Simply put, the home warranty insurance covers the replacement or repair of different working parts of the home. There are actually numerous plans available from different companies to select from. Here are the details of the options:
- Selecting the company: Just a simple Google search for the home warranties would lead to a number of companies claiming to provide your home with the ultimate home warranty protection. While a number of companies claim to operate across the country, but the main concern here is whether these companies offer effective and timely service whenever they are called upon. To do this, check the local reviews of the warranty company to check whether the company has positive feedbacks in term of offering services. The majority of the people don’t have home warranty plans until they purchase their first homes. Due to this reason, the home warranty policy is often misunderstood and this can lead to confusion for the homebuyers. Actually, the fact is that the home warranty plans are meant to cover different major systems or appliances of homes.
- Coverage offered: While the particulars of every category varies from one company to another, most of the home warranty companies the following components of every home: cooling and heating systems, electrical, plumbing, appliances and water heater. On the basis of the American home warranty company chosen, you will find an a la carte menu of the added coverage options, each on available at their own costs, from which you can select to cover your home’s systems further.
- How the coverage works: After choosing the home warranty insurance provider, the next thing needed is to set up an account. Either you can do it or in case you are in the midst of home buying process, then your real estate agent can also do this for you. In case you face any issues, then you must call the claim center of the insurance provider. But it is better in case you don’t try to fix things by yourself.
- The cost of coverage: For the basic plan, the home warranty mainly costs between $350 and $500 and it comes with one year of coverage. In case you want to reduce cost, then you can ask the warranty company whether it offers guaranteed pricing or multi-year discounts while setting up. Some of these companies also offer payment plans where one can spread the cost of coverage over a few months.
The final thought: The major benefit of having a home warranty is totally obvious. By choosing this coverage, you are assured to not lose any sleep over the wide range of expenses even in case anything breaks in your home for the period of a year. This way, you will be able to build up your own financial stores.