There are many ways homeowners can make small changes to save money. They might install energy-efficient appliances, use programmable thermostats or add weather-stripping under doors to reduce their energy bills. Yet utilities aren’t the only expenses that could break the bank when it comes to owning a home.
Maintenance and repair costs can seriously eat into your savings, especially if you have an older house. As your property and appliances get older, they’re more likely to need service. A lot of people believe that these types of repairs are covered under their homeowners' insurance, but this usually isn’t true.
This is why many of those who buy a residential property choose to purchase a home warranty plan in addition to their insurance policies. If you’re in the market for a new house, you may be asking yourself, “Do home warranties save money?”
Here are some of the best reasons why a home warranty not only can save you money in the long run but also possibly become an investment in and of itself.
What Is a Home Warranty?
Homeowners insurance often pays for damages that occur due to some type of catastrophe. These could include weather damage or a break-in. What it usually won’t cover, however, is the typical wear and tear you will experience over the natural course of time. An additional warranty plan, on the other hand, will provide service to keep your property and appliances in good working order. It can give you repair and/or maintenance for your furnace, water heater, air conditioning, electric or water lines, or your major household appliances.
These warranties are offered with a number of options. You can add coverage to almost any feature you have. This includes outdoor swimming pools, septic systems and ceiling fans. Many times, the previous owner will offer a warranty plan for a year or two after the sale to cover any necessary work that the property may need.
Why Get a Home Warranty Plan
The benefits of a home warranty plan are numerous. These plans can take the worry out of maintaining a house for many reasons. This makes them a good supplement to insurance because they provide homeowners with much more coverage than they would otherwise receive.
Here are key ways a home warranty plan can help someone who owns a residential property or is buying one:
Purchasing a home warranty does more than make it easier to take care of problems that crop up around the house. It also helps keep everything in its best condition, thanks to prompt, expert care. This can do a lot to protect and preserve the value of your investment for the future.
Author Bio: Terrance M., Supervisor of Technical Training and Compliance at Pivotal Home Solutions, has been working in the heating and cooling industry for more than 33 years. He attended Triton College in River Grove, Illinois, where he completed the HVAC program. Terrance holds a Class A1 mechanical license
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