Home Warranty vs. Home Insurance: What are the Differences?
If you own a home or are planning to purchase one, understanding the difference between a homeowners appliance warranty and home insurance is essential. These two types of protection both help secure your investment and provide peace of mind for unexpected issues. Yet, they serve distinct purposes in covering different aspects of homeownership. A home warranty focuses on protecting essential appliances and systems, such as your HVAC, refrigerator, or plumbing. When these critical items break down due to normal wear and tear, a home warranty covers the repair or replacement, saving you the stress and cost of sudden repairs. In contrast, home insurance covers structural damage to your home caused by unforeseen events, like fires, storms, or theft. It’s designed to protect your entire property from natural disasters or unexpected incidents, ensuring your home and belongings are secure from major financial loss. Understanding these distinctions can help you decide if having both types of protection is necessary. While home insurance is often required by mortgage lenders, a homeowners appliance warranty is optional yet beneficial, providing coverage that home insurance typically doesn’t include. Ultimately, having both a homeowners appliance warranty and home insurance can offer a more comprehensive safety net, securing your finances and keeping your home comfortable and functioning smoothly year-round. What Is a Home Warranty? A home warranty is a service contract that helps pay for repairs and replacements of covered household appliances and home systems. In exchange for a monthly or annual fee, you get a flat rate on service calls. If an appliance or system covered by your plan breaks down, your home warranty company sends out a technician to diagnose and fix the problem—and you pay just the service call fee. Of course, these plans have coverage limits: A contract may cover up to, say, $1,500 per year for each eligible appliance, with an annual claim limit of $15,000. If you receive a home warranty as part of a real estate transaction, the coverage usually starts as soon as you close on the home. However, if you buy a warranty for a house you already own, you may have to wait 15 to 30 days before the coverage takes effect. What Does a Home Warranty Cover? Home warranties cover appliances and systems in both new and pre-owned homes. Most home warranty companies offer three types of plans: 1.Appliance Plans (e.g., washer/dryer, dishwasher, and refrigerator) 2.System Plans (e.g., HVAC, plumbing, and electrical systems) 3.Combination Plan (everything included in the appliance and system plans) Most companies let you add coverage (for an extra fee) for specific items that are excluded from the standard plans. Common “add-ons” include pools, spas, septic systems, wells, lawn sprinkler systems, and additional appliances (e.g., a second dishwasher or air conditioner). How Much Does a Home Warranty Cost? Home warranty costs are based on two fees: 1. A monthly or annual fee. This is what you pay to access the discounted service calls. Depending on where you live and the plan you buy, you might pay anywhere from $350 to more than $1,100 per year. 2. A service fee. This is the amount you pay each time you request repairs for a covered appliance or system. Most companies offer several service fee “levels,” which might range from about $55 to $150 per service call. In general, the lower the service fee, the higher your monthly or annual fee will be, and vice versa. What Is Homeowners Insurance? Home insurance (aka homeowners insurance) is a type of property insurance that protects against losses and damages caused by covered perils. According to the Insurance Information Institute (III), a standard homeowners insurance policy includes four essential types of coverage: 1. Coverage for the structure of the home: This pays to repair or rebuild the house if it’s damaged or destroyed by a covered peril. Most policies cover other structures on the property, too, such as garages, tool sheds, decks, and gazebos. 