A Look Into Home Warranty - What Does It Entails And Do You Need It?

Home warranties are a financial protection plan that covers repairs and replacements of certain home components or systems, such as appliances, plumbing fixtures, HVAC systems, electrical panels, and more. These plans usually require homeowners to purchase an annual premium payment, which is typically between $50 to $200 per year depending on the type of coverage and provider.

What Does Home Warranty Entail?

• Repairs and replacements for covered items, such as appliances, plumbing fixtures, HVAC systems, electrical panels, and more.
• Warranty period varies by type of coverage; typically ranging from 1 to 5 years or more.
• Most homeowners need home warranty coverage to maintain their property's value and prevent costly repairs that could lead to higher insurance premiums.

Do You Need Home Warranty?

Whether you need home warranty depends on various factors, including your budget, lifestyle, and the type of home you own. Some signs that you might need a home warranty include:

1. You have a high-value or luxury property (e.g., modern appliances, luxury fixtures).
2. You live in an area prone to natural disasters, such as earthquakes, hurricanes, or floods.
3. You own a home with old or complex systems that are at risk of failing. Examples include outdated HVAC systems, leaky pipes, or worn-out electrical panels.

Home warranties can also be beneficial for homeowners who want to protect their assets from unexpected repairs and replacements. By investing in a home warranty, you'll have peace of mind knowing that you're covered in case anything goes wrong with your property.

Finding the Right Home Warranty Provider

• Research various providers, such as Home Depot's HomeWarranty, Lowe's Home Protection Plan, or GE Appliances' New Garage Door Protection. Compare their coverage, pricing, and customer reviews.
• Check online reviews from other homeowners to get an idea of the pros and cons of each provider.
• Read the fine print: Understand what's covered, what's not, and what the terms and conditions are.

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