Home Insurance, Home Warranty and Title Insurance. Oh my!

When you are purchasing a home, you may run into three different items that cover your home: Home insurance, home warranty and title insurance. How they cover your home is different and I hope to clear it for you in this blog.





Home insurance is paid annually. If you are financing, the lenders will require you have a home insurance. Even if you are not financing, it will be wise to have an insurance to cover your home in case your home burns down to ashes, you will be protected. Home insurance also covers liability as well. Home insurance tend to have high deductible so unless it's a big repair, the homeowners tend to pay out of pocket for most of the repairs. There are somethings that are not covered so be sure to inquire about what's not covered.


Home warranty is also paid annually. This is not required by the lender. The annual fee is low but coverage is wide, depending on the provider. Home owners can benefit if your appliances, plumbing and misc. items breaks, you just need to pay a small fee to call the professional in to repair or replace. Home warranty does not have liability protection.


Title Insurance is to protected you from any issues past and future due to liens, disputes, wills and clerical errors as well as fraudulent claims against the home. Confirm with the Title company you are using to purchase the title insurance what it covers and the period it covers.


It is important you understand how you are protecting yourself when going through a real estate transaction. Please talk to your real estate agent, title company as well as the providers of the insurance and warranty to get better understanding.

 

Yon Chung has earned KW Luxury status as well as NVAR Top producer, Arlington Magazine Top Producer, Top Agent Network status. Yon Chung has been in real estate industry for 20 years investing in real estate. Yon Chung has a CPA (inactive) background. Yon Chung's clients take advantage of all her of her experiences as well as in depth knowledge in market, creating wealth and building a legacy.



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