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Understanding The Advantage Of An Insurance Plan Over A Warranty Cover

Understanding The Advantage Of An Insurance Plan Over A Warranty Cover Finance

Homeowners often confuse between a warranty and insurance plan for home appliances and systems. These two are definitely distinct in many ways such as terms and conditions, and coverage costs. Warranty just offers cost protection on the repair and replacement cost of home appliances, including electrical and plumbing fixes. However, there is a wide range of eligibility criteria that have to be met in order to make a claim under warranty. On the contrary, a home insurance ensures the protection of all appliances and systems of your home, as well as other valuable, in case of major damages due to either man-made or natural disasters. These insurance covers also cover liability protection against any third-party legal suits.

While warranty has a certain amount of benefits, the more comprehensive benefits of a home insurance policy ensure:

  • Protection of both the contents and the structure of the house
  • Protection of furniture (indoor and outdoor) and clothes
  • Protection of home electronic appliances such as TV, refrigerator, computer, theatre system, etc
  • Full or limited protection cover for jewelry (depending on eligibility criteria)
  • Compensatory accommodation and livelihood payments in case of complete destruction of the home
  • Claims in case of theft, vandalism, lightning, windstorm, fire, hail, etc.
  • Liability protection against anyone who wants to sue you in case of injuries sustained on our property

While the occurrences of such events may not be frequent, still having an insurance of your home can come in handy at any given point of destruction. These covers can help homeowners recover substantial loss which might otherwise be difficult to handle.

Some of the most common benefits of getting a home insurance are:

  • The premiums are easy to renew with a simple annual or bi-annual payment depending on your convenience.
  • The insurance protection applies to all forms of possession be it new or old.
  • Provides the sense of security and a feeling of safety even at the face of an unforeseen calamity.
  • Covers all forms of damages at a house in all possible angles including simple expenses like a broken window.
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