Planning is a crucial part of good money management, which is why millions of people contribute to accounts designed to cover retirement expenses decades in the future. Yet, many homeowners do not plan for the thousands of dollars it can cost to repair or replace home appliances and systems. A single, unexpected expense like a failed air conditioner can wreak havoc on the budget. Fortunately, anyone can reach out to local home warranty companies and find a contract that covers these expenses and offers critical benefits.
- Stay on Budget
No matter how carefully you budget, preparing for a sudden, significant expense is tricky. It’s especially tough for those who have just purchased a house and have little ready emergency cash. A home warranty offers a way to protect their budget.
Home warranties are one-year service contracts that cover the cost of repairing or replacing appliances or home system components included in the policy. Warranties pay for items that fail due to age and wear and tear, so they are ideal for anyone with an older home.
- Get a Jump on Expenses
Money management is easier when you know future costs, and home warranties make that possible. Providers offer everything from basic contracts that pay for selected components or devices to policies that provide comprehensive coverage.
When purchasing a contract, you can pay monthly or annually and budget for the contract’s cost. In the event of a breakdown, you call for service and pay only a preset service fee, so there are no surprise expenses.
- Save Valuable Time
Per Bob Vila, a home warranty is a good investment for anyone without the skills or time to repair systems or appliances. Even homeowner’s adept at completing DIY projects soon learn that the tasks can be expensive and time consuming.
With a home warranty, a client calls the provider, who contacts one of their contractors. The contractor reaches out to the customer, makes an appointment, and completes the repair or replacement. Other than paying the service fee, there’s nothing for the homeowner to do, saving them time and inconvenience.
- Increase Home Protection
Buying a home warranty adds to the protection provided by homeowner’s insurance. A homeowner’s policy covers damage and destruction to your residence’s interior and exterior. It pays for theft or loss of possessions and offers protection in case of personal liability if others are harmed. However, policies do not pay when possessions like appliances break down.
Home warranties protect against system or appliance failures that can occur with little or no notice. The combination of homeowners’ insurance and a home warranty provides substantial financial protection.
- Gain Peace of Mind
According to Investopedia, home sellers and buyers often purchase home warranty contracts to gain peace of mind. Sellers with older homes may buy the policies so that buyers are assured they will not face sudden, significant expenses. Those who buy older houses may invest in home warranties because their appliances and systems are aging.
Contract holders also have peace of mind from dealing with reputable contractors. Home warranty providers use a network of carefully vetted professionals who guarantee quality work.
Millions of property owners buy home warranties that cover costs when appliances or household systems fail. Contracts make it easier to anticipate expenses, budget and save time. Warranty providers offer various types of coverage, and homeowners need to pay only a service fee when they call for repairs.
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