Home maintenance and repair expenses can really get on top of you, and they can do it fast. At the best of times, managing home maintenance and repair costs can strain, or even break, a family budget. If you stretched yourself a little financially to afford your home, or your financial situation has changed since you bought, you might need a little more help covering home maintenance costs. Even if you’re just staying at home more and putting your home’s systems and appliances under more stress, a home warranty could be a good idea.
It’s not just about the money. A home warranty can do a lot for you to ease the maintenance burdens of homeownership, so you can spend more of your money on stuff you want, save time when scheduling repairs, and more. Here’s why you should get a home warranty if you own a home.
1) Make It Easier to Get Repairs Done
If you’ve owned your home for any length of time, you’ve already experienced the unique hardship that is trying to line up home repairs on your own. It can be hard to even know who to call, especially if you’re new to the area. You have to find out who the best contractors in your area are, check into their work history to make sure they know their stuff and have the right licensing and insurance, and possibly even interview multiple people before you choose one and book an appointment.
That’s a lot of work, and you probably already have a lot on your plate with your job, kids, and home responsibilities. Home warranty providers already have relationships with the best service professionals in your area, so when you call in a service request, they can send someone in right away, at a time that’s convenient for you. Your home warranty providers have already done all the legwork in vetting service professionals, so scheduling service for your home couldn’t be easier.
2) Protect Your Budget from Unexpected Expenses
While you’re recommended to budget at least one to four percent of your home’s value for maintenance expenses each year, many major home repairs, like an HVAC replacement, can easily cost much more than that. Even if you have enough money in savings to cover a large home repair or replacement, a home warranty can save you thousands, because your home warranty might not cover the entire cost, but it can cover a lot of it.
3) You Can Get Discounts on Home Services and Appliances
With a home warranty, you can make the costs of maintaining your home more predictable, and therefore easier to fit into your budget. Once you cover your monthly plan costs and trade service call fees, your home warranty provider should pick up the rest of the tab, up to plan limits. Home warranty prices vary, depending on how extensive you want your coverage, but a basic plan can cost $350 to $500 a year.
Encouraging plan members to keep up with preventative maintenance saves home warranty providers money, which is why many companies offer discounts on preventative home maintenance services, like HVAC services, and products, like HVAC filters. And if you need a new appliance — say, if the service provider tells you that your item can’t be repaired — many providers will offer you a discount on the new one, including free or discounted delivery and installation of the new appliance, and free or discounted removal of the old one.
4) Ease the Stress of Managing Repairs
Getting home repairs scheduled can be as stressful as having the appliance or home system break down in the first place. Having a home warranty can take the stress out of the experience. Instead of hunting for a contractor and trying to get them to come out yourself, you can just make a service request with your home warranty provider, and they’ll handle the rest.
5) Protect Older Appliances and Home Systems
If you have older home appliances and systems, it’s not a question of whether you’ll experience an unexpected breakdown, but when. Though you have to make sure to read the fine print, it’s possible to find home warranties that cover older appliances, even those with pre-existing conditions, or those that don’t have service records. If you have a mix of new and old home systems and appliances, look for a provider that lets you pick and choose which appliances to cover under a fully customized plan.
If you own a home, you need a home warranty. Homeowners insurance only covers your home’s structure and contents against catastrophe; a home warranty covers those day-to-day breakdowns that can break your budget and hamper your lifestyle. Don’t let home breakdowns send you over the edge. Get a home warranty instead.
