Homeowners typically want to protect all that they own and this usually means purchasing an insurance policy for their home and valuables. However, this will not provide any assistance if something just stops working or if something in the home is damaged as a result of typical use.
In this vein, more homeowners are now seeking out home warranty policies. These policies protect a variety of items within the home such as appliances, wear and tear and even the replacement of key home systems. Let’s take a look at a few of the benefits that these home warranty policies can provide.
1. Increase of Overall Value of the Home.
According to the National Home Warranty Association, simply purchasing a home warranty policy can increase the overall value of your home and help it sell more quickly. In today’s sluggish housing market, this is a vital benefit.
2. Protection for Home’s Mechanical Systems.
A home warranty policy will provide you with advanced protection if your home’s electrical, plumbing or heating system fail. Replacements and repair for these systems are usually very expensive.
3. Perfect for Renovators or Flippers.
If you are in the business of flipping or renovating homes, you may find that your newly bought home is not up to code. A home warranty policy will help cover the costs of converting the home so that it will meet code restrictions.
4. Ideal for Landlords.
Due to the type of coverage that a home warranty policy provides and the fact that it is not restricted to covering a primary dwelling or residence, this type of coverage is beneficial for landlords. Repairs and wear and tear can quickly eat into a rental property investment.
5. Peace of Mind for First Time Buyers.
Buying a home for the first time is very stressful, especially if you skipped getting a home inspection before closing. By purchasing a home warranty policy you can get help if something goes wrong on the property.
6. Extra Coverage for Appliances.
Older appliances typically have run the course of their initial manufacturer’s warranties, but that doesn’t mean you can run out and buy a new one. For homes with older appliances, warranty policies are well worth the money, especially when compared to the cost of replacing appliances on your own.
7. Greater Availability of Repair Help.
Instead of waiting for a local repair person to come out, typically, the home warranty company will send out someone to the property immediately. Access to this service is typically 24/7, depending on the issuing company.
While home warranty insurance cannot protect you from acts of God, theft or secondary damage to your home, it does fill in the gaps left by traditional home insurance policies. A homeowner should not rely solely on a home warranty policy to provide them with complete coverage, but they are a sensible add-on, even if you have lived in the home for many years. With millions being spent on repairs every year throughout the US, home warranty policies can help reduce the overall expenses of owning your own home.
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Originally posted 2008-11-29 07:14:48. Republished by Blog Post Promoter
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1 comment so far ↓
Nice tips, however I would not recommend home warranty to everyone. Many warranty plans do not cover pre-existing and lack of maintenance problems. If you have a relatively new home you do not need to buy home warranty.
This would be a good read on this topic -
http://www.homewarrantyreviews.com/home-warranty-buyers-guide
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