What is the difference between warranty&exclusion in property insurance?
Property insurance protects items that you own–most commonly a home, but it could also include valuables. Warranties and exclusions are two terms commonly used in the insurance business, and they mean very different things.Definition: WarrantyA warranty in property insurance provides peace of mind to the insured in case his property should break. The insurance company will pay to fix the covered items.Definition: ExclusionExclusion in property insurance refers to items that are not covered by an insurance policy. It can also mean that the insurance does not cover certain types of damage, such as an act of God.FunctionWarranties and exclusions clarify the coverage and limits of an insurance policy. Without warranties and exclusions, it can be difficult to know exactly what is covered and what was not.ConsiderationsYou should be aware that not all insurance companies are the same and that their warranties and exclusions can be dramatically different. When creating a policy, make sure th
