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Contracts and terms may vary, and coverage depends on the type of warranty you purchase. It does not provide the same coverage as homeowners insurance, which protects policyholders against damage to personal property and the home’s structure, such as fire damage or theft. If you’re buying a home or plan to purchase one soon, you’ve probably heard the term “home warranty” more than once.
Are Home Warranties Worth It?
All ratings are determined solely by the editorial team. If you’re buying a newly built home, chances are it will come with a builder warranty covering the permanent parts of the home. But even if your home is new or newly remodeled, or if you’re buying an older home, you may want to weigh the pros and cons of an additional home warranty or service contract. For example, a builder warranty may automatically come with a newly built home, but a service contract usually costs extra and is something you choose to purchase. That’s true of home warranties for existing or older homes.
We’ll pay for your covered item repair or replacement, up to your contract terms and limits. If your repair exceeds the limit of what your contract covers, we’ll inform you of any additional costs upfront so you can decide how to proceed. Home warranties are offered via contract for a monthly or annual fee.
What does a home warranty cover?
Their lowest coverage tier protects only your kitchen appliances for just over $15 per month at the highest, $100, service fee level. Their highest level of coverage includes both your home systems and your appliances. If you are buying a home, you’ll be responsible for any and all system and appliance repairs, unless you have a home warranty. Many homebuyers seek out a home that includes a home warranty plan with the purchase. If a plan is not included in the purchase of a home, numerous buyers quickly consider buying home warranty plans to fit their needs, offering the protection they desire.
Depending on your agreement, you may have a waiting period of up to 30 days after purchasing your home warranty before you can request service. It’s also worth checking the home warranty to see if it cover repairs or a full replacement for these items. A home warranty can be an attractive add-on when selling your home, giving buyers additional confidence in their purchase and enabling the seller to sell at a higher price. HSC can also help protect your home's systems and appliances while your home is on the market, ensuring that you will not lose a potential buyer in case of a system or appliance failure. This way you can focus on your next home and avoid worrying about the one you are trying to sell.
Should you buy a home warranty?
However, you should know that home warranties are notorious for their terms, exclusions and limitations — always read the fine print in your home warranty policy. Many things aren’t covered, and you may need to purchase several add-ons or an extended warranty to get coverage for more systems and appliances. 2-10 Home Buyers Warranty makes customizing your home warranty plan affordable.
ServicePlus uses stock photos when publishing consumer reviews. It is company policy to use only stock imagery as we can not source the true ownership, or royalty rights, of a photo provided by the consumer, as well as protect the identity of the consumer. HSC Warranty offers a number of affordable plans that vary depending on your desired level of coverage. For home buyers and existing homeowners, coverage begins 30 days after you purchase your new home warranty plan. We don't care how old your home, systems, or appliances are - our home warranty protection will cover them. You could pay THOUSANDS for a single repair or replacement — or a fraction of that cost for an entire year of coverage with American Home Shield.
The key is reading the service contract so you can know exactly what your home warranty covers and what’s excluded. Provided you’ve got the time to do so, it wouldn’t hurt to look at online reviews for the home warranty company you are considering. Pay special attention to common themes in complaints and positive reviews, such as why their home warranty claim is denied — common reasons include improper maintenance. Although a home warranty might sound like a great idea, you still need to approach these service contracts with some scrutiny. There are terms and limitations that determine how much coverage you’re entitled to, which should be weighed against the costs you’ll pay for the warranty.
A home warranty is a one-year service contract that helps pay the repair and replacement costs when parts of covered systems and appliances stop working. A home warranty complements homeowner’s insurance by protecting things insurance doesn’t, like normal wear-and-tear and improper maintenance. Having home warranty coverage undoubtedly provides you with peace of mind. This way, you don’t have to pay for repairs or replacements out of pocket and can hopefully save money in the long run. A home warranty is a renewable home service plan that offers discounted repair and replacement services for applicable household appliances and systems.
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It’s also worth noting that the more you use it, the more value you can potentially get out of it. I've had the home warranty for 4 years now and I keep renewing it. I'm happy with the service and I think it is worth it overall. While there are many items not covered by the warranty, many of the others are. Real Estate Pros Give you and your clients the peace of mind a home warranty provides.
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