Everything you need to know about a home warranty
Owning a home is a huge responsibility. Homeownership allows families to spend time together and create precious memories. In order to keep the house running, it helps to have properly functioning home systems and appliances. When a home system or appliance does not function properly, daily life can be interrupted. Buying a home warranty is a smart way to save money on repairs and replacements.
Basic principles of the home warranty
A home warranty is a service plan. This plan can be purchased at any time during home ownership. Both buyers and sellers of homes can purchase this contract. Homeowners, contractors and real estate professionals regularly purchase this service plan to protect their investments and stay on budget. The purchase of this plan offers a person repair work at a reduced cost.
A home warranty also replaces certain appliances or household systems due to normal wear and tear at a reduced rate. Without this plan, a homeowner can spend thousands of dollars in service charges to restore use of a home appliance or system.
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Benefits of a home warranty
Another advantage is being able to stick to a budget. Since home ownership can come with unforeseen expenses, having a home warranty in place avoids a financial burden associated with a faulty home appliance or system. Home warranties are reasonably priced to fit the budgets of most home warranty buyers.
Buying a warranty contract simplifies the service process. Owners can simply contact a member of the customer service team to get started. Qualified professionals can answer all questions and concerns related to residential warranties. An owner won’t have to struggle to find a reputable service provider.
What is covered
Service warranty contracts cover most home appliances and systems due to normal wear and tear. Deterioration due to normal use under current conditions is covered by this service plan. The limitations of the agreement apply to all claims. Typical home systems covered include electricity, plumbing, air conditioning, and heating. Most major appliances are covered by home warranties. This includes washing machines, dryers, refrigerators, dishwashers and ovens.
It is important to remember that some events are not covered. Cosmetic damage, neglect and improper use are not covered. Additionally, many warranty agreements do not cover claims associated with lack of maintenance or faulty maintenance. Some malfunctions may not be covered when a homeowner’s insurance policy covers the claim.
While limitations apply to any residential warranty policy, comprehensive coverage applies to provide insurance and affordability. Service plans are designed to be practical and useful to homeowners.
What can be covered
Depending on the specifics of a warranty contract, certain elements may be covered. The removal and disposal of an old appliance or home system may be covered. A supplier can only cover the collection but not the disposal of the items.
Residential warranty contracts can also cover building permit fees and correcting building code violations. As it can be complicated to navigate, an owner should speak to a customer service specialist to confirm coverage.
How does a residential warranty process work
When a home system or appliance fails, the repair process is simplified with a residential warranty. Many home warranty companies allow homeowners to start the process online or by calling a customer service agent.
When a service provider makes a service call, the owner will pay a flat service call charge. The remainder of the service call is paid for by the home warranty provider. It can be repair or replacement.
If home insurance is necessary, a home warranty contract is just as important. Unexpected malfunction in a home can be a major problem. It may also take time to resolve the issue. Fortunately, a home warranty is designed to take the worry out of the homeowner.