The Top 5 Things to Know about Your Home Warranty Coverage
Finally, it’s the weekend. You’re still in your robe, sipping your coffee. It’s one of those lazy Saturday mornings. No one else is up yet. It’s supposed to be a blazing weekend. Temperatures in the high 90s. You go to adjust the thermostat in the hallway. You push a button to adjust the A/C and nothing happens. You try again. And again. The screen goes black.
In a moment like this, homeownership can feel daunting. That sinking feeling and thoughts like, “How much is this going to cost?” set in oh so quickly, don’t they?
Home Warranties Alleviate the Stress of Owning a Home
Owning a home is a massive financial undertaking. All homeowners know that. Unexpected repairs and replacements only add to the overall financial commitment.
Home repairs like leaking faucets, clogged drains, and weather-stripping are DIY projects. A broken air conditioner or a dishwasher that’s no longer draining require more skill and experience to fix (correctly anyways). These home repairs require a technician and can cost hundreds or even thousands of dollars to fix.
If it’s Saturday morning and you have a home warranty, here are five good things you can take comfort in knowing:
- Paying a small fee protects you from bleeding money later on in broken appliances and systems. A home warranty is a service contract that covers the repair or replacement of parts and components of your home’s systems and appliances when they break down due to normal wear and tear. Affordable monthly payments keep you and your home covered. Rather than paying for the unexpected costs of expensive breakdowns, your out-of-pocket expense is a small service fee when trouble arises. Of course, homeowners are responsible for any costs that are not covered by the home warranty.
- Your claims will be paid.In this Saturday morning scenario, you’d pick up the phone and contact your home warranty company about your broken air conditioning system. If your air conditioner is covered by your home warranty plan, you would end up paying your service fee and the home warranty company would have one of their certified local contractors get in touch with you to diagnose and fix the problem. If your home warranty coverage includes your A/C, your home warranty contract will cover the repair or replacement of your entire air conditioner. Generally, after service is completed, you will take a satisfaction survey to rank the technician who completed the repair. This critical feedback enables home warranty companies to maintain customer-ranked technicians in their network.
- Gaining a contractor network makes life easier. Most homeowners are uncertain about what kind of specific repairs their home needs when something goes wrong. If you don’t “know a guy,” how are you supposed to find an honest and ethical contractor to do the repair work? And on a weekend, where would you even begin? Finding a qualified contractor would likely mean manually filtering through self-proclaimed contractors, some of who may be trying to cheat you. Not all states require a license for contractors to be in business. Unlicensed and uninsured contractors can run rampant and perform illegitimate work. Home warranty companies rely on their curated network of vetted professionals they trust, and who customers have rated positively. That way, you can trust them, too.
- Tried and true home warranty coverage is an honesty detector. A reputable home warranty company, like one of these top five home warranty companies, are changing the face of the industry. Ask questions when you’re comparing home warranties, pick up the phone, and remember that cheaper isn’t always better. Once you identify a home warranty that’s a good fit for you, your home, and your budget, savor in the satisfaction of knowing a home warranty will ultimately save you and your family money in the long run when unexpected repairs and replacements happen.
- This isn’t homeowner’s insurance, but it’s just as important. When a family member is sick, when you get in a fender-bender, and when your A/C breaks in the high heat of summer, insurance comes in handy when you least expect it. But home warranty coverage is not homeowner’s insurance, although they do get commonly confused. Homeowner’s insurance covers what’s in your home in the case of fire, damages from storms (other than flooding), and burglary. A home warranty covers things like stoves, furnaces, and washing machines that can malfunction through normal wear and tear.
If you have a home warranty, that Saturday morning scenario of your A/C breaking can unfold a little easier. You can finish your coffee without a headache, knowing you won’t shell out nearly as much money as you would have had you not had home warranty coverage and protection to rely on.