Get Peace of Mind with a Home Warranty Plan

If you're buying (or selling) a home, you may want to consider purchasing a home warranty. A home warranty plan covers the cost of repairing many of your home appliances if they break.  A home warranty plan typically includes: central heating and air conditioning systems, kitchen appliances, washers and dryers, plumbing systems and electrical systems.  Coverage varies depending upon where you live.  

A home warranty is different from homeowners insurance.  Homeowners insurance covers your home's structure and belongings in case of a fire, storm, flood or accident.

If you're interested in buying a home warranty, our REALTORS® at Wright-Patt Realty, Inc. want you to choose the right one for you. Here are some guidelines to help.

Know the Coverage

Before purchasing a home warranty, make sure you know the coverage you're getting. Will it cover kitchen appliances, your HVAC system, your outdoor appliances, your plumbing, roof leaks, or other components of your home? The best plan will be one that has the most possible coverage with few exclusions.

Most home warranty plans will cover all covered components of your home, as long as they were in good, working order before you purchased the policy. These policies won't cover items that are already broken. Some policies will limit the age of certain appliances, so read thoroughly to ensure your items are covered and will be covered for the duration of the time you have the policy.

Find a Price that Fits Your Budget

The more coverage you get, the more the premium for your insurance will be, but overall the cost for coverage is pretty affordable. Try to shop to find a balance between the cost and the coverage to get something that's worth the investment, but doesn't hurt your budget too much.

While checking the price, make sure you look at the other costs associated with a home warranty. If you should have service call, you will need to pay a deductible, which is usually around $50. You may also have to pay a technician's fee for the technician to come to your home. Compare and contrast these fees to find the policy that's the most affordable when it's used.

Find One with Replacement Options

Most home warranty plans offer coverage for repairs. Sometimes, however, a component can't be repaired. When this happens, you want to ensure the home warranty you purchased has replacement coverage. You will want the unit to be replaced with a new one that has the same functions. This is in contrast to replacement value coverage, in which you will only be given a check for the supposed value of your item. Because broken appliances and systems have very little value, most policies have a replacement clause, but double check to be sure.

Many area homes can benefit from the addition of a home warranty. It adds value at the home's sale, and also protects homeowners while living in the home. For more information about home warranties, check with the Wright-Patt Realty, Inc. team. For help looking for homes in Yellow Springs, Ohio or Dayton, Ohio, contact our real estate experts.