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The actual cost of purchasing a home goes well beyond the initial closing price. Home maintenance costs can quickly add up throughout the year, from fixing wear and tear issues to replacing dated appliances. Luckily, there are two main coverage types available that together can help protect your home and what’s inside of it—a home warranty plan and homeowners insurance.
Both safeguard your home, but how and what they cover is very different If you’re a homeowner (or a soon-to-be-homeowner), it’s essential to understand the difference between the two to ensure you have the protection you need. So, what’s the difference?
The Main Differences at a Glance
Although they may sound similar, the terms homeowners insurance and home warranty are not interchangeable. Typically, your mortgage company will require you to have homeowners insurance. In contrast, a home warranty plan is entirely optional.
As the name suggests, homeowners insurance is an insurance policy you purchase to protect your home from life’s what-ifs. What if there’s a fire? What if a car hits your home? In such cases, your insurer would cover the cost (minus your deductible and up to your policy limit) to repair any structural damage. Coverage varies depending on your policy, so always double-check what specific perils your homeowners insurance protects you from.
On the other hand, a home warranty serves more like a service contract covering the repair or replacement of your home’s major appliances and systems. These plans are purely optional, but their added protection makes them an excellent complement to any homeowners insurance policy.
How Coverage Differs: A Home Warranty Plan
A home warranty helps cover the repair or replacement of major items such as water heaters, refrigerators, electrical systems, and more. Those with a home warranty plan pay a certain amount per month for coverage, in addition to a preset service fee (similar to a deductible) whenever a repair or replacement is needed. Generally, warranty companies work with third-party service vendors to complete repairs.
Unlike a home insurance policy, a home warranty plan can offer you protection against everyday wear and tear issues. However, your specific coverage will depend on the type of plan you purchase. Most companies have various options available, such as appliance-only or system-only plans, hybrid plans, and build-your-own plans.
Some of the most common items covered by a home warranty include:
Washers and dryers
Electrical systems
Refrigerators
Water heaters
A/C and heating systems
Ovens
How Coverage Differs: A Homeowners Insurance Policy
A homeowners insurance policy covers loss or damage to your property caused by specific covered perils, or damaging events. These are often uncontrollable occurrences such as a fire or other natural disasters. Your insurance policy also protects you against personal liability exposure as a homeowner.
Like an auto insurance policy, you’ll pay a premium for specific coverage and a predetermined deductible if/when you file a claim. Multiple factors such as your home’s age, square footage, and location are all used to determine the cost of your policy.
Some of the common perils covered by a homeowners insurance policy include:
Fires
Damage from vehicles or aircraft
Theft or vandalism
Windstorms
Hail
However, it is important to know that homeowners insurance doesn’t cover everything in a home. Certain events may require you to purchase additional protection, such as earthquake or flood insurance.
Find The Coverage You Need
While you are not required to purchase a home warranty plan, they can provide an additional layer of coverage and added peace of mind. Because they cover items that are often expensive to replace, a home warranty plan may be worth considering. To help decide if you should purchase a home warranty plan alongside your homeowners insurance, review the table below to see how you can obtain the coverage you need. Remember, coverage will ultimately depend on the plan you select and where you live.
Coverage
Home WarrantyPlan
Homeowners Insurance
Fire damage
NO
YES
Theft
NO
YES
Appliance repair and replacement
YES
NO
Heating & AC system repair and replacement
YES
NO
Electrical & plumbing system repair and replacement
YES
NO
Personal liability
NO
YES
Keep in mind that if a system or appliance fails, your home warranty plan will cover the appliance, but not any damage caused by the failure. However, your homeowners policy may cover the damage depending on your coverage.
Compare Home Warranty Plans and Costs
A home warranty is an excellent complement to your homeowners insurance that helps to maximize your coverage. If you’re interested in purchasing a home warranty plan, Cinch offers warranties that cover your home’s appliances and/or systems. To find out just how affordable a Cinch home warranty can be, call (833) 640-0969.
The information in this article is obtained from various sources and offered for educational purposes only. Furthermore, it should not replace the advice of a qualified professional. The definitions, terms, and coverage in a given policy may be different than those suggested here. No warranty or appropriateness for a specific purpose is expressed or implied.
