(May 16, 2019)--A home warranty is a type of protection one can use to cover home systems and appliances. It will help in case of a breakdown as the warranty provider will pay for the majority of it. This type of coverage grows more popular as the appliances installed in modern homes grow more expensive and sophisticated. However, one needs to remember that in order to be able to save money through this service one has to choose the right kind of a home warranty plan. Otherwise, this will be nothing but a waste of money.
Home warranty plans are different types of coverage offered by providers of these services. Think of them as home insurance policies, which differ based on the extent of the protection and compensation they offer.
How to Choose the Right Home Warranty Plan for Any Situation
Home warranty plans are extremely versatile, which means they offer different types of coverage that can fit nearly every possible variation of common home appliances and systems that need to be protected. At the moment, there are 20000+ different plans in the USA. Therefore, anyone can find the exact type of plan that will fit their personal situation best. There are also both pros and cons to purchasing a home warranty plan, so it’s essential to consider the situation carefully before making the decision.
In order to choose right, one needs to answer the following questions:
They might be partially covered by home insurance (unlikely) and manufacturer’s warranty.
If they are old, damaged, or used so often that they are exposed to extreme wear and tear, home warranty plans will be prohibitively expensive or might not cover them at all.
While researching that it will also be prudent to look up what the probability of breakdown is.
Home warranty plans might not cover all types of repairs, which is one of the reasons why they might not be as beneficial as they seem at first.
Maximum payout is always limited.
If so, new appliances will have the manufacturer’s warranty.
Study this point in detail as this is where home warranty providers often hide loopholes, which they use to deny claims.
These businesses usually collaborate with several contractors, which allows them to serve as a middleman between the contractor and the appliance owner. This helps clients save time as they don’t need to look for a repair service and make an appointment on their own.
The fact that home warranties are gaining popularity is both a good and not very good thing. The problem is that the surge in demand resulted in the appearance of multiple new providers. As this industry is poorly regulated, many of those are either unreliable or outright scams. To be on the safe side, one should choose a home warranty company with years of experience and a wide collection to testimonials posted on major online consumer forums, like Yelp. Trustworthy companies will also have a high rank with the Better Business Bureau, despite the fact that they aren’t obliged to even register with it.
When checking the reliability of the home warranty provider one needs to find out whether there are any scandals tied to its name. Court cases against home warranty providers usually generate a fair bit of attention, so it’s possible to research the ‘dark side’ of the company’s history with the help of Google.
When comparing plans from different companies one should focus not on the cost but on the coverage details. It’s also imperative to study the Terms and Conditions offered by the warranty provider thoroughly to make sure there aren’t any loopholes to exploit.
Why Home Warranty Plans Are Getting More Popular
Home warranty plans are growing more popular for several reasons. The most basic is definitely the fact that people today install multiple expensive and sophisticated appliances at home. Those require expensive repairs, thus this protection makes financial sense.
They are also becoming a favorite of real estate agents’ because according to the information from Clark Howard, a property that comes with a comprehensive home warranty plan sells about 11 days quicker. Therefore, this relatively small investment can make a big difference for home sellers.
published gloucestercitynews.net / May 15, 2019