Purchasing a new house and having to worry about the unexpected repairs to the major system and appliances that may occur after you enter your new dream home is never fun.The chances of facing failures within these systems or appliances are very likely when you purchase a home that isn’t brand new. So the question is how to get protection against these unanticipated eventualities that may at any time bring you under financial and psychological stress.
The answer is straightforward “Home Warranty“.
But what is this home warranty and how can it save you money?
Today we will answer these important questions.
Home Warranty is a contract signed between a homeowner and home warranty company. It provides cover against the unexpected repairs and also replacement service and therefore protects against the failure of major appliances, as well as plumbing and electrical components.
Let me make it clear that home warranty is completely separate from homeowner’s insurance.
With home warranty you get discounted, low cost repairs and replacement services.
- Heating appliances
- Water heaters
- Plumbing and electrical systems
- Kitchen Appliances like ovens & Cook tops
- Garbage disposals
- Ceiling fans and exhaust fans
- Structural damage to property
- Liability Coverage
- Jewelry (To some value)
- Protection against theft, accident, lighting etc.
How home warranty saves money?
Home warranty costs just a few dollars; price range normally varies from $200 to $500, depending on coverage. Under a few circumstances like special offers, you may get more coverage for lesser money or discounts.Breakdown of appliances can cost you both in cash and time. A study says that probable chance of breakdown of an appliance older than 3 years is twice a year, this can make you lose considerable amount money and time too. Think how much time you will waste on finding a right repair shop and to find a substitute for the device.Home warranty is no doubt a bang for your buck!