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Routine vet visits keep our pets healthy. But as pet owners may already know, unexpected visits due to accidents are not only frightening but also expensive. When facing a large vet bill, having pet insurance could mean the difference between paying $1000 or $100 out-of-pocket.
If you’re looking to purchase, or simply want to learn more about pet insurance, we put together some basics that you should know. While there are a wide range of animals that can be called pets, the information in this article is focused primarily on cats and dogs.
What is Pet Insurance?
According to the North American Pet Health Insurance Association (NAPHIA), the average annual growth rate of insured pets in the U.S since 2016 is 18.9%. It’s no surprise more pet owners are getting on board since pet insurance helps cover the rising cost of medical care for our furry friends. Pet insurance is meant to cover large, sudden expenses, so most policies do not cover routine checkups. Pre-existing conditions are almost never covered.
Who is Eligible for Pet Insurance?
A pet can be any animal, but most insurance companies tend to only insure dogs and cats. Some providers may have coverage options for horses or other exotic pets, although it isn’t common.
Age limits vary depending on the insurer, but generally, puppies and kittens must be around 6 to 10 weeks old to be eligible for coverage. While most plans have no maximum age limits, most insurers restrict older pets from certain levels of coverage.
Pet Care Costs
The cost of routine pet care varies greatly depending on your pet’s breed, age, and your location. Generally, you’ll spend anywhere between $100 to $400 on routine veterinary care for your cat or dog, which is a manageable sum when spread out over a year. What truly drives up costs for pet owners are accidents and unexpected illnesses. For example, these are some common diagnostic and treatment costs according to betterpet:
X-rays can range from $200-$400 for both cats and dogs.
The costs of diagnosing diabetes in a cat ranges from $100-$300. Treatment continues for the rest of your cat’s life and costs around $300 annually.
Tumor biopsies range from $500-$2000. If diagnosed, cancer treatment costs may exceed $5000 depending on the severity and whether surgery is required.
Unexpected pet hospitalizations range from $500-$4000 depending on length of stay.
Depending on the procedure, surgeries can range from $1000-$2500+.
Your pet’s breed is often another factor that helps determine its potential cost of care. This is especially true for dogs as certain breeds are predisposed to develop specific health conditions.
What Does Pet Insurance Cover?
Pet insurance plans can be broken down into three main coverage types: wellness, accident-only, and accident and illness.
Wellness: Wellness coverage refers to your pet’s routine care expenses such as the costs of vaccinations and vet visits. Most insurers either offer this type of coverage as an add on, or don’t offer it at all.
Accident-only: As the name suggests, accident-only plans cover accidents such as cuts, broken bones, and other physical injuries. Most insurers restrict older pets to accident-only coverage plans.
Accident and illness: These plans offer your pet the most comprehensive coverage and pay for the veterinary treatment of injuries, illnesses, and diseases. Expect most accident and illness plans to cover the following up to your plan’s limit:
Surgery
X-rays and ultrasounds
Diagnostic tests
Hospitalization
Prescription medicines
Coverage can vary among providers, so be sure to always double check with your insurance specialist.
What Isn’t Covered by Pet Insurance?
Pre-existing conditions: Almost no insurance provider covers pre-existing conditions. A pre-existing condition is a medical problem that your pet had before you purchased a policy or one that appeared during your plan’s waiting period before coverage began. Some policies may cover past conditions that have been “cured” for a certain amount of time such as ear infections.
Cosmetic or elective surgeries: Most plans won’t cover elective surgeries such as ear clipping or tail docking.
Breeding expenses: Most policies do not cover costs associated with breeding or pregnancy,.
How Much Does Pet Insurance Cost?
According to NAPHIA, the average annual cost for an accident and illness policy was $594 for dogs and $342 for cats in 2020. For an accident-only plan, the average cost was $218 for dogs and $134 for cats.
The price you pay for your policy will ultimately depend on a wide range of factors including your location, provider, and deductible. Additionally, dog owners with larger breeds tend to pay more as those pets are often prone to specific health problems.
