Owning a condominium is quite an expensive proposition these days. You may avoid external issues of the building with condo home insurance, but you would not want to pay extra on the repairs of systems and appliances inside your condo.
To protect yourself from unexpected repair costs, you can consider purchasing a home warranty. A home warranty covers the repair and replacement costs of your primary home systems and appliances. When any covered item breaks down due to normal wear and tear, you can inform the warranty provider, and they will send someone to fix the issue. To learn more about condo home warranty, read this article.
Discounts – Multiple Property Discount + ($50 off) + Referral Discount ($25 Gift Card)
$39.99 – $64.99
ShieldSilver ShieldGold ShieldPlatinum
American Home Shield offers among the highest coverage caps in the industry and is very transparent about their terms and conditions. AHS offers services to condo owners in every state but Alaska. As the home warranty pioneer, they offer the best range of items for coverage.
Discounts – $100 Off + Limited Time Free Roof Coverage + 1 Month Free
$40 – $100
BronzeCare GoldCare Platinum Care
The next pick, Select Home Warranty, makes a good budget choice, because they offer the lowest service call fee in the market. Their plans come with free coverage of a month, which makes a total of 13 months of protection. The plans and coverage limits are ideal for the condos.
Discounts – Free First Month + Limited Roof Coverage
$46 – $55
Basic Plan Total Plan
Choice Home Warranty, doesn’t require the home inspection report to begin the process. They make matters simple for homeowners by offering two warranty plans and straightforward service contracts with competitive pricing.
Discounts – $200 Off + 2 Months Free
$41 – $48
Gold Plan Platinum Plan
ServicePlus is on our list because they offer the best emergency services. They provide two home warranty plans for condos with a broad combination of systems and appliances. The coverage for condo home warranty is comparable to single-family homes.
Discounts – Free Coverage For First Two Months
$34.99 – $67.99
Appliances Built-in Systems Complete Home
Cinch is the second-largest home warranty provider in the States and serves over 1 million customers each year. They have managed to earn the BBB rating of B+. In addition, Cinch Home Services has comprehensive coverage plans with unique items that will work well for any condo.
A home warranty for condos works the same as it does for other homes. It is a service contract covering the repair and replacements of major systems and appliances that break down due to normal wear and tear. However, there is one exception, a condo home warranty will not cover any shared items. Even if you purchase the best home warranty plan for a condo, it will exclude systems or appliances shared between units. Depending on the condo, the shared systems can include:
A home warranty kicks in once its waiting period is over. If any of your covered systems or appliances break down, you can file a claim with the company.
When you own a house, you will have to deal with occasional repairs of faulty appliances. Whether your condominium is new or old, home warranties can be a great way to manage properties. Out-of-pocket expenses on such repairs will be reduced with a home warranty. Here are some factors to consider when thinking about a home warranty for your condo:
In a condominium, the responsibility of managing the property is either yours or the owner or both. The rules to live in a condo are set mainly by the Housing Association. From pet ownership, trash collection to the design and decor of your space, the rules specify everything.
Condos are better for people who want to stay in the same place for many years or rent out some part of their space.
You may not be responsible for paying for most renovations since you’ll be provided with regular maintenance by your apartment association. To live in an apartment, you need to follow society’s rules and guidelines. If your landlord can prevail upon to get a home warranty, it cuts down your expenses. Same goes if you are the landlord.
Once you select the company, find out if it provides services in your area since many home warranty companies operate only in a specific location. Companies with a good local contractor network can send you someone familiar with the nuances of a condo.
If any of your covered system or appliance experiences a breakdown, you can file a claim with the company. To do so, you can put up the service request online or call them at the provided numbers. Most companies offer their services 24/7. You can get more specific information regarding claims in your service contract. Without a home warranty, you’re left to find out who has the requisite skill.
Are there items that are likely to start breaking down?
A basic condo home warranty plan covers the following major home systems and appliances of your home:
Depending on the home warranty company and plan you have selected, you can add other items as optional add-ons at an extra cost, such as:
However, if your condo has any system or appliance shared, it will not be included in the warranty coverage.
The fancier the systems and appliances in your condo, the more it will cost to repair them via retail arrangements. Small fixes may cost less, but complex breakdowns can set you back by over $7000.
The average cost of home warranty plans for a condo could range between $300 and $600 a year. For each service visit, you must pay a deductible to the technician. This amount usually ranges between $60 to $150, depending upon the company you’ve selected. Lastly, the total cost of the home warranty policy depends on other factors such as selected plan, optional add-ons, area of residence, and the size of your condo.
Is a condo warranty a different policy than a home warranty?
A condo warranty is similar to a general home warranty policy. It covers the costs of repair and replacements of home systems and appliances that break down due to normal wear and tear. You can avail of the benefits of a home warranty by paying monthly premiums and a small service call fee.
What will a condo home warranty not cover?
A condo home warranty may not cover any shared system or appliance. These items can include heating systems, pipes, air conditioners, etc. We recommend you contact your warranty provider for specific details about the same.
What Is The Deductible For A Condo Home Warranty?
Every home warranty company has different deductibles or service call fees. This cost can range from $60 to $150 per service visit. You can check the service contract to know the exact service call fee.
Is condo warranty different from condo insurance?
Yes, both condo home warranty and condo home insurance are different things. A condo home insurance protects the exterior of the building from fire, storms, or natural disasters. On the contrary, a condo home warranty covers the household items from normal wear and tear.
Check out this article to know more about the difference between a Home warranty and Home Insurance.
What to look for when choosing a condo warranty company?
When selecting a home warranty company for your condo, you must look for the factors like coverage, cost, dollar limits, and customer services. Most companies offer different plans for systems and appliances. In comparison, some companies provide plans that contain a combination of coverage. This way, if you compare such factors, it will help you find the best suitable option.
What is the duration of a home warranty?
A home warranty generally lasts for 12 months, after which the user can renew it. Some companies also offer home warranty plans for a longer duration, and you cando renewal the plan once the service term ends.
Is a condo home warranty different from a single-family home warranty?
No, home warranty policies are similar for condos and single-family homes. However, there may be differences in the prices depending on the coverage requirements. Additionally, a home warranty for a condo may not cover the shared items. We recommend you confirm the same with your service provider.
Will the home warranty cover structural damage to my condo?
No, a home warranty does not cover the structural damages. If you want to cover the exterior of your property, you can consider purchasing condo home insurance.
Will the home warranty replace my AC unit?
A home warranty may replace your air conditioning unit if they cannot repair it. Every home warranty provider has different terms and conditions, so we recommend you go through your service contract to know the specifics about replacements.
Do I Need a Home Warranty with a Condo Purchase?
You may need to purchase a home warranty for your condo to protect yourself from unforeseen repair costs. It is relatively inexpensive as an average monthly premium could not cost you more than $100. If something breaks down due to normal wear and tear, the service provider will arrange for a qualified technician to fix it.