Here’s How a Home Warranty Can Help You From Another Costly Appliance Repair
Anyone who owns a home understands that this responsibility requires a significant financial commitment. There is always maintenance and upkeep to do, along with occasional repairs and replacement of parts, material, and systems. Of course, you want to minimize these costs as much as possible and keep as much of your hard-earned money as possible. Fixing major appliances can be a burden and cause havoc with anyone’s budget. Fortunately, purchasing a warranty can keep you from having to shell out loads of cash and gives you peace of mind.
What It Is
Don’t confuse a home warranty with homeowners insurance. Insurance is a policy that helps to pay a portion of repairs to areas of your home due to disasters, mishaps, theft, and other incidents. A home warranty is a service contract where the company agrees to repair or replace certain items that break or wear out. You pay a certain amount of money each year, depending on what items you warranty.
Paying for Repairs
It’s alarming how fast the costs can pile up to fix appliances. Many items you own can be expensive to repair. These include HVAC systems, refrigerators, water heaters, dishwashers, washers and dryers, sump pumps, and water softeners. The list goes on, but these are among the commonly warrantied items that people have. Eventually, each of these will experience problems and require attention. Even calling a service technician to your home for a diagnosis can cost $100 or more. Considering many warranties cost less than that a year, you can see where the savings come into play. Your warranty will cover not only this visit but all the repairs to get your appliance up and running.
Paying to Replace the Item
If fixing an appliance isn’t expensive enough, replacing it can be overwhelming to the bank account. Getting a new central air system, for instance, can cost a few thousand dollars.. A quality fridge can be in the neighborhood of $2,000 or more. Your warranty will cover the costs of a new purchase and installation of the item; you’ll only have to pay the annual fee of the warranty.
When It Makes Sense to Purchase One
Home warranties may not be for all homeowners. If you are moving into a brand-new home, you shouldn’t have to deal with broken appliances at first. Many homes come with a one-year warranty, where any repairs or replacements aren’t your responsibility. You should consider getting a warranty when you are moving into an older home or a few years after moving into a newer one. Appliances won’t last forever. If you believe it’s only a matter of time that a certain appliance is coming to the end of its life, think about getting a warranty.
The nice thing about a warranty program is that you can include appliances later on down the road. If you buy a new item, for instance, you can add it to the warranty even after you have already bought one. You might even be able to transfer the warranty to a new homeowner after selling the home.
Taking Away the Hassle
It can cost a lot of time to find the right service technician to diagnose and repair appliances. When you have a warranty, the warranty company will take care of getting a qualified person to your home to fix the item. You don’t have to worry about getting recommendations and referrals or sifting through the many possibilities near you.
Fixing appliances or replacing them is one of the costliest issues that homeowners face. Instead of paying thousands a year or more to do this, consider purchasing a home warranty to help cover the cost of major repairs.