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Your Home Matters - Celebrate National Home Warranty Day
Counselor Realty is here to put the best Minneapolis homes for sale within reach of our clients.
Our real estate agents are always seeking new ways to help clients feel more informed, confident, and capable during the home buying process. The more you know, the easier it is to make decisions that are right for you.
That means getting to know key details, such as "How does a home warranty work?"
February 10th is National Home Warranty Day, a day set aside to recognize and celebrate all the ways a home warranty helps homeowners. Whether you're still looking for the perfect home in Minneapolis or you've recently moved in, this is a noteworthy day.
Let's take a closer look at the home warranty and why it's so important.
What is a Home Warranty?
A home warranty is a service contract that protects homeowners against loss of value for many of the things they use every day. For example, your home warranty may cover costs of repair or replacement for a wide range of home systems and appliances: Your washing machine, refrigerator, and so on.
Who Needs a Home Warranty?
Just about anyone can benefit from a home warranty. Odds are good you have large appliances that would be costly to replace. If these break down suddenly, you could find yourself dealing with a whole lot of inconvenience. A home warranty will protect you.
Over the course of the average 30-year mortgage, a homeowner might spend tens of thousands of dollars in home maintenance. With a home warranty, you'll be able to save money on many of the biggest costs. That gives you the power to take problems in stride and worry less about your home.
What is the Difference Between Homeowners Insurance and a Home Warranty?
The two are not the same or even similar. Let's consider the main differences:
- Home Warranty
A home warranty specifically exists to help you manage costs associated with major belongings in your home. In effect, it functions as a service contract. It helps smooth the path to getting your home system components and appliances back in working order if they fail. That means curbing your out of pocket costs and accelerating the rate at which you can get covered problems fixed. - Homeowners Insurance
Homeowners insurance is a catch-all term for a common type of insurance policy that applies to residential buildings. It covers damage and loss experienced as a result of major disasters. These can include things like fires, floods, windstorms, and theft. Many homes will never suffer any of these conditions, while the events covered by a home warranty are almost sure to happen!
A third category of policy that's easily confused is mortgage insurance. Mortgage insurance is rolled into your monthly mortgage premium depending on the terms of your home loan. It offers the lender extra protection in the event your mortgage goes into default – it doesn't protect you!
Just about everyone has homeowners insurance, and many people have mortgage insurance. However, millions of homeowners are still not aware of just how valuable a home warranty can be. It's vital to understand the home warranty and how it can help you before you need it.
National Home Warranty Day Isn't the Only Reason to Celebrate With Counselor Realty
Counselor Realty wants to spread the good word about home warranties – and show you just how easy it can be to close on the home you've always wanted. No matter your goals or budget, our team can empower you here in Minneapolis. Contact us to find out more.