Homeowner's insurance pays to repair or rebuild your home and replace your belongings after damage from a covered event. Think of things you can't predict or prevent.

A standard policy typically covers:

• Your home's structure – damage from fire, lightning, windstorms, hail, falling trees and similar events
• Your belongings – furniture, clothing and electronics that are damaged or stolen
• Liability – if someone is injured on your property and you're found responsible
• Living expenses – a place to stay if your home is unlivable during repairs

What it usually doesn't cover: wear and tear, breakdowns from age, poor maintenance, and in most cases floods or earthquakes, which need separate policies.

If you have a mortgage, your lender will almost always require it. You pay a yearly premium, plus a deductible when you file a claim.

A home warranty is a service contract that covers the repair or replacement of major home systems and appliances when they fail from normal wear and tear. Think of the things that eventually wear out simply because you use them every day.

A typical plan can cover:

• Systems – heating and air conditioning, plumbing, electrical, water heater
• Appliances – refrigerator, oven and range, dishwasher, washer and dryer, garbage disposal
• Optional add-ons – pool and spa equipment, and more, depending on the plan

When something breaks, you contact the warranty company to initiate a claim. The plan covers the approved repair, or a replacement if the item can't be fixed for eligible claims.

A home warranty is optional. You pay a yearly or monthly plan price. Coverage limits and exclusions vary, so it's worth reading what each plan includes.

The rule of thumb: if it was sudden and accidental, start with your insurance. If it wore out, look to your home warranty.

For most homeowners, they work best together. Insurance protects you from the big, rare disasters. A home warranty helps with the smaller, more frequent repair bills that insurance won't touch, like a failed AC compressor or a broken oven.

A home warranty can be especially helpful if:

• Your home's systems and appliances are several years old
• You want a predictable cost for repairs instead of surprise bills
• You just bought a home and don't know the history of its appliances

Can a home warranty replace homeowner's insurance? No. A home warranty doesn't cover disasters, theft or liability, and it won't satisfy a mortgage lender's insurance requirement.

Does homeowner's insurance cover appliances? Only when they're damaged by a covered event, such as a fire. It doesn't cover breakdowns from age or normal use.

Are pre-existing problems covered by a home warranty? It depends on the plan. Many plans exclude problems that existed before coverage began, so check the contract.

Can I buy a home warranty anytime? Yes. Many people get one when buying or selling a home, but you can usually purchase a plan at any time.