Home Warranties: An Overview of the Benefits and Choices to Consider

Home Warranties: An Overview of the Benefits and Choices to Consider
Updated on
January 23, 2023

Your home means so much to you, and you want to do all you can to protect it and keep it in good shape. Whether your property will carry you into your golden years or you plan to sell it to move up to another place, you should take steps for your home to maintain excellent condition and gain as much value as possible. Pride Street Realty invites you to consider how a home warranty helps keep your Southeast Valley dwelling in its best state.

What Does a Home Warranty Cover?

ContractsCounsel explains that a home warranty is a service agreement covering the repair or replacement of some appliances and most major home system components. Home warranties are distinct from home insurance policies, which protect against fire, wind damage, and theft.

While lenders typically require home insurance, a home warranty is optional but highly recommended. A home warranty can save you money on expensive repairs or replacements and provide the assurance that you have a safety net in place for certain services.

Home warranty coverage may include HVAC systems, water heaters, plumbing pipes and fixtures, electrical wiring and outlets, ovens, dishwashers, refrigerators, built-in microwaves, washers, and dryers. Many providers also offer coverage for pools and other amenities like ceiling fans and garage door openers at an additional cost.

You acquire several benefits from having a home warranty, including the following:

  • Saving money on costly repairs or replacements
  • Protection against unplanned repairs
  • Access to prescreened contractors, saving you time searching for technicians
  • 24/7 customer support
  • Convenient online claim submission
  • Flexible plan options

The security a home warranty offers may be invaluable.

How Should You Store Your Documentation?

You'll receive a copy of your contract and other pertinent information once you pay for a plan. One of the easiest places for paperwork to disappear is a junk drawer or box in a closet. If you store your paperwork digitally, you can access it quickly and easily whenever you need it; you'll definitely need it if you ever need to make a claim.

When it comes time to digitize your paperwork, converting files like Microsoft Word to PDF documents can be done quickly in just four easy steps by using this tool. Then, once converted and downloaded, you’re able to keep your home purchase contracts, appliance manuals, and warranties in a convenient file on your personal computer or cloud storage.

How Do I Choose a Home Warranty Company?

Review the following factors as you decide on a company:

  • Ensure they have a good reputation: Check online reviews and ratings for warranty companies in your area to get an idea of the company's quality of service. Start out by going online to give this a view.
  • Your home: Define what you need assistance covering and what you can handle with savings. Consider the age of your home and its systems and appliances and calculate the costs of repairs and the odds of multiple items failing at once.
  • Policy: Determine precisely what the contract covers and what it does not. Are there any exclusions, limitations, or caps? Some contracts may exclude coverage for items considered part of "normal wear and tear." Other agreements may only cover certain types or brands of appliances. Don't hesitate to ask questions until you fully understand the coverage offered by each policy.
  • Pricing: Today’s Homeowner notes that annual plans cost at least a few hundred dollars, plus nominal service fees. Compare pricing across several companies before making a decision. Ask about discounts that may be available, such as bundling multiple policies or signing up for automatic renewals.

Your home is your most important investment, so give yourself every advantage to ensure it stays in top shape. Defining your needs and doing your research ensures that you select the best possible home warranty for your needs.

Pride Street Realty gives each property search the attention and dedication it needs to ensure you get the property you want. Team up with Pride Street Realty today by calling 713-201-5257!

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