As a homeowner, you might be wondering if a home warranty plan is really worth it, mainly because you probably already have a home insurance policy. However, home insurance policies are substantially different from home warranty plans.
Home insurance provides coverage that protects the policyholder from loss or damage to the property or covered possessions due to loss or damage. This includes instances like theft, fire, and weather damage.
On the other hand, your home warranty will cover appliances and major systems in your home that insurance doesn’t cover. Even though warranties work similarly to insurance plans because you’ll be paying a deductible and cover fees, these two policies are not the same.
So, if you’re wondering if a home warranty plan is worth it, we’ve listed five unarguable reasons why you need this plan.
With a home warranty plan, your budget won’t be set off by the sudden need for appliance repair or maintenance of major home systems; these will otherwise be pretty costly to pay for out of pocket.
This one-year service agreement also covers the replacement of appliances and major home systems. However, warranty plans only cover damage due to regular wear and tear.
You can also better anticipate expected costs regarding appliances and major systems because you’ll be paying either a monthly cover fee or a once-off annual fee to keep your warranty active.
Instead of having to budget for the potential costs of appliance repairs or breakdowns, you can budget for one predetermined amount per month or per year.
Home warranty policies are excellent add-ons to standard home insurance policies because they cover what insurance doesn’t.
With the right property insurance policy and a home warranty, you’ll ultimately have unwavering peace of mind as a homeowner. Although, home insurance is beneficial to tenants as well.
If you don’t have a home warranty plan, you’ll find yourself in a huff every time an appliance starts acting up; it’s not easy to find a suitable repair service available when you need them most.
On the other hand, a registered repair service will be waiting for your call with this plan. So, you won’t be without your essential appliance for long, even if it breaks down at the most inconvenient time.
Some home warranty companies offer value-added savings opportunities. There are discount programs available for quality name-brand appliances. But when it comes to getting the best deal on your home warranty plan, it’s essential to shop around at the best warranty companies to compare deals.
Even though you might be thinking a home warranty is simply another cost, this plan can save you a substantial fortune in the long run. It’s impossible to predict when appliances and major home systems might start acting up. If you haven’t budgeted for these costs, you could be well on your way to financial distress; it’s no secret that appliance repair and replacement can be pretty expensive.
So, instead of letting these costs catch you off guard, purchase a home warranty plan that will bring you absolute financial peace of mind as a homeowner.