Getting your own home is a dream come true for a lot of people, and it’s one that many work for all their lives. Having a place to call home that you can always go back to, no matter what happens is refreshing and heartwarming. It is also exciting. You get to build the home you’ve always envisioned, which is as thrilling as anything out there. This is why you need to invest in protecting your place against anything that might jeopardize everything you’ve worked for, from malfunctions to wear and tear. This means getting a home warranty, but what exactly is covered under one?
Appliances
The first item that you will find covered in most home warranties is appliances. This is a crucial aspect of the warranty which proves quite useful if one of the appliances in your home fails or suffers any malfunctions. The cost of repairing or replacing these devices often proves to be quite costly, especially considering that they come unexpectedly so you don’t exactly have them accounted for in your finances. This is where home warranty coverage comes in useful. It protects you from having to suffer those additional expenses since those appliances are often covered.
The appliances covered in the home warranty include refrigerators, microwaves, dishwashers, dryers, trash compactors, stoves and ovens, ice makers, clothes washers, and garage door openers. There are other appliances that might be optional if you want to include them, depending on the warranty you’re getting, such as pool and spa equipment.
Systems
Unfortunately, it is not just the appliances in your home that might experience problems and malfunction. Heating and electrical systems might suffer malfunctions, and repairing those is even more expensive than repairing a washing machine or a microwave. Some of the systems that could be included in the home warranty include electrical, plumbing, heating, and air conditioning systems, in addition to ceiling fans, smoke detectors, doorbells, and central vacuum.
You can expect to find some variation depending on your home warranty plan. Some companies offer coverage that includes the main systems –– electrical, plumbing, heating, and ventilation. Others give you the option to include additional systems, but those might cost you more money. It is up to you to choose the plan that works best for you. People sometimes opt-out of certain systems if they are still under the manufacturer’s warranty, with the option to add them to your home warranty in the future if you want.
Additional Items
Some plans might have an option to include very specific items that might be relevant to certain houses in particular areas. These items include sump pumps, well pumps, and septic tanks, for example, which are all items you might not need in the city but could prove to be quite useful for those living in rural areas. You can see what Select covers as a demonstration of the warranty plans that you might have access to, and decide if that coverage is suitable for your needs. Plans such as these come at a low service fee compared to other providers, and you also get two months of free coverage. On the other hand, there is a cancellation fee that you need to pay if you want to cancel your warranty before it expires.
What Is Not Covered in Home Warranty
A home warranty doesn’t give you coverage for everything as it might seem, and there are quite a few problems that won’t be included in the plan. For instance, any existing conditions at your home at the time the warranty began will not be included in your coverage. Home warranty also doesn’t include coverage for damage caused by improper installation of any systems or appliances, as well as any complications arising from poor maintenance. If you misused an appliance or tried repairing a malfunctioning system on your own, chances are the home warranty will not cover the resulting damage and you will have to pay for it yourself.
How Does the Warranty Work?
With most service providers, the home warranty starts one month after you’ve sealed the deal. This waiting period might be shorter with some providers, but it won’t be long for the most part. Needless to say, you need to be careful during the waiting period not to cause any problems around the place before the warranty kicks in. So, how does it work? If something malfunctions in your place, a system or appliance, your home warranty provider will send you a technician who is qualified to deal with the problem. You will set the schedule that suits you best, and the expert will come and examine the problem and recommend a solution. For some service providers, you won’t pay for anything but the technician’s visit, and any other expenses are covered. With other providers, everything is covered.
Additional Details
Most home warranty service providers will offer a one-year warranty that can be renewed once it expires. You can also find other providers who will offer you discounted options if you purchase a 3- or 5-year warranty. The average cost for home warranty will vary from one service provider to the other, and also depending on the package you choose. Basic packages can start at around $300 for basic coverage. You could expect to pay twice as much if you are going for a more comprehensive package with a bigger coverage.
So, after understanding the home warranty and how it works, should you get one? The answer is most probably yes. A home warranty is ideal for anyone who owns a home and desires to protect it against wear and tear that are bound to happen over time. It might sound like a lot of money to pay at once, but if you do the math, you will find that a home warranty actually saves you a lot of money in the long run. More importantly, it gives you a sense of security that is priceless. You won’t have to worry about anything malfunctioning in your house and the associated repair expenses, and this can be quite relaxing.