Nothing in a home lasts forever, including a furnace, hot water heater, kitchen and laundry appliances or plumbing. It is estimated that homeowners spend an average of $1,000 each year on electrical, plumbing, heating or cooling system, and appliance repairs. A home warranty plan offers homeowners protection by paying the cost of repairs or replacement when an appliance or mechanical system in the home unexpectedly fails as a result of everyday use not resulting from negligence. But homeowners need to do some investigating beforehand in order to choose a warranty plan that fits their particular needs. Does this Spark an idea?
Instructions
1. Compare prices and consider which companies offer the most amount of coverage for the least cost. Plans vary in price depending on the extent of coverage offered, although home warranties are generally affordable. The average cost of a home warranty plan runs from $250 to $500. Consider the age of your home as a primary factor in judging how much maintenance your home is likely to require within the next couple of years. Warranty plans typically cover homes regardless of age; however, make certain of this before you purchase a plan.
2. Examine all the home warranty plans a company offers before choosing one. Homeowners can purchase different levels of coverage depending on factors such as finances, age of home, amount of wear and tear, and how much you have to protect. There are basic plans available, which may only cover repairs related to kitchen appliances or a home heating system. Premium plans are more expensive, but cover all home systems and appliances. If you have an older home, you might want to choose a combination plan that covers plumbing, heating, electrical, and appliances, even if your appliances are already covered under separate manufacturer warranties. In most cases, optional coverage is also available for pools, spas, septic systems, well pumps, and even office and electronic equipment.
3. Ask questions. Find out if the warranty applies only to certain repairs and replacements. Read the policy carefully, particularly any small print, to make sure that you understand all the terms and conditions. Some companies charge a deductible, as well as require that policyholders pay a fee for service visits. In some instances, additional charges may also apply to specific repairs and replacements, as well as non-emergency service requests called in on weekends or after normal business hours.
4. Inquire whether service contractors use rebuilt parts when making repairs, or if the company replaces worn parts or appliances with those of similar value or better. It helps to understand a company's individual policies in regard to repairs or replacement. Find out how long it takes for a service technician to respond to a call.
5. Select a home warranty plan offered by a company that works with local service contractors whose technicians are well-trained and certified. Another important question to ask is whether customer service representatives are available 24 hours a day, even on weekends and holidays. Ask for the customer service center's toll free number. Another feature of a good contract is the availability of customer service representatives to answer common questions even when there is no emergency.
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