Is Pet Insurance Right for You?
As with other types of optional insurance, you won’t immediately begin to save money by purchasing a pet insurance policy. However, when an accident occurs and you’re facing a $2000 vet bill, you may thank yourself for the investment.
Because it isn’t required, some people choose to self-insure by setting aside funds for vet visits. When possible, we believe a combination of the two works best. Setting aside funds will help you pay for routine visits not covered by your policy, while monthly premiums will protect your pet in the event of an accident or major illness.
If you’re interested in finding coverage for your pet, Embrace offers comprehensive and personalized coverage for your furry member of the family. With multiple plans to choose from and the industry’s only diminishing deductible feature, Embrace can fit with any budget. Get an online quote today, or call our insurance specialists at (888) 699-9462 to learn more.
The information in this article is obtained from various sources and offered for educational purposes only. Furthermore, it should not replace the advice of a qualified professional. The definitions, terms, and coverage in a given policy may be different than those suggested here. No warranty or appropriateness for a specific purpose is expressed or implied.
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Faith and religious organizations can face many new and unique challenges to their operations. Through proper risk assessment and awareness of vulnerabilities and risk management, these dangers can be identified and reduced.
By Aliya Daya, Senior New Business Specialist and Account Executive, Commercial Lines
Faith and religious organizations are the cornerstone of any community; in addition to fulfilling a spiritual mission and offering worship, they are places of celebration, remembrance and gathering places tied to a communal identity or history.
On a personal note, this subject matter is important to me because my faith community is the anchor that not only defines my sense of self, but is the driver in all my personal life, career choices and decisions. They ground me and provide a sense of spirituality, belonging and direction. Feelings that I know many others identify with.
The last two years has been a been a tenuous and difficult period for these organizations and associated groups. Many having faced numerous concerns including:
Having to adapt and pivot with technology and finding various ways to keep their members engaged in worship throughout the COVID-19 pandemic.
Struggling to assist/counsel their congregants and members with mental health issues, addiction problems, inter-personal relationships, etc.
Having their finances stretched; some organizations had to permanently close their doors due to lack of financial resources.
Being targeted due to their specific religious beliefs or due to historical associations.
Having their mission remain relevant, being present in the community, and keeping their volunteers and members active while adhering to pandemic restrictions.
With these changes and stressors, have come some not-so-new challenges and some unique ones as well. The key for faith-based organizations will be to assess and manage new and emerging risks and consider a full risk management approach as we enter a post-pandemic world. Here are some areas of particular concern:
Cyber & Privacy Breach Liability
Faith and religious organizations are not immune to cyber risks; in fact, they are a prime target for cybercriminals. What started out as a trend, cyberattacks exponentially accelerated during COVID-19 as churches, synagogues, mosques/masjids, temples, non-profits and others moved increasingly online for worship and to keep lines of communication open between management, employees and volunteers.
IT infrastructure requires monitoring, security policies and protocols, and adherence to specific rules and government regulations. Many faith organizations have limited financial investment in their IT, no IT support professionals on staff, and often no means of ensuring data security procedures and policies are implemented and followed. This leaves them extremely vulnerable to cybercrime, which can threaten operational continuity and create financial and legal liabilities.
Cyber and privacy breach insurance policies protect faith and religious organizations from data/privacy breach exposure, helping to cover expenses such as notification, regulatory fines and penalties, business interruption, data loss, cyber extortion (aka ransom), computer fraud and reputational harm.
Active Assailant and Terrorism
In the current climate, institutions must be aware of and prepared for the risk that active assailant attacks pose. The frequency and severity of these attacks has been rising rapidly in recent years, making active assailant attacks a very real threat to the general public and organizations all over the world. With their mission to be open and welcoming, houses of worship are particularly vulnerable to armed intruders and active threat situations.
I am a practicing Muslim and, after the Quebec City terrorist attack a few years ago, I live with the constant knowledge and anxiety that my community and place of worship can easily be the next news story or target.
The rising prevalence of active assailant tragedies has increased demand for coverage designed to protect faith and religious organizations from the financial and emotional/mental ruin that can happen in their wake.