2. Coverage for personal belongings: This covers your furniture, clothes, sports equipment, and other personal belongings if they are stolen or destroyed by a covered peril. If you have expensive items, you may need a special personal property endorsement or a floater to ensure you’re adequately protected. 3. Liability protection: Liability coverage protects against lawsuits for injuries and property damage that policyholders, their family members, and their pets cause to other people. 4. Additional living expenses: This pays for hotels, meals, and other living expenses if your house is uninhabitable due to a covered peril. What Does Homeowners Insurance Cover? The most popular home insurance policy is the HO-3, which covers your home, belongings, and liability. According to the III, HO-3 policies provide broad coverage and protect against 16 disasters and perils: 1. Fire or lightning 2. Windstorm or hail 3. Explosion 4. Riot or civil commotion 5. Damage caused by aircraft 6. Damage caused by vehicles 7. Smoke 8. Vandalism or malicious mischief 9. Theft 10. Volcanic eruption 11. Falling object 12. Weight of ice, snow, or sleet 13. Accidental discharge or overflow of water or steam from a plumbing, heating air conditioning, or automatic fire-protective sprinkler system, or from a household appliance 14. Sudden and accidental tearing apart, cracking, burning, or bulging of a steam or hot water heating system, an air conditioner, or an automatic fire-protective system 15. Freezing of a plumbing, HVAC, or automatic fire-protective sprinkler system, or of a household appliance 16. Sudden and accidental damage from an artificially generated electrical current Homeowners insurance also covers your personal liability for injuries to other people (those who don’t live with you) and their property while they are on your property. The most common liability claims involve dog bites, home accidents, falling trees, intoxicated guests, and injured domestic workers. Standard home insurance policies don’t cover damage or losses caused by floods (whether natural or human-related) and earthquakes. Depending on where you live, it may be a good idea to add—or buy a separate policy for—flood or earthquake coverage. Ask your insurance agent
Werribee
Get to own a House and Land Package in Werribee for only $646,030! The advantages of residing in Werribee include several positive aspects, such as the abundance of parks and recreation facilities available. Werribee boasts several parks, including the Werribee River Park and the Werribee Open Range Zoo, which offer ample opportunities for families to enjoy the great outdoors. Land Size: 263 sqm House Size: 168.89 sqm 4 Bedrooms 1 Living Room 2 Bathrooms 2 Car for Garage Land Settlement: February 2025 𝗪𝗵𝘆 𝗖𝗵𝗼𝗼𝘀𝗲 Werribee Safe and Family-Orientated Community Reasonable and Affordable Housing Prices Surrounded by a Broad Range of Educational Institutions Walking Distance to Shopping Centres and Train Stations Numbers of Major Attractions to Visit Easy and Full Accessible to All Amenities Client’s review: “great place”Werribee South is very peaceful. Not alot of people live here, it’s away from the traffic and chaos of the world. You can’t beat this place for peace and quiet. It is so close to the city and should have a different name as it is so different to Werribee, its not funny. The only thing missing is shops which the marina will bring. The marina will also bring more people to this great place which is not a good thing but the marina won’t be that big as to spoil the “serenity” as one great man once said. We also provide a rental guarantee with a minimum of 1 year and a maximum of 3 years. 