Guide to Getting a Home Warranty:
Here are 15 tips to getting a home warranty. If you have more questions about real estate, buying a home, or selling a home, please reach out to Team Foy today to get answers from experienced professionals.
Let’s dive in…
1. Understand What a Home Warranty Is:
A home warranty is a service contract that covers the repair or replacement of major home systems and appliances due to normal wear and tear. It provides homeowners with added protection and peace of mind by reducing the financial burden of unexpected repair costs.
2. Evaluate Your Needs:
Consider the age of your home and its systems. Older homes or appliances are more likely to require repairs. Identify the specific appliances and systems you want covered by the warranty.
3. Research Home Warranty Companies:
Look for reputable home warranty providers with a track record of good customer service and timely claims processing. Read reviews, check online ratings, and ask for recommendations from friends or family.
4. Compare Plans:
Home warranty companies offer various plans with different levels of coverage. Compare plans to ensure they include the specific appliances and systems you want covered. Pay attention to coverage limits, service fees, and any exclusions.
5. Understand Coverage and Exclusions:
Read the terms and conditions of the warranty thoroughly. Understand what is covered (e.g., HVAC systems, electrical, plumbing) and what is not covered (e.g., pre-existing conditions, cosmetic damage).
6. Request Quotes:
Contact the home warranty companies you’re interested in and request quotes for the plans you’re considering. Inquire about annual premiums or monthly payment options.
7. Check Service Call Fees:
Home warranties often require a service call fee or deductible when a repair technician visits your home. Compare these fees among different companies and plans.
8. Review Contract Length:
Home warranty contracts typically last for one year. Understand the terms of renewal and cancellation policies.
9. Ask About Claims Process:
Inquire about the claims process, including how to request service and what to expect when a technician is dispatched. Understand the turnaround time for repairs and replacements.
10. Consider Additional Add-Ons:
Some home warranty companies offer additional coverage for items like pool equipment, well pumps, or even roof leaks. Evaluate whether these add-ons align with your needs.
11. Read Customer Reviews:
Look for feedback from current or past customers about their experiences with filing claims and the overall quality of service.
12. Make an Informed Decision:
Based on your research, select a home warranty plan that best meets your needs and budget.
13. Review the Contract Again:
Before finalizing the agreement, carefully review the contract one more time to ensure you understand all the terms and conditions.
14. Purchase and Activate:
Once you’ve chosen a plan, complete the necessary paperwork and payment to activate your home warranty coverage.
15. Keep Documentation Handy:
Keep a copy of your home warranty contract, terms, and contact information for the warranty provider easily accessible.
Final Thoughts on Buying a Home Warranty
Remember that a home warranty is not the same as homeowners insurance.
While homeowners insurance covers damages from unexpected events like fires or natural disasters, a home warranty focuses on the repair and replacement of appliances and systems due to normal wear and tear.
It’s important to carefully review the terms of the home warranty you’re considering and select a plan that aligns with your needs and expectations.