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Home Warranty Insurance
You’re away on vacation, enjoying the peace and quiet. Unknown to you, the compressor motor on your refrigerator at home suddenly burns out. Within hours everything in your refrigerator begins spoiling. Everything in your freezer melts. The refrigerator starts leaking a gooey mess all over the floor. You come home two weeks later to a horrible stench that can only be described as…indescribable. At least you have insurance that will pay for a new refrigerator…or do you?
If an appliance breaks down – no matter how expensive that appliance is to replace – your homeowner’s policy will not pay for its replacement. For that you need Home Warranty Insurance.
You may wish to purchase a Home Warranty policy for your own peace of mind. For many people it is simply comforting to know that no matter what happens, from a heater going bad to an air conditioner breaking down, everything in the house is always covered and will be replaced at a very nominal cost if anything should go wrong.
There’s another reason many people buy a Home Warranty policy and that has to do with selling a home. A potential buyer of a home is often swayed when vacillating between two or more home choices and will purchase a home that has a Home Warranty policy on all of its major appliances. In this way the new homeowner feels more secure.
How does a Home Warranty policy work? You decide which appliances and home systems you want covered and you pay a yearly fee, much as you would with any insurance policy. If an appliance or system that’s covered by the Home Protection Warranty should fail, there is a service charge to have a repair person come to your home and make a repair or replacement of the broken system. The service charge varies depending on choices you make when you purchase your policy, but a charge in the $50 to $60 range is common.
How is the best and least expensive way for you to buy a Home Warranty policy? That’s simple. I’ve done a great deal of research and there’s only one way you should buy a policy and that’s online.
Online brokers have no overhead to speak of and so they don’t need to make a huge commission on each sale. This means you save approximately 30% instantly just by buying your policy online.
Also, the decisions you need to make when buying a Home Warranty policy are simple and straightforward; you don’t need a live agent sitting across from you and talking you into buying a lot more policy than you need or can afford. When you buy online YOU are in complete control for once – and wouldn’t that be nice?
As I mentioned, I’ve done a great deal of research into online insurance and I’ve discovered where you can get the best deal – but I don’t want you to take my word for anything. I want you to get online yourself and discover for yourself just how much money you can save on your Home Warranty policy simply by purchasing it online.
What is a Home Warranty?
A home warranty is a service contract that covers the repair or replacement of many of the most frequently occurring breakdowns of home system components (such as HVAC, plumbing, electrical) and appliances. A home warranty can be a real lifesaver in a time of need – saving you from costly repairs in a crisis.
Since your home is most likely one of your biggest investments, unexpected repair or replacement costs can easily strain your budget if you do not have a warranty. Additionally, finding an approved and insured contractor to solve your problem can be stressful and inconvenient, especially at that crucial moment when a system breaks down. While a home warranty cannot prevent systems or appliances from breaking down, it can help make covered repairs or replacement easier and less costly.
While not everything is covered, coverage for many of the most frequently occurring breakdowns of home system components and appliances is actually included. Applicants should review their contracts or sample contracts carefully, to confirm covered items, terms and conditions, limitations and exclusions. In some cases “supplemental” home warranty coverage may also be necessary, for items such as swimming pools and their filter / pump systems, garage door openers, secondary appliances (i.e. a deep freezer that is not the primary appliance), etc.
Whenever you apply for a mortgage loan, most lenders require that you have proof of insurance on your home before they will allow the closing to take place. Very often, what homeowners feel is covered by their home owners insurance policy, is not included in their policy. A home warranty can be very useful in this respect. Carefully reviewing your homeowners insurance policy and comparing it to a home warranty, and then adjusting each to be complimentary to the other, can give a homeowner REAL peace of mind knowing that they are in fact fully covered for any event that may come their way.
If you have a seller’s home warranty (a type of home warranty provided by the seller to help promote the sale of the property), once the sale closes, any problems that may occur in the home will be covered. Any expensive repair the home may require, will be taken care of by the home warranty. A homeowners insurance policy will not likely cover many kinds of problems which will occur from time to time, nor will it cover wear and tear on home systems.
Unless you’re carpenter or contractor by trade, a home warranty is a great investment. In most cases you will recover your modest investment in the home warranty plan via replacement of home systems and appliances, which will all eventually fail and need to be repaired or replaced. The best advice is to check around and compare home warranty coverage and rates. Both quarterly and monthly payment plans for are available, and the internet is a great resource to begin your home warranty search.