Owning a home comes with a significant amount of responsibility. You must make the mortgage payments as agreed and repair and maintain the different systems and appliances throughout the home. At the same time, you need to purchase groceries, pay for transportation, and fund other expenses. These costs quickly add up, and help is appreciated.
Many homeowners today buy a home warranty from 2-10 HBW. This warranty protects them from high repair bills and gives them peace of mind. If you worry about unexpected household repairs, consider investing in this type of warranty.
What is a Home Warranty?
A home warranty is not the same as homeowner’s insurance. The warranty is more like a service contract you purchase when you buy an appliance. It will pay for the repair or replacement of a household system or appliance if this system or appliance fails due to normal wear and tear. The warranty helps fill gaps in your homeowner’s insurance policy.
When you file a claim with the warranty provider, they send a licensed contractor to do the repair. If repairs will not resolve the issue, the warranty company will replace the item. You won’t need to find a reputable contractor to do this work, as the warranty company handles that for you.
How Does a Home Warranty Save You Money?
With a warranty, you save money on expensive repairs. Repairing or replacing a major system in the home can cost thousands of dollars. When you have a warranty, you pay the service fee and any deductible. The warranty company covers the rest of the bill up to the policy limit. Appliance and system breakdowns are common, particularly in older homes. The warranty serves as a buffer for high maintenance and repair costs. You may save a significant amount over the life of the warranty.
Peace of Mind
The warranty gives you peace of mind. When something breaks, you call the warranty company and they do the rest. Your only task will be to meet the repair professional at your home and pay the service fee. The warranty company has already vetted this professional, so you don’t have to. They also negotiate the prices on your behalf. For a low monthly premium, you will have more time to handle those tasks only you can do.
Transferring the Coverage
One benefit of buying a home warranty is the coverage might be transferrable to a new owner. If you plan to sell the home soon, this warranty makes the property more attractive to potential buyers. They like knowing they won’t have to pay any high repair bills right after signing for a new mortgage. They can call the warranty provider to have the work done. However, not all warranty companies offer this option, and transferring the coverage may come with conditions. Read the fine print to learn if transferring the coverage is permitted, if there are fees associated with doing so, and more.
Look into purchasing a home warranty today. Most companies offer year-to-year contracts, so you can try the warranty and see if it meets your needs. You won’t be locked into the contract for more than a year. While certain things aren’t covered under these warranty plans, any savings is appreciated. Learn more today to see if a home warranty will help you. Many people will find it is exactly what they need to make home ownership more affordable.
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