One of your most valuable possessions is your home, so of course you want to safeguard it against loss. You might be surprised to learn that many expensive fixtures and systems in your house that could malfunction due to normal wear and use, such as washers and dryers, HVAC systems, plumbing, and electrical systems, are not covered by a homeowners insurance policy. So what about a home warranty? Is it a good idea?
Even if your home appliances and mechanical systems are covered by a manufacturer’s warranty, it might only be valid for a short period of time without the addition of extended coverage, and it might not cover all parts and labor. A home warranty may pick up where your manufacturer’s warranty leaves off. Given how many of your most priceless possessions are still covered, you might want to think about getting a house warranty to guard against pricey repairs or replacements. Another advantage to home warranties is that you only have to call one company for your repair needs.
How does it work?
When you purchase a home warranty and an appliance or system breaks down that is covered by the guarantee, you can make a claim with your home warranty provider to arrange for repairs to be made by a qualified service provider. Depending on your warranty plan, you will normally pay a service fee and the warranty provider will pay the remaining repair costs. There may be restrictions on what replacement costs the warranty company will cover.
What is the difference between a home warranty and homeowners insurance?
Homeowners insurance provides liability protection in case someone is hurt on your property as well as coverage for damage to your home’s foundation and structure from a covered loss. While paying for repairs or replacements, home warranty coverage does not provide any of those safeguards. A home warranty will pay for repairs to home systems and appliances that aren’t covered by your homeowners insurance policy.
Is a home warranty right for you?
Only you can be the judge if a home warranty is the right decision for you. Appliance and home system repairs can be expensive and may not be covered by your homeowners insurance. A home warranty company can also assist with finding a qualified contractor to complete any needed repairs.
You never know if you will need the extra coverage a home warranty affords, but it is nice to know you are protected when the unexpected occurs.
One way you can find out the condition of home systems, appliances and any repairs you may need is by having a home inspection completed. We provide quality home inspections to give you peace of mind! Give us a call at (774) 200-0519 to schedule your home inspection today.
