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Do You Need Added Homeowner Insurance?

Do You Need Added Homeowner Insurance?

Do You Need Added Homeowner Insurance?
News from Fox Business:

Homeowners insurance will cover you if a tree crashes on your roof or if a fire breaks out, but for misfortunes like a blown water heater or a shorted electrical system, you’re on your own when it comes to repair costs.

To help homeowners afford the costs of maintenance repairs, companies across the country are offering home warranties or emergency repair insurance. This type of insurance can cost as low as $ 25 a year and up to $ 500, and typically covers repairs to plumbing, hot water heaters and air conditioning systems and a home’s electrical system.

 “It simplifies the cash management and process of getting them fixed,” says Thomas Rusin, chief executive officer at HomeServe, a home emergency insurance provider. “When you walk into the kitchen and there’s water running out of the sink most people think ‘I don’t have the time for this and how much is it going to cost?’ For around $ 100 we take care of all that.”

While many home warranties cover the entire home, HomeServe offers its insurance ala carte. Homeowners can determine what risk they want to take on their own and what they would want insurance to cover. For instance, some homeowners may not feel it’s necessary to insure their electrical system but want to have their plumbing protected. According to Rusin, the company’s average annu…………… continues on Fox Business

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