5 Reasons for Getting Home
Home warranties are a great way to protect yourself against expensive, unexpected repair bills. However, it’s important to understand what the costs are before buying one. You may be wondering, “How much are home warranties?” Every company charges different prices and each offers different coverages. Be sure to understand the company and what they offer.
Home warranty companies typically charge a service fee for each repair visit and often have appliance, system or annual coverage limits. If a repair costs more than the limit, you’ll have to pay for it yourself.
1. It helps you save money
Getting home appliance warranty can save you money in the long run by covering the cost of appliance repair or replacement. However, it’s important to note that a warranty can’t protect you from every issue that may arise with your appliances. For example, if an appliance breaks down because you didn’t properly care for it or it was a pre-existing condition, the warranty company may not cover it.
If you’re buying a new home, ask the seller whether any of the appliances are still under warranty, both manufacturers’ and homeowner’s. If they are, you can usually get the warranty transferred over to your name. Also, many credit cards extend manufacturer warranties. Alternatively, you can choose to get a comprehensive plan from a home appliance warranty provider which offers an appliances and systems plan for a reasonable price.
2. It saves your time
Having a home warranty saves you time and effort when an appliance or system in your house breaks down. Instead of having to spend time finding a repair technician or dealing with insurance companies, you can simply call the home warranty company and they will take care of everything for you.
The systems and appliances in your home add to its value, but over time they will break down or need repairs. This is why getting a home warranty can be a good investment, as it helps cover the costs of repairs and replacements.
However, make sure to review the contract carefully. It is common for home warranty companies to exclude certain things and limit coverage to specific appliances or systems. Additionally, some plans also have deductibles and other limitations that you should be aware of.
3. It gives you peace of mind
Home warranty companies give you peace of mind when your appliances or systems break down. Unlike regular insurance policies, these plans cover the cost of repairing and replacing the items in your house. This means that you don’t have to deplete your emergency fund every time something breaks down.
However, you should be aware of some limitations with home warranties. For instance, they typically choose who will perform the repairs and they may limit your choices. For example, if your favorite repairman doesn’t work for the company you sign up with, you won’t be able to use them for future repairs. They also tend to exclude damage caused by pre-existing conditions or poor maintenance. So, make sure to take these limitations into consideration when choosing a plan.
4. It saves you from scams
Most of the products we buy come with warranties in case they break down, from cars to smartphones. Home warranties offer similar protection for appliances and built-in systems in new homes.
If a warranty company suspects an appliance or system is damaged, it contacts a service provider for a repair assessment. The service provider evaluates the damage and reports back to the warranty company, which determines whether to cover the repair or replacement cost.
When choosing a home warranty, look for providers with transparent responses to your questions. Be cautious of high-pressure sales tactics and “limited-time offers.” Avoid any company that doesn’t provide you with a complete breakdown of coverage terms before you sign a contract. Often, warranties don’t cover what you expect and may include hidden fees.
5. It gives you peace of mind
Having a home warranty plan gives you peace of mind knowing that your appliances and systems are protected. Whether you’re a first-time homeowner or you just want to limit the amount of money you have to spend on repairs, a home warranty is an affordable way to protect yourself from unexpected expenses.
Home warranties typically cover the cost of repairs or replacements for covered systems and appliances if they break down due to normal wear and tear. They can also provide a sense of financial stability and reduce stress by providing you with access to a network of professional service providers.
However, it’s important to note that some home warranty companies put coverage caps on certain appliances and systems, which may not be enough to cover the costs of repair or replacement. For this reason, it’s important to research different plans and choose the one that best fits your needs.