A house is a major investment that you may spend years saving for. Once you get your dream home, you want to do all you can to protect it. A comprehensive home warranty plan is one essential safeguard you should consider. Many people confuse a home warranty with homeowner’s insurance, but these are two different things. Today, Cribbin Realty covers exactly what a home warranty is, as well as the best practices for actually buying one.
Understand what a home warranty covers
Homeowner’s insurance is designed to protect a property’s basic structure against events like fires or floods. Some policies also cover the cost of medical expenses in case a guest is hurt on your property. In contrast, a home warranty covers the repair or replacement of essential appliances and systems within the home, such as your heating and cooling systems, washer and dryer, and dishwasher.
Recognize the benefits of a home warranty
A home warranty can benefit you in many ways. If an essential system or appliance breaks down due to normal wear and tear, you won’t have to worry about the last-minute costs required to fix or replace it. Plus, having a warranty in place can result in more efficient replacements or repairs. You won’t have to waste time looking for a trusted contractor, as your home warranty will provide approved professionals you can reach out to.
Figure out your coverage needs
Before you buy a home warranty, check existing warranties. These may exist if you’ve recently purchased the property. You can start by asking the real estate agent who sold you the property, as they may have records of any warranties. For individual appliances, contact the manufacturers directly to determine if an item is still under warranty. Once you know what’s covered, make a list of appliances and systems lacking coverage.
Read the fine print regarding terms, prices, and coverage caps
When buying a home warranty, don’t settle on the first company you find. Take the time to shop around and compare providers. Bob Vila’s guide to home warranties covers key points to consider, like which appliances or systems are included, relevant service fees, payout limits, and the policy period. You should also ask each company for a quote in writing before proceeding. Once you have all the information in front of you, you can pick the best provider.
Check out company reviews before proceeding
Finally, before signing on the dotted line, check out consumer reviews of the different home warranty companies you’re considering. Keep in mind that the availability of providers often depends on your location. Finding a reliable home warranty company is much easier if you start by checking online reviews. You can also consult the U.S. Better Business Bureau for feedback on specific companies. The BBB helps consumers identify trustworthy brands and businesses.
Keep your home warranty documents organized going forward
Once you get a home warranty, hang on to the paperwork. One idea is to keep all of your property-related documents, from homeowner’s insurance to home warranties, in a single PDF file. You can then easily access the documentation needed to make a claim.
A home warranty helps to safeguard your property investment. Use the information above to educate yourself about home warranties. Then, follow best practices for buying a warranty, such as reading reviews online. This way, you can pick a provider with confidence.
Preparing to purchase a property in St. Charles County? Start your search with Cribbin Realty.