When you purchase a home, you’re purchasing more than just the walls and the roof—you’re also paying for the utilities, appliances, and other items that come with it. If something goes wrong with any of these items, however, you could end up paying hundreds or even thousands of dollars in repairs. Home warranty insurance protects you from this possibility by giving you coverage against certain kinds of damage to your home and its contents—and it often covers more than your homeowner’s insurance will.
Why do you need home warranty insurance?
For most people, a home is one of their biggest investments, and with it comes a lot of worry. The best way to avoid future headaches is by getting home warranty insurance. By spending a small amount each month, you can ensure that any unexpected work on your house will be covered—which means less worry for you. Not only does home warranty insurance give you peace of mind, but it also helps keep your monthly expenses down as well. It’s important to have both homeowner’s insurance and home warranty insurance in place; without them, you could end up paying out-of-pocket for repairs or even lose your home if they aren’t properly covered.
How does it work?
Most home warranties are offered by local companies that specialize in appliance repairs. If something breaks or stops working at your home, you contact them for service. There is usually a deductible—either a flat fee or a percentage of what you paid for your item—and some warranty companies require a lengthy waiting period before service. The price of your plan will be based on how many appliances are covered and what kind of coverage they provide, as well as any additional features like 24-hour emergency service or money-back guarantees.
When should I purchase this coverage?
There are a few factors that determine whether you need home warranty insurance. Your home is a major investment, and it’s one that requires continuous upkeep. A home warranty can help protect your investment by providing coverage for some of your biggest and most unexpected expenses, like HVAC repairs or roofing issues. That said, not all homeowners purchase this type of insurance plan. If you live in an area with little risk of extreme weather events, such as hurricanes or tornadoes, then home warranty insurance may be unnecessary. It's also worth noting that, while a standard homeowner's policy covers damage from fire, flood, and other natural disasters, it doesn't cover minor issues like broken water heaters or faulty air conditioning units.
What are the top benefits?
A home warranty policy protects you from unforeseen home repair costs. If something breaks, goes out of whack or stops working, it pays for repairs or replacements. Some plans even provide money back in case it turns out an item doesn’t need to be repaired! Home warranties are also a great way to make sure that your house is properly maintained and up-to-date on its maintenance schedule. Home warranties can help protect your investment and keep your family safe. What makes a good home warranty? Good home warranties offer three basic types of coverage: appliance coverage, heating and cooling coverage, and general wear-and-tear coverage. All should have at least one deductible option. The right plan will be tailored to your specific needs, with comprehensive options such as no deductibles or annual caps available at an additional cost.
How much does it cost?
Home warranty prices can be $350 to $600, depending on factors like the number of appliances and systems you want to cover, the size of your property, and the extent of the coverage. Many companies offer different insurance plans, each with a different cost depending on how broad their coverage is. In general, the average cost of a home warranty, on average, is between $25–$50 a month, or $300–$600 a year. The standard service call fee ranges from $75–$125.
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