DO I NEED A HOME WARRANTY PLAN?
Does your monthly budget allow for expensive home repairs? If not, a home warranty plan is right for you. Our plans are a perfect solution when extra help is needed for home repairs. Whether you are a young family just starting out, or simply want to have peace of mind when it comes to your appliances, there is a home warranty plan right for all households.
WHAT IS A HOME WARRANTY PLAN?
A home warranty plan is a valuable tool for all homeowners. Having an extended warranty in place for your home appliances protects you and your family budget from expensive, unexpected repair costs. Our plans protect items such as your heating and cooling system, water heater, kitchen and laundry appliances, pool equipment, and much more. You need a plan that doesn’t have a deductible or service call charge! You need one that also offers diverse monthly and annual plans for home buyers as well as homeowners. You need a home warranty plan that protects every part inside the appliance, so you never have to wonder which parts will be covered.
The right home warranty protects you from the high cost of unexpected failures to the major systems and appliances in your home by repairing or replacing covered items that break down due to normal wear and tear. Buying or selling your home can be stressful, especially if one of your home’s systems or appliances breaks down unexpectedly.
The home warranty fills in valuable coverage where your homeowners insurance doesn’t apply. To secure the best protection for your home and your budget, you need both homeowners insurance and a home warranty. A home warranty covers costly home repairs and replacements due to normal everyday use. It’s not your homeowner’s insurance policy; a home warranty is a separate contract covering repairs and replacements on systems in your home. Home warranties cover many, but not all, of your home’s appliances and systems. Contract costs and coverage can vary widely, so always compare before purchasing.
A home warranty is often a feature in the sale of a home. In that scenario, the seller typically pays a few hundred dollars for a one-year warranty covering the home’s major fixtures such as the furnace, water heater and kitchen appliances. This gives the buyer some protection during that first year of ownership knowing that if something major breaks down it will be covered. Many homeowners choose to continue paying an annual premium rather than risk bearing the full replacement cost of a major item.
When a home warranty is understood and utilized for its intended purposes, it can be the easiest way to save on home repairs and reduce the extra stress that comes with buying or selling a home. Home warranties cover many of your home’s crucial systems and appliances.
When you purchase a home, even a home that isn’t new, there is a very good chance that you will be offered a home appliance warranty. The seller may offer to purchase one on your behalf to provide peace of mind that any component of the home that fails can be fixed affordably.
Homeowners that are trying to sell their homes may want to consider the benefits of offering a home warranty on their home. The seller can choose to pay for the home warranty coverage on his or her own or ask that the buyer pay for a specified portion of the cost. By including a home warranty option on their home, homeowners can get the maximum selling price for their home, be relieved of further obligations should repairs or replacements become necessary after the final purchase is completed, and interest buyers in a tough market.
Pre-existing home purchase
When buying a pre-existing home, buyers can choose to purchase home warranty coverage. This will provide them with coverage against for repair or replacement costs that they may incur with existing mechanical systems or appliances in their new home within a specific time frame following the purchase date. Major mechanical systems that are covered include plumbing, electrical, heating and air.
Many states require that all home builders and contractors warranty their work on a newly constructed home. This provides the homeowner with the assurance that should any major defects or repairs become necessary within its new home for various time periods up to ten years following construction that is not the fault of damage or negligence by the homeowner then the repairs or replacements necessary will be covered.
The workmanship of the home construction, materials used and performance of major systems such as the plumbing, electrical and HVAC are all covered under these types of home warranty services. This includes the overall integrity of the structure. Each state monitors the specific requirements in these situations.
A Home appliance warranty offers protection for your major appliances, as well as plumbing and electrical units. It covers the cost of repairing or replacing major household appliances in case they break down, provided they meet the terms and conditions of the home service contract.
Home insurance covers your home in the event of damage due to natural calamity or man-made disasters and offers you liability protection from lawsuits in case of a third party involvement. If your neighbor came visiting you and accidentally fell and got injured and decides to sue you, then home insurance will take care of the claims. Home insurance is mandatory if you have a mortgage on your home.
Buying a home can be expensive, but what newbie homeowners often don’t realize is that the spending has only just begun. The hidden costs of homeownership can equal if not exceed the mortgage payments you send to the bank.
The real cost of your home
You need to know about those hidden costs so that you can:
- Gauge whether a seemingly affordable home may actually break your budget.
- Set aside money for these expenses to avoid going into debt.
- Develop a backup plan in case your savings aren’t enough to cover the bills.
You probably know that in addition to your mortgage you’ll pay property taxes and insurance. In addition, you may pay homeowners association fees, and may face higher utility bills compared with what renters typically pay.
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