A friend was telling me that if you are buying a home and have homeowners insurance and you have maintenance problems (roof needs repairing or replacing, water heater goes out, etc) that the insurance will pay for this. He also said that if you needed smaller repairs (plumbing, etc) that would be the homeowners responsibility. I thought anything that went wrong with the home , if you were buying, would be your responsibility.
thank you,
sherry
2007-12-28 18:41:11 · 7 answers · asked by sherry c 2 in Business & Finance ➔ Insurance
Homeowners insurance only pays if you have damage resulting from a covered loss i.e. fire, windstorm, lightning. It does not cover maintenance.
What your friend was probably talking about was home warranty coverage. When you purchase a home the seller might include a home warranty policy as an additional inducement to sell the property.
The home warranty term is 1 or 2 years and covers unforeseen maintenance issues that might come up during that time. But even those policies will not cover a roof that is need of repair at the time of sale. That would be up to you to negotiate the cost of a new roof with the seller.
2007-12-29 01:07:00 · answer #1 · answered by Tom Z 7 · 4⤊ 0⤋
No. Homeowners doesn't pay to maintain your property - you have to maintain it yourself. It's up to YOU to be preemptive. If you call your insurance company, they'll require you to take the tree out, or cancel your policy. Once the tree actually falls on your house, the damage to the house is obviously covered, but the cost for tree removal is usually limited to $250, and only covers the part of the tree actually on the house. If you're dead, and can't rebuild, then the insurance company only pays "actual cash value" and not the full cost of repairing your home. Find a way to afford the tree removal service.
2016-05-27 15:18:55 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Your friend is wrong. Don't take insurance advice from someone that doesn't know what they are talking about.
There's such a thing as a "home warranty" that will sometimes fix stuff that wears out or breaks down, but a LOT of people have problems with home warranty companies, and a lot of home warranty products are NOT insurance, and NOT guaranteed.
Trust me, you do NOT want to pay the premium for a policy that covers both sudden and accidental losses, AND maintenance stuff.
Maintenance is part of home ownership. And you have to do it yourself.
2007-12-29 04:50:32 · answer #3 · answered by Anonymous 7 · 1⤊ 0⤋
I have no idea where he's getting his information.
Homeowner's insurance pays for covered losses--such as a tornado damages your roof--they pay LESS your deductible. You may also end up seeing your rates rise or be dropped for making a claim.
If you had a HOME WARRANTY (as with American Home Shield or such) and the contract covers a water heater that dies or such, then you will pay a service charge and they will send someone out to you. You pay EACH MONTH for this coverage AND their being able to send a reputable repair service to you. IF you did something stupid and didn't maintain things, then they may exclude the item or put more of the charge on you.
Typically for "small" issues, you fix it yourself or hire someone out of pocket to do it for you.
Can you imagine what it would cost if all the little things were covered by insurance?
2007-12-29 02:23:05 · answer #4 · answered by heyteach 6 · 2⤊ 0⤋
Your friend is probably referring to a home inspection warranty, which covers certain items for a year or two after purchase. Regular homeowner's insurance does not cover maintenance.
2007-12-29 02:05:51 · answer #5 · answered by Anonymous · 2⤊ 0⤋
The seller may provide a home warranty that can cover some of these things for a specified period of time (usually 1 year). You would ask for it as part of your offer to purchase the house. Your Realtor can tell you more about them. Sellers of an older home are more likely to provide a home warranty than the sellers of a new home.
Maintenance items are not covered under a standard home owners policy.
2007-12-29 01:23:00 · answer #6 · answered by Boots 7 · 2⤊ 0⤋
We have oil heat, and there is a service plan available. It is expensive, but it includes service for breakdowns, and one maintenance/cleaning service call a year.
Homeowners' insurance will not pay for wear and tear. That, i'm afraid, is your problem.
2007-12-28 18:52:25 · answer #7 · answered by TedEx 7 · 2⤊ 0⤋