What Your Home Warranty is Good For

By on October 31, 2019
Home Warranty

Your home will probably be one of the biggest and most important investments in your life. As such, caring for it and keeping it in good working condition will also be a huge priority. One way to ensure that your in-house appliances and most of your home’s functionalities are well taken care of even when you might not have the money to pay for it is to get a home warranty.

The right home warranty plan could be the key to easy and stress-free home maintenance. Here is a thread on what your home warranty is good for and why it could be a wonderful idea to get yourself one today.

Why You Need a Home Warranty Plan

It’s important to note that your home warranty isn’t the same thing as your home or property insurance and neither can one replace the other. Your home insurance is designed to protect your home against unforeseen events such as fires and floods while your home warranty is a policy that gives you financial protection for your major home appliances and systems.

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The idea behind a home warranty is that as time goes by, your home appliances and systems such as electrical wiring, water piping, and such wear and tear. These things will need more repairs and maintenance. In many cases, some of these repairs could amount in thousands of dollars and when something like your HVAC system breaks down in the middle of winter, you don’t have the time to wait and save up the money to replace it. That’s why your home warranty comes into play.Home Warranty

What are the Benefits of a Home Warranty?

Like most insurance policies, your home warranty is only as good as the benefits it provides you. Here are some of the most important reasons why you might need to ensure that your home warranty is renewed every year:

1. It Provides you with Much Needed Peace of Mind

They say that numbers don’t lie. The statistics say that almost 60% of Americans don’t have enough savings to cover an emergency bill of $1,000 and above. As a homeowner, if you fall into this category, you definitely need a home warranty. Repairing or replacing your HVAC system alone could cost you upwards of $1,500.

Now imagine living in that old house that you love so much without knowing when the systems such as electrical or water might give out. Now imagine that and you don’t have enough savings to cover $1,000. Having a home warranty will give you the peace of mind you need to know that should such emergencies occur, you don’t have to go into debt to have them resolved. Your home warranty will cover those repairs or replacements.

2. It Protects First Time Home Owners

As a first time homeowner, you may not be familiar with the kind of repairs and maintenance work that goes into keeping your new home functional. These repairs and replacements might cost thousands of dollars and that number could be higher and might come at you much sooner than you expect especially if you buy a fixer-upper without a home warranty. To protect yourself against such nasty surprises, getting a home warranty is the best way to go.

3. It Will Help You Sell the House Faster

If you are selling your home, having a valid home warranty is one way to entice potential buyers. Experienced buyers know the benefits of a home warranty and will prefer making an offer on the homes that have that kind of cover as opposed to those that do not. Plus, having a home warranty as part of the package shows your potential buyers that you have been taking good care of that home and this alone is enough to earn you a better, more competitive offer.Home Warranty

4. It Can Help You Protect Your Budget

Even if you have an emergency fund that you furnish with money every month, you still need to have some kind of picture of how you want to use that money. Having a home warranty takes the unpredictability out of the whole budgeting process. When you know that your major home appliances and systems are covered and you don’t have to dip into your emergency fund should they break down you can safely plan that money to go towards other, more urgent matters.

5. It provides you with an Easy Fix

Have you ever tried finding a reputable electrician in the middle of winter? The truth is, even if it is not winter, finding the right contractor takes time and a fair amount of research. When you have a home warranty, all this is taken off your plate because your insurance company has a roster of already vetted and trusted contractors for your region. This means that you don’t have to spend time calling and interviewing ten different potentials; all you have to do is call or email your home warranty company and they’ll schedule everything for you.

Another major advantage of home warranties is that they are extremely affordable when you consider all the benefits that having one gives you.

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What Your Home Warranty is Good For