Home Warranties & Your Home
When you own a home, there are various responsibilities that you inherit, such as the occasional need for repairs and proper maintenance. From wear and tear on roofs to aging appliances, unforeseen repairs can impact your finances if you aren't saving, and have a home warranty in place. Home warranties can be a life-saver for many homeowners. A home warranty is a service agreement that ensures coverage for major systems and optional add on coverage for appliances in your home.
What Are Home Warranties?
Home warranties offer repair and replacement coverage for major home systems and appliances as long as they are working in properly before you purchase coverage. Coverage lasts for a year and can be extended for an additional fee if you so choose. When a covered item needs repair or replacement, the warranty takes care of the cost, and the consumer pays a small fee to the company. The company sends out their own contractor to inspect the issue and determine next steps. This can give you peace of mind, and often times limit the amount of money you have to spend on repairs or replacements.
Why Are Home Warranties Important?
Home warranties serve various purposes that can benefit you. They prove valuable by saving you money on unexpected repair costs. After paying your portion, the warranty company covers the remaining expenses for a given item. The warranty company offers a list of pre-approved professionals who can promptly and effectively fix the problem. Lastly, when you decide to sell your home, a home warranty can help buyers feel more comfortable with their purchase.
What Do Home Warranties Cover?
Before purchasing a home warranty plan, you need to carefully review the terms and conditions. Generally, these warranties provide coverage for major systems like HVAC, electrical, and plumbing, as well as major appliances such as refrigerators, dishwashers, ovens, and washers and dryers. Some plans allow the consumer to pay for additional items to be covered. Remember, home warranties do not cover items that are not in working order, or cosmetic damage. Home warranties have a maximum amount that can be covered for each item, as well as the total amount for the year.
How Do You Choose a Home Warranty?
Begin by thoroughly reviewing the terms and conditions, including what's included and excluded. Evaluate both the deductible and overall coverage amount. Conduct thorough research and read feedback from other homeowners who have utilized the warranty service. Check the company's rating and accreditation with the Better Business Bureau. Compare plans and pricing from multiple companies to determine the most suitable option that aligns with your specific needs and budget.
Keep Your Home In Great Condition With A Home Warranty
A home warranty serves as a valuable safety net for homeowners, delivering savings, convenience, and assurance. It is just one tool you should use to maintain your home.