Owning a home can be so fulfilling. When you own the place, you get to add your own touches, change the things you don’t like, and renovate for your family’s comfort.
You can plant a garden or put in a pool. You’re the master of your domain.
But that also means you’re responsible for repair and upkeep. Maintaining a home isn’t cheap, and a lot of what can go wrong isn’t covered by homeowners insurance.
Are you saving for home maintenance? Is your budget ready to absorb a large, unexpected cost?
You need a home warranty. Home warranties are service contracts that can help defray some of the cost of repairing or replacing covered home appliances and systems. Here’s why you should get one.
You Don’t Need to Face the Cost of Repairs Alone
The worst part of owning your own home is all the unexpected costs that can come up. The standard advice is to save one to four percent of your home’s value each year to cover maintenance costs. That can be a lot of money, especially if you live in a nicer home.
If you’re house-poor or just going through difficult financial times, or your financial situation has changed since you bought your house, it might be hard to set that kind of money aside every month. Or maybe you do have the money to set aside, but something’s come up that you can’t cover.
That happens a lot, too — home systems and appliances fail eventually, and you could find yourself on the hook for thousands when they do.
When you make a home warranty part of your strategy for financing home maintenance, you won’t have to cover the costs of a breakdown alone.
A home warranty can cover some or all of your home’s major systems, like electrical, plumbing, and HVAC, as well as your home’s major appliances, like refrigerator, washer/dryer, and dishwasher.
A plan typically costs $300 to $500 a year, depending on how much coverage you want — basic plans typically cover common appliances and a few home systems, but many companies offer additional coverage for things like spas and pools, septic tanks, well and sump pumps, and more.
You’ll be able to budget for your monthly plan costs, and when you need help, you’ll pay a service call fee that you agree to when you sign up.
None of your costs should be a surprise. And your home warranty provider will cover some or all of the cost of repairing or replacing your home system or appliance — even including the cost of replacing the appliance, if necessary.
Your Home Warranty Provider Already Knows Someone Who Can Help
Sometimes, just finding someone to do work on or in your home can be a nightmare, especially if you don’t already know who to call.
You can spend days or weeks asking around for numbers, reading online reviews, checking licensing, and getting quotes. But, in an emergency — and it’s always an emergency – you might be inclined to just roll the dice on the first person who returns your call, and hope they’re okay.
When you have a home warranty, you already have access to a network of local service professionals whose credentials have already been verified.
All you have to do is contact your home warranty provider and request service, and they’ll send over someone from your area. You’ll still be supporting local businesses, and, in many cases, you can even make appointments and track your service history online.
You Can Get Membership Perks
Most home warranty providers offer their members additional perks along with repair and replacement coverage. You might be able to get discounts on necessary maintenance services like gutter cleaning or HVAC tune-ups, or discounts on stuff you need for your home, like furnace filters.
Some home warranty providers also offer perks like discounts on new appliances when you need a replacement, often with free delivery, installation, and haul-away.
If you own a home, you need a home warranty. Warranty coverage will help you keep your home the way you like it — and your bank account the way you like it, too.
