Is it Too Late to Get a Home Warranty?
If you’ve lived in your home for a while, you might think that it’s too late to get a home warranty. You may have even heard that they’re only for new homeowners. This is not true. In fact, there are many different types of home warranties available, and it’s never too late to get one.
In this guide, we will discuss the different types of home warranties available and explain why it’s a good idea to have one.
What is a Home Warranty?
A home warranty is a contract between you and the warranty company. In exchange for a monthly or yearly fee, the company agrees to repair or replace any damage that occurs to your home’s major systems, such as appliances, plumbing, and electrical wiring.
There are three types of home warranties:
1. Structural Coverage
This type of warranty covers damage to the structure of your home, such as the roof, walls, and floors.
2. Systems Coverage
This type of warranty covers damage to the major systems in your home, such as the plumbing and electrical wiring.
3. Contents Coverage
This type of warranty covers damage to your belongings, such as furniture and appliances.
Why is it a Good Idea to Have a Home Warranty?
There are many reasons why it’s a good idea to have a home warranty. Here are some of the most important ones:
Peace of Mind
A home warranty gives you peace of mind knowing that your home is protected in case something goes wrong.
Cost Savings
A home warranty can save money in the long run. If something goes wrong with your home, the company will pay to have it repaired or replaced.
Convenience
With a home warranty, you don’t have to worry about finding someone to repair or replace damaged systems. The warranty company will take care of everything.
Availability
Home warranties are available for both new and existing homeowners.
Is It Too Late to Get a Home Warranty?
Both new and current homeowners can get a home warranty, so it’s never too late to get one.
In fact, a home warranty can save you money in the long run by protecting your home from damage and repairs.
You can also utilize the knowledge of your real estate agent when choosing the home warranty that best meets your needs.
What’s the Difference Between a Home Warranty and Home Insurance?
A home insurance policy protects your home from damages, such as fire or theft. A home warranty, on the other hand, covers damage to your home’s systems and appliances, such as plumbing and the refrigerator.
Here’s a summary of the key differences between home insurance and home warranties:
Home Insurance
- Protects your home from damages, such as from a natural disaster.
- It covers replacement costs for your belongings.
- Usually more expensive than a home warranty.
Home Warranty
- It covers damage to appliances and systems within your home.
- Less expensive than home insurance.
What Does a Home Protection Plan Cover?
A home protection plan covers damage to your home’s major systems, such as the roof and plumbing. It also usually includes coverage for your belongings, such as furniture and appliances.
Here are some of the things that are covered by a home protection plan:
- Roof
- Plumbing
- Electrical Wiring
- Heating and Air Conditioning
- Water Heater
- Dishwasher
- Refrigerator
- Stove
- Washer and Dryer
- Window Air Conditioners
- Ceiling Fans
- Garage Door Opener
How do I Know if I Need a Home Warranty?
There are several factors that you should consider when deciding whether or not you need a home warranty.
Here are some of the things to think about:
Age of your home
If your home is older, it may be more prone to damages and repairs. A home warranty can help protect you from these costs.
Type of materials used in your home
If your home is made with flimsy materials, it may be more prone to damages and repairs. A home warranty can help protect you from these costs.
A number of systems in your home
If your home’s systems have already begun to show signs of age, you may want to consider a home warranty. This will help protect you from future repairs and damages.
How to Buy a Home Warranty?
When you are ready to purchase a home warranty, there are several things that you need to keep in mind.
Here are some tips for buying a home warranty:
- Research - Take the time to research different home warranties and find one that meets your needs. Be sure to carefully what is and isn’t covered under warranty.
- Compare prices - Make sure to compare the prices of different home warranties to find the best deal. Get a free quote from different home warranty companies to see which one is the best fit for you.
- Check the terms and conditions - Make sure that you read the terms and conditions of each policy before you purchase it.
What Should I Look for in a Home Warranty Company?
When you are looking for a home warranty company, there are several things that you should keep in mind.
Here are some tips for choosing a home warranty company:
1
The company should be licensed and insured
Make sure that the home warranty company is licensed and insured. This will protect you if something goes wrong.
2
The company should have a good reputation
Make sure to read reviews from past customers to see if the company is reputable.
3
The company should offer a variety of plans
The company should offer a variety of plans so that you can find one that meets your needs.
4
The company should have a customer service team
The company should have a good customer service team so that you can get help if something goes wrong.
What Are Mistakes to Avoid in Buying a Home Warranty?
When you are buying a home warranty, there are several mistakes that you should avoid.
Here are some tips for avoiding these mistakes:
Don't wait until something goes wrong
The best time to buy a home warranty is before something goes wrong. This will ensure that you have coverage in case of an emergency.
Don't buy a policy that is too expensive
Don’t buy a policy that is more expensive than it is worth. Make sure to compare the prices of different policies to find the best deal.
Don't buy a policy from a company you don't trust
Don’t buy a policy from a company that you don’t trust. Check out reviews from past and current customers.
Don't wait until the last minute
Don’t wait until the last minute to buy a home warranty. This could lead to you getting a policy that doesn’t meet your needs.
How to File a Home Warranty Claim
If something goes wrong with your home and you need to file a claim, here are some steps that you can follow:
1
Contact the company
The first step is to contact the company and let them know what has happened.
2
Submit a claim
Next, you will need to submit a claim form. This can usually be done online or over the phone.
3
Wait for approval
The company will review your claim and let you know if it has been approved.
4
Get repairs
If your claim is approved, the company will work with an approved contractor or company to get the repairs done.
Frequently Asked Questions
1
Do I need to buy a separate home warranty for each of my homes?
No, you do not need to buy a separate home warranty for each of your homes. You can purchase one policy that will cover all of your homes.
2
Is home warranty coverage transferable?
No, home warranty coverage is not typically transferable. If you sell your home, the new owner will likely need to purchase their own policy.
3
What is the average cost of a home warranty?
The average cost of a home warranty is around $500 per year. However, this amount may vary depending on the size and age of your home.
4
Is homeowners insurance the same as a home warranty?
No, homeowners insurance and a home warranty are two different things. Homeowners insurance covers the structure of your home in case of damage or theft. A home warranty covers appliances and other systems in your home in case of failure.
5
Is home systems coverage the same as a home warranty?
No, home systems coverage is not the same as a home warranty. Home systems coverage is an add-on to your homeowner’s insurance policy that covers specific appliances and systems in your home in case of failure.
It is never too late to buy a home warranty. By taking the time to research different companies and policies, you can find one that meets your needs. Make sure to avoid making common mistakes when buying a home warranty, and be sure to know what to do if you need to file a claim.