Congratulations! You've taken the first step towards protecting your investment and peace of mind with a home warranty. However, have you ever stopped to think about what's real and what's not? Unfortunately, many people make common misconceptions that can lead them down a costly path.
Misconception #1: Home warranties are only for luxury homes
Many people assume that home warranties are only necessary for high-end, custom-built homes. But the truth is, any home can benefit from a warranty, regardless of its price or quality.
Misconception #2: Home warranties cover all repairs
While most home warranties do cover basic repairs like leaky faucets and creaky doors, they may not be able to pay for major issues like roof collapses or burst pipes. Make sure you understand what's covered before signing up.
Misconception #3: Home warranties are a substitute for insurance
Home warranties can actually be a valuable complement to your existing insurance coverage, rather than a replacement. They provide an additional layer of protection and financial security in case something goes wrong.
Misconception #4: Home warranties are only for new homes
Many home warranty programs offer discounts or incentives for existing homeowners, making it easier to get started. Additionally, some policies may be available for older homes that need repairs.
Misconception #5: Home warranties require maintenance
No, home warranties don't require any maintenance or inspections. Once a policy is purchased and paid for, you can expect regular statements with estimated repair costs.
Misconception #6: Home warranties are only for major repairs
Home warranty programs typically cover a wide range of repairs, from routine maintenance to minor issues like leaky faucets and clogged drains. Some policies even offer coverage for cosmetic repairs.
Misconception #7: Home warranties are expensive
Home warranty prices can vary widely depending on the provider, coverage level, and geographic location. While it's true that some policies may be more expensive than others, many home warranty programs offer affordable options for individual homeowners.