Should You Purchase a Home Warranty?
Every homeowner anticipates repairs and replacements. This is an essential part of owning a property. The HVAC (heating, ventilation, air conditioning) can break down anytime regardless if it’s summer or winter. Using your savings to repair or replace any appliance or system that isn’t working can be irritating and stressful.
The good news is that you can invest in a Virginia home warranty plan to lighten the payment load. Here are the details to help you decide if you should invest in a home warranty.
A home warranty plan is the partner of every home insurance plan. The coverage you get from a home warranty includes electrical, plumbing, HVAC, and water heaters, as well as certain large appliances. Some companies offer add-on coverage for septic systems, home spas, and small appliances. You can choose which systems and components of your home should have coverage when they break down.
The service fees and limitations of your home warranty will depend on the company. Filing a claim is possible through the customer service hotline, the company’s app, or the company’s website. After processing the claim, the service provider or in-house technician will go to your house. The issue will receive proper checking. Repairs or replacements will take place once the technicians confirm that your home warranty plan covers the issue.
Has a Low Premium
You can pay your home warranty plan with a monthly or an annual fee. The payments are inexpensive. Those who have it pay about $25-$50 a month or $300-$600 a year. The regular cost of the appliance, plumbing, and HVAC repairs is about $45-$200 per hour, and that doesn’t even take into account the potential breakdowns of other systems and appliances. You can save a significant amount if you pursue getting a home warranty plan. Also Read – What Is a Triple Net Lease (NNN)?
Gives Peace of Mind
This is a valuable part of being a homeowner. Having peace of mind allows you to live without anxiety or fear of your routine grinding to a halt because of a breakdown in your home.
As we mentioned, home warranty plans vary. The coverage depends on the components you want to protect. You can include garage door openers, roofing, kitchen appliances, washers, dryers, and windows.
It is often time-consuming to research an available and credible repairman in your area when something breaks down in your house. This can interrupt your daily routine and even your work. A home warranty allows you to have a set, reputable service provider for any repairs or replacements. This is convenient, especially for new homeowners.
Increases Home Value
It can be difficult to sell your home if you have malfunctioning components. Getting a home warranty increases the value of a home. This type of property protection can ensure the proper function of your home’s HVAC and appliances. Prospective home buyers would be happy to make high offers in a functional home.
A home warranty also has transferability, which means that when you sell your house, the home warranty plan you have will transfer to the new homeowner. This can be a big perk to get buyers interested in your home. A transfer fee may cost about $25. Reading the fine print of your home warranty plan can tell you more about its transferability.
Covers What Manufacturer Warranties and Homeowners Insurance Plans Do Not
A manufacturer warranty can provide you with replacements and repairs up to a year from the purchase date. This applies to home systems and appliances. If there is an issue, it has to happen within the set period. Homeowners insurance covers accidental damages to possessions and properties. This may be from events like bad weather or a fire.
The slim inclusions of these warranties make them limited. A home warranty covers their limitations, providing coverage for the natural wear and tear of your appliances and systems. If something fails in your home, you can call on the home warranty company to resolve the matter.
Investing in a Home Warranty Can Make Your Life Easier
A responsible homeowner protects his or her home from any kind of damage. Protecting your home from wear and tear is also important. A home warranty can remove your worries about breakdowns in your home. Finding the right home warranty company and investing in this type of plan is worth your time.