plumbing and electrical units, provided they meet the ‘home service contract’ terms and conditions.

Cost

Home insurance in Florida

  • Insurance cost varies from state to state.
  • Apart from the extent of coverage, there are many other factors on which your homeowner’s policy depends on. For example, size and age of your home, location, your credit history, pets you own, etc.

Read: What Factors Are Considered In Establishing Your Homeowners Insurance Premium In Florida?

Home warranty

  • The warranty cost doesn’t vary from state to state.
  • A standard warranty runs for a year of protection and covers the repairing or replacement cost of a home’s major systems and appliances.

Bottom line:

So, the conclusion is that homeowners insurance in Florida and home warranty are complementary to each other. A homeowner can choose to protect everything he or she owns, keeping in mind that these products do cost a bit more, but the benefits offered in the long-run are beyond your expectations.

Choose Diverse Insurance Group For Homeowners Policy In Florida

The peace of mind you get by insuring your beautiful and expensive home is all within your budget. So, don’t get late and buy your insurance policy now! To contact us, please visit www.insurefloridians.com.