Important Facts to Know About The Home Warranty Plans
So, you have purchased a home recently, it’s a piece of great news. You have already spent a chunk amount of money on your home buying venture. Now it is your responsibility to take care of your home and its components. If it is an older home with aged home appliances and systems then they are likely to break down or stop working soon. We all know the fact is that repairing or replacing expensive appliances and systems is a costly affair. So, have you thought about any plan to take care of your unforeseen appliances or systems repairing or replacing rated expenses? Well, this is exactly where a home warranty plan can be your great savior.
What is a home warranty plan?
A home warranty plan is a service contract that covers the repairing or replacement cost of broken appliances and systems in your home. Generally, it is an annual service contract but some companies allow you to pay the premium monthly. Always remember one thing that most home warranty companies do not provide coverage for items with pre-existing conditions. For example, if you have a refrigerator with a faulty dispenser you should not cover it by your home warranty plan.
What is the cost of a home warranty plan?
There is no fixed cost but it completely depends on the area you stay the types of coverage you want and the company you are selecting. Generally, the cost of a home warranty plan ranges between $300 to $600. These are the basic types of plans that cover your home appliances or systems. There are also a little costly but comprehensive plans that cover both your home appliances and systems. Usually, the price of those comprehensive plans ranges between $1000 to $1200.
How does a home warranty plan work?
The working procedure of a home warranty plan is pretty simple. Whenever you find any of your covered items stops working or breaks down due to wear and tears you just need to file a complaint to your home warranty service provider and they will send out a service professional to your home to inspect the problem. If the issue with your item comes under the coverage, they will repair it or replace it based on the requirement. All you have to do is pay a small service fee called the deductible. Usually, the deductible amount ranges between $30 to $60. That deductible amount is negotiable at the time of purchasing the home warranty plan.
Is a home warranty plan the same as home insurance?
A lot of people misunderstand home warranty plan with home insurance but they both are different types of investments. Home insurance provides coverage for the structural damages to your home due to theft fire or any natural disasters but it doesn’t cover the appliances and systems in your home. Having home insurance is a must when you have a mortgage but on the other hand, a home warranty policy is a completely optional investment for the consumers.
What are the items covered by a home warranty plan?
The common home warranty plans cover the appliances like a refrigerator, microwave, oven. cooking top, washer and dryer, and systems like electrical. Plumbing, heating, etc. Most companies have three types of plans available for the consumers-
· A plan that covers the home appliances
· A plan that covers home systems
· Little costly but comprehensive plan covering both home appliances and systems
You can also cover additional items like a swimming pool, spa, and automatic garage door by paying an extra amount.
Do I need a home warranty plan?
Well, it depends on what kind of home you are going to purchase. If you are purchasing a new home with all the brand-new items, you may not need a home warranty plan as most of the items are covered by the manufacturers’ warranties. If it’s an older home with pre-existing appliances and systems then you should go for a home warranty plan as it will save you a considerable amount of money in the long run.
How to choose a perfect home warranty company?
When it comes to choosing a home warranty plan, you should do some research. It is always good to ask for recommendations from your family members, friends, colleagues and acquaintances. Try to know what kind of experience they had with their home warranty plan providers.
You can also check the online review sites. Once you have shortlisted some home warranty companies, it’s time to know how many positive reviews they have. You should always select a company with a considerable number of positive reviews from its customers. Indeed, it is almost next to possible to find a company only with positive customer reviews because every home warranty company has some negative reviews also. Now you should check how the company is dealing with its negative reviews. If you find a company that handles their negative reviews diligently that means this company is professional and cares about their customers and you can consider buying a home warranty plan from such a company.
Final Words:
If you are looking forward to buying a home warranty plan from a very reputed company, ServicePlus Home Warranty is your one-stop solution as it is one of the oldest and most popular home warranty service providers in the US market. If you want to know more about its plans and offerings then you should ask for a free quote.
