Updated: May 24th, 2019
Purchasing warranty plans for household items has become a common thing these days. Over time, it has become one of the best ways to protect your budget against unexpected repairs and replacements of damaged household devices.
A Home Warranty is called an Appliance Warranty, Home Appliance Repair Insurance or Home Appliance Insurance. It is a contract that agrees to offer discounted repairs and replacements of the covered devices. They cover damages resulting from wear and tear and hence are ideally suited for houses whose appliances are over 4 years old.
Home warranties differ from homeowner’s insurances or insurance for appliances in the home, in the fact that the latter covers damages and losses resulting from natural hazards or crimes while appliance warranty covers damages due to regular wear and tear. You can never replace insurance for household appliances with a home warranty. Insurance on home appliances ensure that your appliances are protected from natural calamities and theft. It is generally considered that home warranties are best suited for the following people who –
So naturally, they are not suited for people who
There are a lot of home warranty companies offering a range of packages to suit your requirements. So never feel that you have only one option. In fact, there are so many options out there that you may want to read a Home warranty buyer’s guide before you make a decision. In general, home warranties are affordable, with the annual premium ranging anywhere between $250 to $1000. The premium usually depends on the amount of coverage you are purchasing. You should look into your appliance maintenance contracts and determine the best home insurance for appliances.
The advantages of owning a home warranty are many. And also, it is the closest thing you can get to peace of mind when it comes to protecting your budget. Let’s take a look at the pros.
If you have doubts about the devices that are covered and omitted, you can go through What is covered under Home Warranty plans to get a clearer picture. If you are still not sure if you need a home warranty or not, we suggest that you read an article on “Do I need a home warranty?”, this will certainly give you some guidance.
Home warranty works in a very simple way. An appliance crashes and you call up the warranty company and inform them about the damage. They will ask you to give them all the necessary information like device name, manufacturer’s details, model no, batch no, and other relevant matters.
Once they collect this info, they will call up a service vendor with whom they maintain business ties. The vendor then collects your contact details to talk to you about fixing an appointment. A qualified and experienced technician then comes over to look at your device. If the repairs needed are minor, he will do them right away. However, if major repairs are needed or if parts need to be replaced, the technician waits for the approval of the home warranty company. Parts needed will be procured by the company. You will pay the service call fee to the technician when he comes to your home.
This is not a free of cost arrangement. In addition to the annual premium, you will be paying a service call fee (around $50) each time you place a claim. Like a coin with two sides, home warranties too have a few drawbacks. Let’s discuss them.
Home warranties are indeed a great way to ensure your household devices. It protects your budget too. It is necessary that you make a wise decision regarding the choice of company and warranty plan so that you make the best out of the deal. The appliance insurance policy booklet and the contract are vital documents and they must, without fail, be studied and preserved carefully.
You can go through reviews about various companies and their plans on our website to compare and choose the best.
Tags:home appliance insurance, home owners insurance, home warranty insurance
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