Home warranties: How they work, what they cover and how to get one
When it comes to protecting your prized possessions, it doesn't hurt to be extra careful. From life insurance to car insurance to making sure your home is covered for accidents and repairs, having the right protection in place can save you a lot of financial pain in the future.
While home insurance can protect you if things potentially go wrong in your house, you also have options to prevent them from breaking altogether. That's where home warranties come into play. A home warranty can help protect you and your family by covering the costs of household repairs and appliances. It's something every homeowner should seriously consider.
If you're in the market for a home warranty, tap in an expert to help you get a free quote.
Before searching for a home warranty that meets your needs it's helpful to understand how a home warranty works.
How a home warranty works
Home warranties provide routine service, repair, or even replacement for systems, equipment and appliances. Home insurance won't necessarily repair or replace items (unless certain qualifications are met) - but home warranties will. However, they won't cover everything in the home. They will only repair or replace the items specified in the contract you agree to.
Typical terms last for approximately one year but can be adjusted, too.
They're generally considered a good option for items in which the manufacturer warranty has since expired. They're also good for pricier items like refrigerators. A home warranty will help reduce the cost of repairing or replacing these appliances when they break.
Do you think you'd benefit from having a home warranty in place? Act today and review highly-rated plans from a varied list of home warranty providers.
To determine if a home warranty is right for you, you should list out what you want to cover in the plan.
What a home warranty covers
Simply put: The warranty covers only what's in the agreement with the provider and nothing else. Exclusions specified in the deal are the responsibility of the homeowner. Generally, home warranties can cover:
- Dishwashers
- Refrigerators
- Microwaves
- Ovens
- Garage door openers
- Air conditioners
- Furnaces
- Clothes washer
- Clothes dryer
This list is not exhaustive and warranties can cover more or fewer items. It can also be set up to cover select items only.
While seemingly endless, the list of items a home warranty won't cover is also considerable. Typically, home warranties won't cover:
- Items/appliances that were already broken
- Items/appliances that were initially installed improperly
- Structural, plumbing and electrical adjustments needed to install new items
- Cosmetic issues
- Modifications or adjustments made to new appliances
If the appliances and equipment you need covered fall into the first category and not the second, then you may be a candidate for a home warranty. Check out what kind of protection you're eligible for today.
How to get a home warranty
Getting a home warranty is a relatively simple and straightforward process. There are multiple providers ready and willing to help you get the coverage you need. Before purchasing a plan, however, it helps to know exactly what you want coverage for.
Here are some other things to consider before choosing your provider:
- Pricing: Once you know exactly what you do and don't want to be covered you'll be able to complete an apples-to-apples comparison between providers. Don't be afraid to shop around for the best terms and conditions for the coverage you need.
- Response times: Items need to be repaired and replaced at all times of the day and night. You may need a provider who's more readily available for certain repairs and replacements.
- Coverage limit: Make sure you read the fine print. Some providers limit the amount you're covered for. So if your brand new fridge cost $3,000 you're not going to want a replacement coverage amount capped at $2,000 - unless you're willing to pay the difference.
Ready to get started? Home warranty providers are ready to help you today.
