A home is one of life’s most significant purchases. But sometimes, the joy of ownership is tainted by the stress of inevitable wear, tear, and breakdowns. Over time, appliances fail, plumbing wears out, and electrical systems go on the fritz. Each of these has a costly price tag that can transform a dream home into a money pit.
A home warranty can ease your mind (and your bank account) by providing financial support when you need it. But remember, not all home warranties are created equal, so it’s critical to do your homework and find the warranty that works best for you. Here are three tips to get you started.
What is Already Covered?
As you begin considering home warranties, be sure to explore what is currently protected in your home. Appliances and other items may already include coverage. Be sure to check out individual purchases and see what kind of warranties were included.
Read the Fine Print
Some warranties cover plumbing. Some protect your refrigerator, but not the ice machine that comes with it. So, it’s important to dive into the details and learn what your plan provides.
Sometimes home purchases include a homeowner’s warranty. But don’t assume it will universally cover everything in your home. Be sure to read it thoroughly and ask questions if you’re uncertain about what’s included.
According to Katherine Hutt, spokesperson for the Better Business Bureau (BBB), the number-one complaint they receive regarding home warranties comes from consumers who are not aware of what their warranty covers.
Carefully read what your warranty does and does not cover. Do not assume because one of your appliances is covered, the same is true of others.
Consult the Warranty Company First
Warranty companies will almost always require you to consult them before a claim is covered. They often have contracts with specific repair companies. Contacting your warranty company first will also save you the headache of paying for a repair out of pocket when you thought the appliance would be covered. They will confirm if something is covered or not.
*February 10th is Home Warranty Day