Pros and Cons of Purchasing a Home Warranty

There is a great amount of information to know when purchasing a home warranty.

Choosing the right company and the right coverage is important and necessary to make sure the most important appliances in your home are protected and will always be operating properly.

Before choosing a warranty company, you should know the pros and cons. If you prefer not to worry about choosing a contractor, your warranty company has contracts with specific contractors for your use. Another great benefit to having a warranty for your home is flat rates. When a repair has to be made, sometimes it can cost the homeowners thousands of dollars. However with a warranty plan, this isn’t an issue. This can be fixed by the fixed rate decided in the contract. This could mean big savings on major repairs. Ask about deductibles because choosing a high deductible on your warrant will yield a lower annual fee. Most home warranties can also be easily transferred to the next homeowner. All of those sound good and you may be asking yourself why doesn’t everyone have a home warranty. But there are several cons to possessing a home warranty too. If you prefer a certain model or brand of an appliance that needs replaced, your preference isn’t always satisfied. You have less control over what type of replacement is used. Certain repairs can be denied due to specific guidelines of a warranty. Most home warranties only cover certain appliances. Mini split AC systems aren’t covered by most. In some warranty plans, window AC units aren’t covered. It’s important to know what appliances are not covered and know that when things are repaired, most of the time it won’t be repaired with the original equipment manufacturer designed specific components. Even though home warranties can save you money, they can also be more expensive in some cases. It may make more sense to put payments into an emergency fund to use for any repairs that come up instead. These are some things to take into consideration when having questions about purchasing a home warranty.

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