Buying a home is probably the biggest purchase you’ll ever make. It’s an investment that will affect you for decades to come. Your home is also a place that will protect your loved ones as well as your most valuable possessions and belongings. Maintaining a home requires hard work and diligence. Despite your best efforts, however, appliances and systems will break down and require repairs or replacement – and the cost to do so can be steep. If you are not prepared, you can face some significant financial strain. One solution is to buy home warranty.
A Word About Homeowner’s Insurance
To secure a mortgage loan, you need to acquire homeowner’s insurance. This protection covers you against loss in the event of an emergency, disaster, or other unforeseen circumstances. For example, if a large windstorm knocked a tree into your home, damaging the roof, you could file a claim and work with the insurance provider to arrange repairs – and the associated payment. You pay a monthly premium as well as a deductible when you make a claim. The insurance company takes care of the rest at that point.
How a Home Warranty Is Different
A home warranty does not take the place of an insurance plan; it is in addition to your home insurance policy. You pay an annual or monthly cost to the warranty company in exchange for coverage when an appliance or major household or property system breaks down. The warranty covers wear and tear but will not pay to repair or replace an item that you failed to properly maintain. For instance, if you ever failed to address a small leak in the water heater that eventually got bigger and ruptured, don’t count on your warranty to take effect.
Saving Your Big Bucks
Think about your budget for a moment and consider how much it would cost to fix or replace major appliances and other items in your home. A new water heater can cost over $1,000. Revamping the HVAC system can cost a few thousand or even up to $10,000 or more. A new refrigerator, dishwasher, or range can cost from hundreds to a couple of thousand. If you find yourself with a broken appliance such as one of these, it may be difficult to come up with the cash to take care of the repairs. But if you have the best home warranty for HVAC you can avoid paying out of pocket to purchase and install a very pricey HVAC system; instead, you just have to worry about the premium and let the warranty do the rest.
Giving Your Peace of Mind
You never know for sure when an appliance or system in your home will stop working, but. you can bet that at some point, everything will start to wear out. You could spend sleepless nights worrying about how you would pay for new ones, or you can get a home warranty and put your mind at ease. When something does break down, you will know that the only inconvenience will be the time it takes to repair or replace the item.
Purchase at Any Time
A nice benefit to having a home warranty plan is that you do not need to purchase it the day you move into your home. You can buy it whenever it makes sense to you and still have coverage on those important appliances in your house. If you bought a new water heater several years ago and the manufacturer’s warranty has expired, you can extend that warranty today. The warranty will give you coverage even if you moved into the home many years ago.
Good for Those Who Are not the Do-it-Yourself Types
It’s nice to be handy around the home and have the skills to fix items. However, if you aren’t confident in your abilities or don’t have an interest in doing these projects, a home warranty can make a lot of sense. When something wears out, instead of trying to repair it on your own, simply take advantage of your warranty, and let a professional handle it. This service call won’t cost you a dime other than what you must pay for the warranty.
Makes Sense for Inexperienced Homeowners
First-time homeowners in particular may not be familiar with certain household systems. Sprinkling systems, the plumbing, and furnaces may be outside of your realm of expertise. If this is the case, put your warranty into action and let someone else do the dirty work for you.
It’s easy to see that there are benefits to buying a home warranty. This can help you save money and feel at peace knowing you will not have to pay a lot for any repairs or replacements. Inquire about one today and get started on your new coverage.