A home warranty is basically an insurance policy you invest in to cover aspects of your home that traditional homeowners insurance won't cover. You'll pay an annual premium on your home warranty plan in return for protection against home heating, air conditioning, electrical. and plumbing repairs. For extra premiums some warranties will also cover things such as your washer and dryer, refrigerator, water heater, dishwasher, and other major appliances.
How It Works
As long as you keep up to date on your annual premium, all you have do if you experience a problem is call your warranty's 1-800 number, 7 days a week, 24 hours a day. Your provider will then send out a licensed contractor for a standard fee (usually in the neighborhood of $30-$50) to evaluate your problem and perform the necessary repairs.
Things to Look for When You Shop Around
Not every warranty is equal, so it's important to know what you're looking for as you solicit a provider. When looking for a warranty for your home, here are a few things to keep in mind:
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Other Reasons for Buying in
Peace of mind is far and away the most important reason to invest in a home warranty plan, but it's certainly not the only one. Home sellers report that homes covered under a transferable warranty sell at a rate 50% faster than non-covered homes. Buyers simply feel more confident knowing that any major repairs they might encounter shortly after the purchase will be covered in full.
If you're looking for a little more security when it comes to dealing with the unforeseen home repairs that are part and parcel to home ownership, a home warranty is exactly what you've been looking for.