In insurance, a warranty is an ambiguous term that can mean two things depending on the context:
Warranties made by an insured party to an insurer can be affirmative or promissory.
When it comes to warranties made by a manufacturer, though, the coverage depends on the warranty itself. Car warranties, for example, usually come in three packages – powertrain, inclusionary, and exclusionary – each of which covers different parts of the car. Most car warranties will cover losses caused by manufacturing defects, but will not cover the parts that were broken due to wear and tear (brake pads, tires, windscreen wipers, etc.).
The cost of warranty insurance depends on the type of insurance. For example, the average basic home warranty would cost you about $500 a year, with extended coverage adding up to $500 to the figure.
With over 92% of Americans having health insurance and almost everyone having at least one type of insurance from one of the 6,000 insurance companies, it is clear that the choice of your insurer is crucial. The range of carriers is staggering, making selection a nightmare for those unprepared. Whether you are seeking life insurance, […]
Buying a house is a big event. For most people, it is one of the most exciting purchases they will ever make. An expensive repair bill, however, can quickly dash the joy. To avoid being saddled with unforeseen repairs after closing, many buyers will hire a home inspector. While a smart idea, home inspections are […]
Landlord insurance is a category tailored to shield rental apartments or buildings from material losses, damages inflicted by tenants, and weather-related causes, including winds, hail, lightning, and others. It generally incorporates safety and required repairs of dwelling and other essential structures like a fence or garage. If this is your first time renting out a […]
Boat insurance is intended to safeguard the vessel and its commuters from accidents and other unexpected events. The policies may differ depending on the specific power limit and the boat class. Most of them guarantee year-round coverage and typically shield the craft from acts of vandalism, theft, fire, and storm throughout the off-season. Boat insurance […]
Clients tend to look for additional benefits that go beyond cheap car insurance options. For instance, it can be a sense of social protection and welfare that often seems unattainable unless it comes with a price. And this price varies when it comes to shopping for auto insurance in particular. What is a Car Insurance? […]
The landscape of M&A has been dramatically transforming in times of the COVID-19 pandemic. Apart from the temporary market unpredictability, companies had to get used to the changing due diligence process and increase in litigation. But despite that, the reps and warranty insurance saw an increase in demand. Let’s take a closer look at the […]
Purchasing an insurance policy can make you feel safe and protected against various risks. But while you do not obtain a financial advantage in return for the premiums you pay, the moral benefits offset the risk expectation. Let’s be honest: insurance companies are in this business for money and not your moral benefits. That is […]
Did you decide to leave your job but keep worrying about losing your group health plan? Getting another position sometimes means dealing with a short waiting period. The good news is that you can remain on your employer-provided coverage under COBRA. California residents get to use two types of continuation coverage: the federal version of […]
Health insurance supports policyholders and allows them to afford protection from health-related risks and various injuries. When you purchase a healthcare plan, you expect to get the most out of it, especially if you have medical problems. That is why statistically, people with health issues tend to buy policies more often. Does it mean that […]