𝗙𝗼𝗿 𝗺𝗼𝗿𝗲 𝗱𝗲𝘁𝗮𝗶𝗹𝘀, 𝗷𝘂𝘀𝘁 𝗰𝗮𝗹𝗹 𝘂𝘀: 1300 074 675 or send us a message on Whatsapp +61 488 859 637 For more updates, follow us on social media:Facebook: Simply WealthInstagram: @simplywealthgroupWebsite: simplywealthgroup.com.auTwitter: @SimplyWealthGrp
Truganina
Get to own a House and Land Package in Truganina for only $656,744! Welcome to Truganina, a charming suburb that beautifully balances convenience with tranquility. Located in the heart of Melbourne’s expanding west, Truganina offers a serene escape from the city’s hustle and bustle, while still providing easy access to urban amenities. With its welcoming community, lush green spaces, and well-planned infrastructure, it’s an ideal place for those seeking a peaceful retreat without compromising on modern conveniences. Land Size: 281 sqm House Size: 157.25 sqm 4 Bedrooms 1 Living Room 2 Bathrooms 2 Car for Garage Land Settlement: Titled 𝗪𝗵𝘆 𝗖𝗵𝗼𝗼𝘀𝗲 Truganina Safe and Family-Orientated Community Reasonable and Affordable Housing Prices Surrounded by a Broad Range of Educational Institutions Walking Distance to Shopping Centres and Train Stations Numbers of Major Attractions to Visit Easy and Full Accessible to All Amenities We also provide a rental guarantee with a minimum of 1 year and a maximum of 3 years. 𝗙𝗼𝗿 𝗺𝗼𝗿𝗲 𝗱𝗲𝘁𝗮𝗶𝗹𝘀, 𝗷𝘂𝘀𝘁 𝗰𝗮𝗹𝗹 𝘂𝘀: 1300 074 675 or send us a message on Whatsapp +61 488 859 637 For more updates, follow us on social media:Facebook: Simply WealthInstagram: @simplywealthgroupWebsite: simplywealthgroup.com.auTwitter: @SimplyWealthGrp
Wyndham Vale
Get to own a House and Land Package in Wyndham Vale for only $646,161! Wyndham Vale is a rapidly growing suburb located in the southwestern part of Melbourne, Victoria. Known for its family-friendly atmosphere and abundant green spaces, it offers residents a tranquil lifestyle with easy access to urban amenities. The suburb features modern housing developments, excellent schools, and convenient transport links, making it an attractive destination for young families and professionals. With its blend of suburban comfort and proximity to the city, Wyndham Vale continues to thrive as a vibrant and welcoming community. Land Size: 263 sqm House Size: 157.25 sqm 4 Bedrooms 1 Living Room 2 Bathrooms 2 Car for Garage Land Settlement: Titled 𝗪𝗵𝘆 𝗖𝗵𝗼𝗼𝘀𝗲 Wyndham Vale Safe and Family-Orientated Community Reasonable and Affordable Housing Prices Surrounded by a Broad Range of Educational Institutions Walking Distance to Shopping Centres and Train Stations Numbers of Major Attractions to Visit Easy and Full Accessible to All Amenities We also provide a rental guarantee with a minimum of 1 year and a maximum of 3 years. 𝗙𝗼𝗿 𝗺𝗼𝗿𝗲 𝗱𝗲𝘁𝗮𝗶𝗹𝘀, 𝗷𝘂𝘀𝘁 𝗰𝗮𝗹𝗹 𝘂𝘀: 1300 074 675 or send us a message on Whatsapp +61 488 859 637 For more updates, follow us on social media:Facebook: Simply WealthInstagram: @simplywealthgroupWebsite: simplywealthgroup.com.auTwitter: @SimplyWealthGrp
Manor Lakes