An active assailant insurance policy is designed to address the impact of these events on the victims and the organization effected. Policies include victim compensation and support (including to faith community members and congregants), as well as incident response and crisis management services. Coverage is also offered for legal liabilities (victim lawsuits), damage to property (building or property repairs) and business interruption.
Insurers are also taking steps to help religious organizations manage risk by creating seminars and informational guides aimed at educating their staff members on developing security and response plans. Organizations should also try to create a strong relationship with local law enforcement for additional support.
Professional Liability or Errors & Omissions
Many faith and religious organizations provide spiritual counselling, other professional counselling services (like marriage counselling, financial counselling, addictions counselling) or other services (like adoption services, employment, social services, educational/tutoring classes) and are trusted to provide guidance and advice to their members. This leaves their organizations highly vulnerable to liability for financial loss and physical or emotional injury to congregation members who feel negatively impacted by such guidance.
From a risk management approach, a faith organization should also know:
when to refer cases to a licensed professional;
when the rules of confidentiality apply;
how to avoid undue influence; and,
how to reduce sexual misconduct or abuse risks.
An errors and omissions or professional liability policy can also protect faith and religious organizations and their service providers (either professionals, community leaders or members and volunteers) from professional negligence claims. These policies are written specifically for an organization’s particular risks and can help religious organizations weather lengthy cases and potentially catastrophic losses resulting from professional liability claims.
Abuse & Sexual Misconduct
Faith and religious organizations are at risk for abuse and sexual misconduct allegations when working with vulnerable adults, seniors/elders and children. It’s important that faith-based organizations ensure there are adequate policies in place to protect the communities that they serve; there are several practices that can be implemented to reduce an organization’s exposure to abuse or misconduct claims, including, but not limited to:
developing adequate personal conduct policies;
ensuring the proper selection of staff and volunteers;
performing reference checks;
continuing background checks; and,
providing training.
Abuse and sexual misconduct liability protects the organization’s employees, directors, officers and volunteers on a claims made basis (most often) and covers legal defense costs against allegations associated with physical or emotional injury resulting from physical abuse, mental and emotional abuse, sexual abuse, molestation or exploitation. To obtain this type of coverage, faith organizations must prove they have performed background checks on employees and volunteers. Insurers also may require those with schools and daycare centres to have rules in place mandating a specific teacher-to-student ratio and rules that prohibit an adult employee from being alone with a child. All of this will be stipulated in the application process.
Directors & Officers Liability (D&O)
The leaders of faith-based and non-profit organizations face the same exposure to lawsuits as those at for-profit corporations; in fact, exposure related to a faith organization or non-profit is more critical as boards are often made up of (very) dedicated volunteers who have less formal understanding of financial accounting, employment laws and more. Directors or officers can be held personally liable for financial damages that result from their actions, including but not limited to:
failing to maintain adequate financial records;
discriminating in membership;
defamation;
exceeding the authority granted by an organization’s charter or bylaws; and,
using budgeted or donated money in a manner differently than originally intended.
The potential financial damage from directors and officers’ liability claims supports a risk management approach that should include this cover for all faith and religious organizations and non-profits. A D&O policy would pay for legal fees or damage awards related to a lawsuit. Even if a claim is unfounded, the costs associated with legal disputes remain. D&O insurance, as a result, provides peace of mind for these organizations so that they can focus on delivering their services.
Protection for Faith-Based Missions and Communities
Religious and faith-based organizations face numerous and constantly evolving risks daily. If not properly addressed, these issues can detract from the organization’s core mission. But, through proper risk assessment and awareness of vulnerabilities and risk management, these dangers can be identified and reduced.
Our Faith Guard team at Rogers Insurance will work with you to develop a customized, all-encompassing insurance program to protect your faith organization. Contact us today to learn more.
Aliya Daya is a Senior New Business Specialist and Account Executive, Commercial Lines, with Rogers Insurance. With more than 20 years of experience in the insurance industry, Aliya specializes in innovation, technology, manufacturing/fabrication/wholesale/distribution, hospitality, religious organizations and disruption/emerging industries.
