Home Warranty Insurance provides you with protection against expenses that are incurred due to damage of your household appliances. The appliance warranty company shall either pay for repairs or replace your damaged appliance.
Home Warranty is not an ideal choice for customers who have fairly new equipment in their homes. It is ideal for appliances over four years old.
The Great Stuff
The advantages of Home Warranty are many. Its like an umbrella warranty that covers all the appliances in your home. These are the best aspects of an Appliance Warranty Insurance:
- If a major appliance or system breaks down, the Home Warranty company will pay for repairs or in certain cases may even replace the appliance.
- You need not go around looking for a technician to repair your damaged appliance. All you have to do is call up your warranty company and pay the deductible amount (usually around $50) and they will send a technician to service the appliance or system
- If you wish to sell your home, having a Home Warranty Contract adds value to your property. Buyers are often interested in getting an insured home rather than an uninsured one.
- It makes you stress free and you can rest assured that if an appliance breaks down, it will not burn a hole in your pocket.
The Not So Great Stuff
As much as there are benefits, like a coin with two sides, this too has a few limitations.
- Each repair will cost something as you have to pay a deductible amount anywhere between $50 – $100 for EACH repair incident. You will have to pay a separate deductible amount for each appliance that was damaged.
- The annual premium you pay can range anywhere between $ 500 – $ 1000. So if you are confident that you will not need annual repairs for your appliances, it is better that you hire a contractor for the occasional repairs.
- If an appliance part needs to replaced, expect delays. Contractors will have to wait for the company to send new parts in the mail and this delays the repair work.
Being a top home warranty reviews site, we are aware of common problems faced by customers. Let us take you over a few such issues that you may find difficult to deal with:
- Often claim processing moves at a snail’s pace with the company quoting clauses from the contract to deem your claim invalid when the costs involved are quite high. Let this not deter you, there are Insurance companies around who provide impeccable service and ensure that you are well treated.
- Pre-existing conditions of your used appliances are not covered. Damages due to wear and tear and lack of maintenance are not covered as well. However, there are companies that do cover above criteria.
- Then there is the fact that Insurance companies always opt for repairs rather than replacing the damaged appliance with a brand new one.
Always make sure that you read the Policy booklet and contract thoroughly so that future conflicts are avoided. Also ensure that the Insurance Company you choose comes highly recommended.
Choosing the right Home Warranty Plan
Choosing the right plan and the right Insurance company is a tough decision to make. The market does provide a lot of choices regarding this as well. If you have decided to proceed with your decision of getting a Home Warranty for yourself, check our reviews section for some insights and ratings. We hope that it will help you choose a plan that suits your needs and your budget. If you are still undecided, do check out our Home Warranty Buyers Guide for further help.
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