Malfunctioning appliances and systems cost the country’s homeowners up to three percent of their home’s value every year. It’s an expense few consider and one they’re rarely ready for. However, a service agreement or home warranty will help you cope with sudden home repair costs. Read on to learn how these products help homeowners when their appliances break down.
Saving Thousands on Appliance and System Repairs
While a home’s devices are designed to operate smoothly for years, they will eventually break down. Every year, homeowners face a 68% chance of a system malfunction. While a home warranty cost may be a big investment for some, these plans protect buyers from the expense associated with replacing and repairing components, such as:
- Refrigerators. On average, it costs anywhere from a few hundred to several thousand dollars to replace a refrigerator, depending on the unit’s features and model number.
- Central HVAC units. Property owners spend hundreds on central air conditioning system upkeep each year, but a warranty plan will cover most heating and cooling maintenance and repair expenses.
- Dishwashers. These appliances are useful but replacing old and outdated units can be costly. A home warranty plan can help you save thousands on a new dishwasher.
The average homeowner spends approximately $800 on home appliance and system repairs, and the cost adds up quickly when multiple failures occur. With a great warranty plan, you’re protected no matter what happens.
Even Older Appliances Can be Covered
Many homeowners are reluctant to consider warranty coverage, especially when their systems and appliances are outdated. With most plans, though, age doesn’t matter. If your covered devices are functional when the plan is purchased, they’re protected from unexpected breakdowns.
With one of our plans, you’ll save money—even if you’re not buying new appliances. Warranty terms and conditions vary from one provider to the next, so it’s important to read the policy paperwork carefully before making a home warranty purchase decision.
Does it Make Sense to Purchase a Home Warranty Plan?
Like other service contracts, home warranties are meant to protect buyers from costly and unexpected repair bills while providing additional reassurance. For those who can’t afford to set aside an emergency fund, a warranty may serve as a buffer. These plans are also sensible for those without the time, ability, and inclination to tackle home repairs themselves.
Warranty coverage is often mentioned during the purchase or sale of a home. These contracts reassure buyers who are unsure of a new home’s quality or an existing building’s maintenance history. Warranties are beneficial to those who want to avoid major expenses because they’ve exhausted their savings to buy homes.
For a seller, offering a prepaid one-year warranty with a purchase may offer protection from buyer complaints about post-sale defects. However, the inclusion of a warranty doesn’t exempt a seller from the state’s disclosure requirements.
Emphasizing Consumer Education and Proper Maintenance
Routine upkeep is every homeowner’s responsibility, but not all know what to do to keep things running efficiently. Knowledge is a powerful thing, and warranty plans help homeowners save money while learning how to take care of their investments. By creating a maintenance schedule and reading your policy documents carefully, you’ll become a more well-informed property owner and you’ll enjoy years of worry-free operation by your home’s systems and appliances.