Definition: Home warranty insurance, also known as home warranty coverage or home warranty, is a type of financial protection plan that covers certain types of damage to your property when you have it under warranty. Here are the key features and details about what the word 'home warranty insurance' means: 1.

Types of Damage:

Home warranty insurance typically covers a variety of damages, including but not limited to structural issues like cracks or rot, water damage, electrical fires, roof leaks, and mold growth on your home's walls. 2.

Renewal Period:

Most home warranties renew automatically after 5 years from the date of purchase. However, you can also renew it by paying a renewal fee or choosing not to renew it. 3.

Coverage Limits:

Home warranty coverage typically limits the amount that you are responsible for out-of-pocket expenses when fixing your property after it has been covered under warranty. This is known as "out-of-pocket" coverage. Some home warranties may cover only certain types of repairs, such as electrical problems or minor plumbing issues. 4.

Renewal Period:

Renewing your home warranty can be an option for those who want to continue their coverage after the initial period has ended. However, it is important to note that any renewal fee you pay will likely increase your out-of-pocket expenses. 5.

Out of Pocket Coverage Limit

: Home warranties typically have a specific amount of money you are responsible for paying out-of-pocket before they start covering repairs. This can range from $500-$1,000 or more depending on the type of coverage and the damage to the property. 6.

Renewal Fees:

Home warranty renewal fees may apply after a certain period of time if you do not renew your coverage within that timeframe. Understanding these key points will help you decide whether home warranty insurance is right for you, based on what you need protection from when it comes to repairing or replacing your property.

home warranty insurance