Your home is one of your most important assets. It is a place that will protect you and your loved ones. It also contains some of your most valuable and essential belongings. You rely on these items every day for convenience and need. When it comes to appliances and systems, you will invest a significant amount of money and effort in purchasing and maintaining them.
At some point, you know these items are going to wear out and stop working. Fixing or replacing them can be expensive. When this time comes, you can experience financial stress and strain as you try to figure out how you are going to afford to pay for new or improved versions. A home warranty from Select Home Warranty can help.
This coverage protects you financially, as it removes your responsibility of having to pay for repairs or replacements of appliances and systems in your home. As you start to shop for a warranty, there are certain elements you should be aware of. You can then enjoy peace of mind and more financial freedom.
1. Know What the Warranty Covers
Before you purchase a home warranty, make sure you are aware of what items are included in the protection. The warranty will cover appliances such as your washer and dryer, stove and oven, built-in microwave, dishwashers, refrigerator, and water heater. It also covers your roof, sprinkling system, and even your swimming pool, if you have one. It will also pay for repairs to and replacements of your HVAC, electrical, and plumbing systems.
However, the warranty does not apply to small appliances such as mixers, toasters, and electric griddles and skillets. It will not cover certain structural improvements you make to the home, such as adding or knocking out a wall. Also Read – Why you should hire an electrician for home electric repairs
2. Understand the Exceptions
A homeowner’s insurance plan covers damage and loss from a disaster or catastrophe such as a fire or theft. This coverage is required for any mortgage. A home warranty is optional. It covers items that break down due to wear and tear or that stop working suddenly and unexpectedly.
Your plan will not take effect in every situation. There are exclusions to this coverage that you need to know about ahead of time. A warranty is not valid if you failed to take reasonable steps to maintain the item in question. You should also not expect coverage if you deliberately damage an appliance or system or if you used one improperly. There are also coverage limits per item. The plan will pay for repairs and replacements up to a certain dollar amount.
3. Know What You Are Paying
Like a homeowner’s insurance policy, you will have a premium to pay when you buy a home warranty plan. This might be an annual or monthly cost, depending on the warranty option you choose. Warranties can vary in cost, but most are between $300 and $700 a year. As long as you do not exceed the annual per-item coverage limit, you should not have to pay anything out of pocket for repairs or new installations.
There are, however, some additional costs to be aware of. You will have to pay a service call fee when a technician comes to assess your broken appliance or system. These fees can range between $50 and $150.
4. Be Aware of the Details
When it comes to a home warranty, you don’t want anything to surprise you at the last minute. The last thing you need is to discover that something is unexpectedly not covered or that you have to pay extra for something you were not aware of. Make sure to read the fine print before you buy your plan.
There are some things you will want to understand about your plan. Some warranties may not cover older items, so find out whether your plan will fix or replace items that are 10 years old or older. Also, a warranty may apply to certain parts or elements of a system or not the entire system itself. Also Check – DIY Domestic: How to Start Taking on Home Repairs Yourself
5. Research the Company
As you shop for a home warranty, you want to look at the warranty company as a whole. Read online reviews to see what other customers’ experiences have been like. Find out what people have liked and disliked about their plans. As you become interested in a particular warranty, read more about the warranty company, including how long it has been in business, what its Better Business Bureau rating is, and what the customer service is like.
Protecting your home and your possessions inside is vital for your safety, comfort, and financial security. You can avoid paying steep bills for repairs when you buy a home warranty. As you get serious about doing this, use these guidelines to help you purchase a plan that makes the most sense for you.