A home warranty is a contract between a homeowner and a warranty company that covers the repairs or replacements of many of the major systems and appliances in a home. It is usually offered by home builders, real estate agents, or home warranty companies. Coverage varies but may typically include the home’s heating and cooling system, plumbing, and electrical wiring, as well as appliances such as the refrigerator, washer, and dryer.
If something breaks or stops working in your home, a home warranty will help you cover the costs. While they cover a wide range of situations, home warranties typically do not cover damages caused by natural disasters, accidents, or neglect. Home warranties are not mandatory, but they can be a great way to protect your investment in your home.
Home warranties can be valuable assets for homeowners. Additionally, a home warranty can provide peace of mind that the major systems and appliances in your home are covered. Let’s take a closer look at why it might be worth it to purchase warranty coverage for your home.
Cost Savings
A home warranty can be a great way to save money on home repairs. If you experience a malfunction in a major appliance or system in your home, the repair bill can be expensive. A home warranty plan can help to offset some of those costs. With a home warranty, you can choose from a variety of plans that will cover things in your home, such as your plumbing system, furnace, air conditioning unit, water heater, and dishwasher. While purchasing a home warranty can come with some upfront costs, it will be worth it to save hundreds or thousands of dollars on expensive repairs. Additionally, the majority of home warranty plans also come with a service fee, but the cost of repairs will be much lower than if you had to pay for them out of pocket.
Peace of Mind
Another benefit of a home warranty is that you can rest assured that your appliances and systems are in good hands. If something breaks, you can call your home warranty provider, and they will send a qualified technician to your home to repair the appliance or system. A home warranty can provide you with peace of mind that your appliances and major systems are covered and will be taken care of by professionals should something go wrong.
Low Monthly Premiums
Home warranties are similar to purchasing an insurance plan. As a result, you’ll usually need to pay a monthly premium to keep your coverage active. However, this is a small price to pay for the peace of mind that comes with knowing your appliances and systems are covered. Fortunately, another benefit of purchasing a home warranty is that many providers offer low monthly premiums. With some research, you can find a plan that is affordable and fits your needs and family budget.
Real Estate Incentive
Aside from the benefits to your wallet and peace of mind, a home warranty may also help you sell your home quicker and for more money if you decide to sell in the future. Having a home warranty can make it easier to sell your home because potential buyers know that you have been committed to keeping your house in great condition Additionally, a home warranty can help you get a higher price for your home if it is included in the sales package.
There are many benefits to having a home warranty. Overall, a home warranty can save you money in the event of a breakdown, give you peace of mind, and help you maintain your home.
