There are a lot of things to consider when you are deciding whether or not to buy home insurance. People often wonder whether or not they need home insurance if they have a home warranty. This blog post will explore the pros and cons of having both policies and help you decide which one is right for you.
What Does a Home Warranty Cover?
A home warranty is a service contract that covers the repair or replacement of major home systems and appliances. The most common things covered by a home warranty are the HVAC system, plumbing, electrical, water heater, and major appliances. Home warranties typically do not cover things like cosmetic damage or structural issues.
What Does Home Insurance Cover?
On the other hand, home insurance covers your home and belongings in the event of damage or theft. Home insurance also covers you if someone is injured while on your property. Unlike a home warranty, home insurance does not have a deductible covering cosmetic damage and structural issues.
Do You Still Need Home Insurance?
Now that you know what each policy covers, you may wonder if you need both. The answer to this question depends on a few factors. First, you should consider the value of your home and belongings. If your home in Albany, NY is worth a lot of money, it’s probably worth insuring.
Second, you should consider whether you can afford to pay for repairs out of pocket. A home warranty may not be enough if you can’t afford to pay for major repairs.
Finally, you should consider the risk of damage or theft in your area of Albany, NY. If your home is located in an area with a high crime rate, you may want to consider getting home insurance from a top-tier company such as NY Twin Bridges Insurance Agency.
There is no right or wrong answer regarding whether or not you should have home insurance if you have a home warranty. It ultimately depends on your individual circumstances. If you’re still unsure, call us at NY Twin Bridges Insurance Agency. We’ll be happy to help you figure out what’s best for you.