Owning a home brings benefits and opportunities, but the obligations can be stressful too. This is likely the biggest financial investment you will ever make. Aside from the responsibilities of paying a mortgage, you have to think about regular maintenance, home improvements, and repairs. To keep your home looking nice and staying safe and comfortable, these updates and its upkeep are essential.
The problem comes when things break down without warning and when this happens during financially stressful times. If you are not prepared to pay for repairs or replace broken items, the costs can be crippling. Fortunately, a home warranty can absorb most, if not all, of these costs.
If you don’t currently have a home warranty for your Las Vegas property, it is helpful to learn more about how it works and what it covers. As you understand better what this plan entails, you can feel good about protecting your home with one.
A Home Warranty Can Give You Peace of Mind
It’s no secret that putting in a brand-new appliance or system in your home can be expensive. You may know that you need a new air conditioner or a new dishwasher, but the costs may be too much for you to handle at this time. In situations such as these, you may put off paying for repairs and may have to do without the convenience of these items. This creates hardship and a great deal of anxiety.
When you have a home warranty, you don’t have to ignore mounting issues with appliances and home systems. You can confidently call a repair professional to evaluate the issue and fix it without worrying that this will put you in a financial hole. A warranty is a safety net that protects you from spending more than your budget will allow. With this plan, you can rest easy and not feel overwhelmed when something falters.
A Home Warranty Is Not the Same as Insurance
Some people confuse home warranties with homeowners insurance. Though there are some similarities, there are also key differences. Insurance coverage will pay to repair or replace items in your home or the structure itself when there is damage or loss due to a disaster. This could include a fire, violent wind, lightning, falling objects, or theft. You pay a premium and file a claim when a catastrophe arises and affects your home and possessions.
With a home warranty, you also have to pay a premium for coverage. But this plan doesn’t don’t apply to damage and loss in the same way. Instead, it covers items in your home that break down due to wear and tear or that stop working suddenly.
Know What It Covers
With the benefit of a home warranty, you may not have to pay to fix or replace certain appliances and systems in your house. The plan covers refrigerators, built-in microwaves, dishwashers, garbage disposals, washers, dryers, and water heaters. It also covers vital systems such as the HVAC, electrical, and plumbing. In addition, you can use the warranty to fix or replace the roof and sprinkling system. It even applies to your swimming pool, if you have one.
Know What It Doesn’t Cover
Be aware that the warranty does not protect everything you own. It does not cover small appliances, such as mixers, blenders, and electric skillets. Structural improvements to your home, such as adding or removing a wall or deck, are not included as well. You can’t also use a home warranty to pay for the installation of new carpet or hardwood flooring.
Know the Limitations
A home warranty provides tremendous benefits to protect against normal wear and tear. This plan, however, will not be valid if something breaks down because you broke it on purpose or used it incorrectly. Your warranty may also not be effective if you failed to properly maintain or service the item that failed.
A home warranty has a coverage limit as well. There will be a maximum dollar amount per item that the plan will pay for. This amount will vary, depending on your warranty. Some plans will cover up to $500 in repairs, while others will pay up to $2,000 or more for each claim.
Know the Costs
When you compare how much it costs to buy a warranty with what it costs to fix or replace an appliance or system, it is easy to see why these plans are so useful. A warranty can be as little as $300 a year, though some go up to $700 or more. You can typically pay for these all at once or break them up into monthly payments.
Buying a home warranty makes sense for many homeowners. If you are worried about paying for expensive repairs to appliances and systems, research home warranty options today and protect your finances and the items in your house.