Get to own a House and Land Package in Manor Lakes for only $713,443! Manor Lakes, a charming suburb in Melbourne’s west, perfectly blends modern living with natural beauty. Famous for its expansive lakes and lush parks, this community provides a serene environment for residents. The suburb features well-maintained walking trails, scenic picnic spots, and family-friendly recreational areas, making it a paradise for nature enthusiasts. With its thoughtful urban planning, Manor Lakes seamlessly integrates contemporary amenities with the tranquility of its natural surroundings, offering a peaceful and attractive lifestyle. Land Size: 350 sqm House Size: 185.81 sqm 4 Bedrooms 2 Living Room 2 Bathrooms 2 Car for Garage Land Settlement: Titled 𝗪𝗵𝘆 𝗖𝗵𝗼𝗼𝘀𝗲 Manor Lakes Safe and Family-Orientated Community Reasonable and Affordable Housing Prices Surrounded by a Broad Range of Educational Institutions Walking Distance to Shopping Centres and Train Stations Numbers of Major Attractions to Visit Easy and Full Accessible to All Amenities We also provide a rental guarantee with a minimum of 1 year and a maximum of 3 years. 𝗙𝗼𝗿 𝗺𝗼𝗿𝗲 𝗱𝗲𝘁𝗮𝗶𝗹𝘀, 𝗷𝘂𝘀𝘁 𝗰𝗮𝗹𝗹 𝘂𝘀: 1300 074 675 or send us a message on Whatsapp +61 488 859 637 For more updates, follow us on social media:Facebook: Simply WealthInstagram: @simplywealthgroupWebsite: simplywealthgroup.com.auTwitter: @SimplyWealthGrp
Truganina
Get to own a House and Land Package in Truganina for only $680,461! Nestled in the heart of Melbourne’s western suburbs, Truganina offers a serene and picturesque escape from the hustle and bustle of city life. With its lush green parks, tranquil walking trails, and welcoming community, Truganina is a hidden gem that combines modern living with natural beauty. Discover the peace and charm that make this suburb an ideal place to call home. Land Size: 321sqm House Size: 157.25sqm 4 Bedrooms 1 Living Room 2 Bathrooms 2 Car for Garage Land Settlement: Jan-Feb 2025 𝗪𝗵𝘆 𝗖𝗵𝗼𝗼𝘀𝗲 Truganina Safe and Family-Orientated Community Reasonable and Affordable Housing Prices Surrounded by a Broad Range of Educational Institutions Walking Distance to Shopping Centres and Train Stations Numbers of Major Attractions to Visit Easy and Full Accessible to All Amenities We also provide a rental guarantee with a minimum of 1 year and a maximum of 3 years. 𝗙𝗼𝗿 𝗺𝗼𝗿𝗲 𝗱𝗲𝘁𝗮𝗶𝗹𝘀, 𝗷𝘂𝘀𝘁 𝗰𝗮𝗹𝗹 𝘂𝘀: 1300 074 675 or send us a message on Whatsapp +61 488 859 637 For more updates, follow us on social media:Facebook: Simply WealthInstagram: @simplywealthgroupWebsite: simplywealthgroup.com.auTwitter: @SimplyWealthGrp
Manor Lakes
Get to own this House and Land Package in Manor Lakes for only $713,443! Manor Lakes embodies natural beauty, with lush landscapes and well-maintained parks creating a picturesque setting. Blending modern amenities with traditional charm, it offers an ideal home environment. Its strategic location ensures easy access to essential facilities such as schools, shopping centers, and healthcare services, catering to various lifestyles. Strong community bonds and regular social gatherings foster a welcoming atmosphere and lasting friendships. Choosing to buy a house in Manor Lakes promises tranquility, convenience, and a fulfilling suburban lifestyle for both individuals and families. Land Size: 350 sqm House Size: 185.81 sqm 4 Bedrooms 2 Bathrooms 2 Living Room 2 Car for Garage Land Settlement: Titled 𝗪𝗵𝘆 𝗖𝗵𝗼𝗼𝘀𝗲 Manor Lakes Safe and Family-Orientated Community Reasonable and Affordable Housing Prices Surrounded by a Broad Range of Educational Institutions Walking Distance to Shopping Centres and Train Stations Numbers of Major Attractions to Visit Easy and Full Accessible to All Amenities We also provide a rental guarantee with a minimum of 1 year and a maximum of 3 years. 𝗙𝗼𝗿 𝗺𝗼𝗿𝗲 𝗱𝗲𝘁𝗮𝗶𝗹𝘀, 𝗷𝘂𝘀𝘁 𝗰𝗮𝗹𝗹 𝘂𝘀: 1300 074 675 or send us a message on Whatsapp +61 488 859 637 For more updates, follow us on social media:Facebook: Simply WealthInstagram: @simplywealthgroupWebsite: simplywealthgroup.com.auTwitter: @SimplyWealthGrp
