Should I get a Home Warranty?

Should I as a homeowner get a home warranty? Is it worth the cost? The short answer is YES!!

Here is the perfect example why. We recently moved to a new home. As part of the sale we were given a home warranty. After 3 months in the home the AC compressor broke. We placed a service order, a heating and cooling company came to assess the compressor. It turned out we needed a new compressor and had we not had this home warranty we would have been out $3300!!! Our only cost was the service fee of $85. So do I recommend a home warranty, YES. Read on.

A home warranty can be important for homeowners, whether they are first-time buyers or have owned multiple homes in the past. Here are some reasons why a home warranty can be valuable:

• Protection against unexpected repairs: A home warranty provides coverage for the repair or replacement of major systems and appliances in your home. If a covered item breaks down due to normal wear and tear, the warranty can help cover the cost of repair or replacement, potentially saving you from significant expenses.

• Budgeting and financial stability: Homeownership comes with various costs, and unexpected repairs can put a strain on your budget. With a home warranty, you pay a predictable annual or monthly fee, and if covered items malfunction, you can rely on the warranty to help cover the costs. This can provide financial stability and make it easier to plan your budget.

• Peace of mind: Knowing that you have a home warranty in place can offer peace of mind to homeowners. It provides a safety net and alleviates concerns about potential costly repairs. Instead of worrying about unexpected breakdowns, you can feel more secure in your home.

• Convenience and simplified repairs: Home warranty companies usually have a network of pre-screened service providers, making it easier to arrange repairs. When a covered item fails, you can contact the warranty company, and they will coordinate with a qualified technician to assess and resolve the issue. This can save you time and effort in finding reliable contractors and negotiating repair costs.

• Extended coverage beyond manufacturer warranties: Many appliances and systems come with limited manufacturer warranties, but these often expire after a certain period. A home warranty can extend coverage beyond these warranties, providing an additional layer of protection for older items that may be more prone to breakdowns.

• Increased home value: Having a home warranty in place can make your home more attractive to potential buyers, particularly for those who are hesitant about potential repair costs. It can be an appealing selling point and may help differentiate your home from others on the market.

However, it's essential to carefully review the terms and conditions of a home warranty before purchasing one. Policies can vary in coverage, exclusions, and limitations, so make sure you understand what is covered and what is not. Additionally, be aware of any deductibles, service fees, or claim limits associated with the warranty.

A home warranty is great insurance for your home. Please reach out with questions.

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Other articles by?Chris Shrader

Tales of a Mastermind Co-Author Chris Shrader