To get a home warranty, or to not get a home warranty? That is the question! Okay, so maybe there weren’t home warranties back in Shakespeare’s time, but if there were, you can be sure he would have gotten one. You might think they’re a waste of money or not necessarily a priority. We’re here to tell you why should say yes to a home warranty.
In a nutshell, a home warranty is a policy that covers major repairs around the house. They act as a sort of safety net in the event of a unexpected breakdown. It’s fairly common for new homeowners to opt for a home warranty for at least the first year. Getting through each individual season will allow you to see each appliance in action. Perhaps you bought your home in October and you discover that, come May and it’s time to turn on your A/C unit, it doesn’t work. Enter your home warranty policy.
Simply put, home warranties help provide financial protection for homeowners when appliance unexpectedly break. After all, no one wants to get hit with unexpected expenses right after moving in!
A home warranty is different than homeowner’s insurance, which is required by law. Insurance will generally cover damage from things like flooding, fires, and major catastrophes. A home warranty usually covers repair and/or replacement of appliances, like:
- Electrical systems
- Plumbing systems
- Heating and cooling systems
- Washer and Dryer
- Kitchen appliances like your stove
Sometimes sellers use a home warranty as an incentive to buy. They’ll offer to cover the first year of a home warranty for you. Or, you decide to buy one yourself. They’re surprisingly affordable and could save you lots of money in the long run.
Plans range in price and coverage but you’ll generally be able to score one for between $300 and $600 for a year. You might consider additional coverage if your home has an inground pool, septic, or well. If feasible, this is a small price to pay for peace of mind. Plus, if a year passes and you change your mind, just don’t renew it. It’s that simple.
As the saying goes, wouldn’t you rather have it and not need it than need it and not have it?