What is Home Insurance?Home insurance, also commonly called hazard insurance or homeowner's insurance (and often abbreviated in the US real estate industry as HO1), is a type of property insurance that covers a private residence.
It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory. Typical Home Insurance CoveragesSection I — Property Coverages
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Home appliance repairs are usually excluded from your home policy. Some companies do offer a rider to cover routine repairs for wear and tear. Like automobile repair policies there are companies that offer mechanical insurance to cover appliance repairs. I had a "high tech" hot water heater and when the $1,200 circuit board failed after a few years I was glad to have a policy through DTE energy that covered the breakdown. They picked the repair company and sent someone out.
TEND Home Warranty is another company that covers repairs. With TEND you can pick the licensed contractor of your preference. The nice thing about having mechanical repair insurance separate from your home policy is that eventually a breakdown will result in a claim. Even though this type of claim should not impact things like the home claims free discount - having it separate from the home insurance company will make sure the claim stays off any loss reporting. |
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