Do you have a trusted appliance lying around your home? Are they there for the past few years but you don’t want to replace or give them away? There is no other option other than repairing it or replacing it with a new one? Fret not! This article will shed some light on how to insure your household appliances against potential breakdowns.
Let’s begin by comparing the Home Warranty from the Homeowner’s insurance policy. The primary difference between the two is that Home Warranty covers repairs and replacements of failed appliances and systems, while the Homeowner’s Insurance covers damages caused to your home and its content by natural hazards or theft. You can always find a contractor to repair your damaged appliances. Invariably, the costs involved in such scenarios are rather high. The other option that you have is to apply for a Home Warranty plan.
The Home Warranty Plan is a contract of service. It covers repairs and replacement of appliances and systems in your home. The annual premium for the Home Warranty plan can range anywhere between $250 to $450. Each time you contact a warranty company for a service, you pay a service fee usually called the deductible. This is around $50. Take a look at the table below. It mentions what a home warranty plan covers:
Take a look at the following chart to determine if you need a home warranty. It tells you what the average lifespan of the common household appliances:
Now let’s discuss the most important question.
Let me clear the former first. You have two options, you can either avail an extended warranty for each appliance. Or you can get a Home Warranty which covers all your appliances. You should get a Home Warranty as buying an Extended Warranty for each appliance is not ideal. A Home Warranty is highly useful if your appliances are over four years old. However, choose an Extended Warranty if your home and the appliances have a Manufacturer’s Warranty. By now, you will know the difference between a Home Warranty and a Homeowners Insurance
So how does this work?
The company offering Home Warranty Plans often sign contracts with vendors offering repair services to appliances. If you approach your warranty provider with a claim, they call up repair facilities. They, in turn, send a technician to evaluate the condition of your appliance. He shall decide if your appliance needs to be repaired or replaced. Service charges(deductible fee) of the technician shall be paid by you and it is always nominal.
Few hiccups that you may encounter are as follows:
You should read your contract carefully. Have it looked over multiple times, and pay attention to the monetary factors.
Despite the issues, you should get a Home Warranty Plan to insure your appliances. Costs incurred during repairs and replacements can be considerably reduced. All you need is a sound Appliance Protection plan. Also, you should sell your home with a valid home warranty. A home warranty will increase the value of the property. Most buyers recommend strongly in favor of Home Warranty plans. You are likely to do the same if your choice of home warranty provider is good.
Here is the summary of benefits you shall have if you avail a Home Warranty Plan:
May it be reminded again that reading the contract well is of utmost importance. You can get a free estimate on home warranty from top rated companies on our website before you purchase the plan.
Tags:appliance extended warranty, appliance protection plan, Appliance Warranty, home warranty insurance, home warranty price
Category:Appliance Warranty | 6 Comments »
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