Making The Right Investments: Protecting Home And Family
For most people, purchasing a family home is the largest investment they’ll ever make. Ideally, that investment will pay off not just in terms of eventual financial return when it’s time to sell but also in the creation of a pleasant living environment for the whole family in the meantime. Regardless of how homeowners choose to look at the investments they’ve made, those investments deserve to be protected. Read on to find out what steps to take to protect not just a home but also the family living in it.
Schedule An Inspection
The first step homeowners should take toward protecting their new investments is to schedule a full home inspection. Most people do this as part of the buying process. If, however, a particularly competitive market or other circumstances forces a buyer to close the deal without a full inspection, that doesn’t mean it’s not worth the money after the fact. Schedule one anyway.
Understand The Options
There are two primary ways to protect a home. The first is to take out homeowners’ insurance, which is required by most mortgage companies. The second is to purchase home warranty coverage. Those who already know about home warranties can contact 2-10 HBW today to take out a new policy. Otherwise, check out these key differences.
Homeowners’ insurance policies cover structures and the personal belongings within them from damages caused by covered perils. They also provide for additional living expenses such as room and board should the home become uninhabitable due to damages caused by a covered peril. Home warranties are different. They cover damages incurred to covered appliances and equipment over the course of normal use.
How Much Does Coverage Cost?
Homeowners’ insurance policies require policyholders to pay monthly premiums, plus deductibles for most plans. The average cost of homeowners insurance policies varies by state and ranges from less than $700 per year to over $3,000 per year. Home warranties are much more affordable, starting at less than $20 per month plus service fees.
Which Is Better?
The best solution when it comes to choosing between homeowners insurance and a home warranty policy is to have both. Because the two different products cover very different forms of damage, they act as a perfect complement to each other.
Keep Up With Maintenance
Having homeowners insurance and a home warranty in place isn’t an excuse to neglect basic maintenance. Without it, even a well-built, relatively new home will start to fall apart quickly. To avoid missing anything important, create and follow a home maintenance checklist, and be sure to differentiate between tasks that must be performed by a professional versus those that can be tackled by homeowners.
As a general rule, appliances, and equipment should always be professionally maintained. In fact, most manufacturers’ warranties require it. Large, essential structures such as roofs should also be inspected by a professional at least once each year. More routine tasks can typically be handled at home.
Take Care of the Family Home
Taking care of the family home isn’t just about ensuring it will provide a good return on investment when it comes time to sell. The home’s current residents will also rest easier knowing the home has been inspected, is being maintained, and has protections, such as a homeowners insurance policy and a home warranty, in place.