When you are buying a home there are lots of different things going on at the same time. As well as finding a home that you like and that is within your budget, you need to make sure that you get all of the necessary checks done on the property. On top of this, you may even be selling your old house which comes with a whole host of other issues. One consideration, you need to make is whether or not you would like to take out a home warranty and whether it is worth your time to investigate the home warranty rankings. Here is a little advice on whether it is for you or not.
What is it?
Home warranties are an added cost to your monthly bill that covers wear and tear on your major systems and appliances like your heating, ventilating, and air conditioning units. It can even cover your water heater, washing machine, kitchen oven, and stove. This monthly cost means that your appliances are maintained if they are damaged or break down.
Home insurance
Your other option or something that you can get as well as a home warranty is home insurance. Home insurance covers damage to the structure of your home both interior and exterior, the loss or theft of your belongings, and any harm that comes to others on your property. It is important to know that they do not cover the same things and so it may be worth getting both or addressing your priorities.
Some considerations
It can be a huge comfort to know that your major appliances and systems are protected but it is not all sunshine and roses. There are a few drawbacks that you should be aware of. There is an improper maintenance clause that can mean that if your appliances were already on your property and were not looked after or installed correctly then your warranty does not cover it. Also, you are likely still to pay a small fee for any contractor that arrives. Â
This is not to say that a home warranty is not a good thing to have. If you can find a trusted and reputable company, then they will be able to tell you what is covered and what would be missed out. This can give you a more transparent look at whether the policy is worthwhile to you. The main benefit is that once you know which appliances are covered you can contact your home warranty providers and get them to fix the problem as soon as possible. Ultimately, you need to weigh up if it works for you.
Home warranties
These can be really useful products to have and can let you rest at night with the peace of mind that your property and its appliances are protected. If you are buying a new home, then your appliances may be covered by another warranty, so it is worth researching all of your appliances at home before committing. The home warranty provides guaranteed service for any emergencies you have that squirreling money away may not be able to provide you with.
