Definition: Insurance home warranty refers to a contract or agreement between an owner of a property (such as homeowners) and their insurance company (like homeowner's insurance) that outlines specific requirements for repairs or replacements on the home, based on the condition of the property at the time of purchase or construction. The warranty may cover things like cracks in walls, structural problems, damages caused by natural disasters or malfunctions, as well as other types of damage due to wear and tear. It can provide protection against any unexpected issues that might arise after a home has been built, such as leaks or major repairs. The term "insurance" refers to the use of insurance companies to protect individuals and businesses from financial losses related to natural disasters or accidents. The warranty is often used in conjunction with insurance policies to ensure that homeowners have peace of mind knowing that any damage caused by an incident will be covered under their policy. In summary, insurance home warranty provides protection against unforeseen problems in the home that can arise after a property has been built and includes specific requirements for repairs or replacements based on the condition of the home at the time of purchase.
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