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3 Things You Didn’t Know About Home Warranties

Home warranty purchases are on the rise right now, and for a good reason. They provide peace of mind and help people protect their investments while safeguarding their finances. If you’re considering a home warranty, you likely want to get as much information as you can first. One way to do this is to go to a site to learn about a specific plan, like reading this American Home Warranty review, for example.

While most of the information you’ve found is likely about basic coverage, you can learn more by going over some little-known facts. After learning this information, you’ll know if you want to move forward and purchase a policy. 

  1. You Have Control Over Pricing

Many people think that home warranties are pretty much the same, so they expect to pay around the same cost, regardless of which company or policy they choose. However, you can select from various coverage and pricing options, giving you full control over the process. 

For instance, you can get a basic home warranty that covers a single appliance or a more robust plan for several appliances and home systems. You can also include add-ons if you wish. Potential add-ons include your roof, pool, spa, and other systems.

Because you have so many options, you shouldn’t have a problem finding a policy that provides the coverage you want at a price you can afford. You can even speak directly to the warranty company to help you choose a plan within your budget if needed. Also, if you’re currently working with a realtor, he or she can help you select coverage. With some assistance, you can find a plan that’s robust enough to provide protection without covering unnecessary items that drive up the cost. 

  1. Home Warranties Protect Buyers and Sellers

While many people buy warranties while residing in their houses, they are also powerful tools when selling homes. In fact, they’re so helpful that realtors often recommend that sellers get home warranties. Additionally, realtors occasionally buy them as gifts to entice prospective buyers. This is becoming more and more common as the housing market ebbs and flows. Realtors have discovered that buyers crave the protection these warranties provide and they’re more willing to look at houses and make purchases when policies are included.

However, home warranties provide more than an incentive for buyers. They also protect sellers during closing. It’s not unusual for buyers to submit requests once the money is in escrow, and without a warranty, if needed repairs turn up, you will have to pay out of pocket or lose the deal. However, with coverage, you can submit the claim and get the repairs taken care of so the transaction can move forward.

Then, once the sale is finalized, you can transfer the warranty to the buyer if you wish. You have a couple of options for this. You can pay for the warranty as an incentive to the buyer or simply transfer it and have the buyer pay for it. Either way, the buyer will appreciate the protection that comes with the warranty, and you’ll enjoy the ease it provides during closing. In fact, you’ll enjoy the protection so much that you might end up getting a policy for your new home.

  1. You Can Save a Ton of Money With a Warranty

You might be surprised to learn how much money you can save by purchasing a home warranty. Consumers average two and a half claims per year, often for expensive items. Some of the most common claims include HVAC systems, plumbing, pools, roofs, and electrical work. As you can imagine, these repairs and replacements are quite costly. For example, replacing an air conditioner costs several thousands of dollars. However, if you have your unit covered with a home warranty, you’ll only pay the premium and a service fee to get it repaired or replaced. That single claim will more than pay for your warranty.

Getting a Home Warranty

Now that you have some critical information, you can take the next step and explore your home warranty options. You can get quotes from various companies so you can compare the cost and coverage to find the best one. Then, you can purchase your plan and start getting the protection you need.

You’ll be amazed by how secure you feel once you have coverage. It’s easy to have peace of mind when you know your home’s expensive systems and appliances are covered.

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