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A home warranty is something homeowners purchase to protect themselves against expensive repairs that come with owning a home. Home warranties are an agreement made with a warranty company for discounted repairs of major home components. While home warranties are commonly mistaken for homeowners insurance, the two things are very different. Homeowners’ insurance protects against major disasters such as fires, water damage, and property crime. Home warranties cover major components of a home including HVAC, plumbing, and furnace. Some warranties also include appliances like washers and dryers and refrigerators. When a homeowner with a warranty decides their home needs a repair, they contact the home warranty company. The home warranty company will send a representative to evaluate the item and decide what is needed for it to be fixed. The warranty company will then send a professional to complete the repairs. The homeowner pays a small service fee for the warranty company representative to come to visit the home, and the warranty covers the rest of the repair costs.
Home warranties protect homeowners against unexpected expensive home repairs. Buying a home is an expensive process that can deplete the savings of the homeowner. The thought of having to pay for home repairs for new homeowners can be stressful and overwhelming. A home warranty provides peace of mind for these people and protects them from some of the expenses associated with homeownership. Another pro of home warranties is the convenience of home repairs. When a repair is needed, it can be a struggle to find the time to schedule and coordinate the repairs with the necessary professionals. A home warranty company will take that burden off of homeowners. Homeowners with a home warranty only have to make the initial company to the warranty company, and then they handle the rest. Overall, home warranties take away many of the stresses that come with homeownership. Homeowners are alleviated from financial and scheduling issues by purchasing a home warranty.
While home warranties provide many benefits, there are also some drawbacks to these programs. One major con of a home warranty is that the company can deny a repair if they feel that the component needing repair has not been properly maintained. When the warranty company representative comes to assess the repair, they can determine that the item has not been well maintained and deny the claim. The homeowner is then left with having to pay for the repair, even though they have paid for a home warranty. The improper maintenance clause in home warranties can be abused by home warranty companies to get out of paying for repairs. Another con of home warranties is that it may be an unnecessary expense for a homeowner if no repairs are necessary for the entire year. Even if a homeowner does not use the warranty, they are still responsible for the total cost of the warranty.
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