We have all seen ads or have gotten flyers in the mail regarding Home Warranty insurance. Frankly not everyone knows exactly what this covers and if it’s worth getting. Let’s take a closer look at home warranties and what they really have to offer which will help you to decide if a home warranty is right for you.
Ok – the first thing to find out is just what is a home warranty? Many people assume that a home warranty is a version of homeowner’s insurance. Actually, it is significantly different from a homeowner’s insurance policy. A homeowner’s policy insures the structure of the home and your stuff against fire or water damage, theft… that kind of thing. However, a home warranty is a different kind of insurance which covers most systems within the home to allow for their repair or replacement in case they break.
The specific details of what a home warranty covers can vary a bit depending on the specific home warranty plan you purchase. In most cases, major systems such as plumbing, electrical and HVAC are covered. The policy functions like most standard warranties, allowing you to get needed repairs or replacements while the warranty is still in effect.
Interestingly, if your water heater “let’s go”… you might actually need both – the home warranty to replace the water heater, and the homeowners insurance to repair the water damage caused when it leaked into the home because you did not have a pan underneath https://wp.me/pi2D9-7R
So now we understand the concept, let’s go into options you have in your home warranty. There is some flexibility with coverage. Of course, like any insurance, your cost will be more with more items covered.
There may be add-ons that you can include with your warranty for an additional cost. These can include things like swimming pool equipment or the fridge in your garage, as well as expanded services such as maintenance tune-ups for your HVAC system. Some providers even use add-ons to create customizable warranty plans, offering up a basic general plan and then expanding it to meet your needs by letting you add only the features you want.
How long does a Home Warranty Plan last? Again, the term of a home warranty depends on the specific warranty policy you take out. One of the most common warranty periods is one year, giving you a full year’s worth of peace of mind after you take out the policy. At the end of the year, just renew it if you found value, or cancel it.
So do you really need a Home Warranty Policy? I think they are a good idea… I have one for my house (ask me which one). The right home warranty can be a good buy, but it’s worth looking at the cost and coverage to make sure the plan is actually what you need.
Please feel free to contact me if you have any questions about Home Warranties – many people do. I have experience with this and help guide you so you can make an informed decision. I can also recommend very reputable HW agents for you to speak with about a policy – they are long standing business contacts of mine and have helped many clients of mine.
Do you have a need for commercial / industrial / retail space? Are you ready to buy or sell a home? We can help you with that… just call us at 702 SELL NOW or click on this link to my website http://www.702SellNow.com
Choose to have an amazing day…..Jeff