Rockbank
Get to own a House and Land Package in Rockbank for only $749,850! Nestled in the heart of Melbourne’s western suburbs, Rockbank offers a serene and picturesque escape from the hustle and bustle of city life. With its lush green parks, tranquil walking trails, and welcoming community, Rockbank is a hidden gem that combines modern living with natural beauty. Discover the peace and charm that make this suburb an ideal place to call home. Land Size: 398sqm House Size: 183.95sqm 4 Bedrooms 1 Living Room 2 Bathrooms 2 Car for Garage Land Settlement: October 2024 𝗪𝗵𝘆 𝗖𝗵𝗼𝗼𝘀𝗲 Rockbank Safe and Family-Orientated Community Reasonable and Affordable Housing Prices Surrounded by a Broad Range of Educational Institutions Walking Distance to Shopping Centres and Train Stations Numbers of Major Attractions to Visit Easy and Full Accessible to All Amenities We also provide a rental guarantee with a minimum of 1 year and a maximum of 3 years. 𝗙𝗼𝗿 𝗺𝗼𝗿𝗲 𝗱𝗲𝘁𝗮𝗶𝗹𝘀, 𝗷𝘂𝘀𝘁 𝗰𝗮𝗹𝗹 𝘂𝘀: 1300 074 675 or send us a message on Whatsapp +61 488 859 637 For more updates, follow us on social media:Facebook: Simply WealthInstagram: @simplywealthgroupWebsite: simplywealthgroup.com.auTwitter: @SimplyWealthGrp
Donnybrook
Get to own a House and Land Package in Donnybrook for only $694,806! Nestled in the northern outskirts of Melbourne, Donnybrook is a peaceful suburb known for its scenic beauty and tranquil environment. With lush green spaces and a close-knit community, it’s an ideal retreat from the hustle and bustle of city life. Land Size: 350sqm House Size: 170.59 sqm 4 Bedrooms 1 Living Room 2 Bathrooms 2 Car for Garage Land Settlement: Titled 𝗪𝗵𝘆 𝗖𝗵𝗼𝗼𝘀𝗲 Donnybrook Safe and Family-Orientated Community Reasonable and Affordable Housing Prices Surrounded by a Broad Range of Educational Institutions Walking Distance to Shopping Centres and Train Stations Numbers of Major Attractions to Visit Easy and Full Accessible to All Amenities We also provide a rental guarantee with a minimum of 1 year and a maximum of 3 years. 𝗙𝗼𝗿 𝗺𝗼𝗿𝗲 𝗱𝗲𝘁𝗮𝗶𝗹𝘀, 𝗷𝘂𝘀𝘁 𝗰𝗮𝗹𝗹 𝘂𝘀: 1300 074 675 or send us a message on Whatsapp +61 488 859 637 For more updates, follow us on social media:Facebook: Simply WealthInstagram: @simplywealthgroupWebsite: simplywealthgroup.com.auTwitter: @SimplyWealthGrp
Tarneit
Get to own a House and Land Package in Tarneit for only $625,109! Tarneit, located in Melbourne’s vibrant west, is an up-and-coming suburb known for its diverse community and family-friendly atmosphere. With its blend of modern amenities, lush green spaces, and growing infrastructure, Tarneit offers a dynamic blend of suburban tranquility and urban convenience. The suburb is well-connected with transport options and is rapidly becoming a sought-after destination for those seeking a balanced lifestyle. Land Size: 249 sqm House Size: 146.94 sqm 4 Bedrooms 1 Living Room 2 Bathrooms 1 Car for Garage Land Settlement: AUG-2025 𝗪𝗵𝘆 𝗖𝗵𝗼𝗼𝘀𝗲 Tarneit Safe and Family-Orientated Community Reasonable and Affordable Housing Prices Surrounded by a Broad Range of Educational Institutions Walking Distance to Shopping Centres and Train Stations Numbers of Major Attractions to Visit Easy and Full Accessible to All AmenitiesWe also provide a rental guarantee with a minimum of 1 year and a maximum of 3 years.𝗙𝗼𝗿 𝗺𝗼𝗿𝗲 𝗱𝗲𝘁𝗮𝗶𝗹𝘀, 𝗷𝘂𝘀𝘁 𝗰𝗮𝗹𝗹 𝘂𝘀: 1300 074 675 or send us a message on Whatsapp +61 488 859 637For more updates, follow us on social media:Facebook: Simply WealthInstagram: @simplywealthgroupWebsite: simplywealthgroup.com.auTwitter: @SimplyWealthGrp
