Pros and Cons of Purchasing a Home Warranty
If you’re a homeowner, you may be wondering whether purchasing a home warranty could be a good idea. You know there are always unforeseen expenses even with a new home, and it would sure be nice to have some help paying for them! But what are the pros and cons of a home warranty?
In this article, we help you weigh the benefits against the drawbacks so you can decide whether a home warranty is right for your situation.
Read on to better understand home warranty pros and cons to help you feel more confident about purchasing a home warranty:
Pros of Having a Home Warranty
On the whole, you're likely to benefit from having a home warranty. It's helpful to think of it as a way to protect yourself against small disasters. Everything from the largest home system failure to the smallest appliance issue can throw your budget into disarray if you don't have a home warranty. Having a home warranty can help to lessen the financial impact of these inconveniences, and make your life easier should one ever occur.
A home warranty provides you with benefits that you likely wouldn't be able to find on your own. Here are just a few of the pros of a home warranty that you might experience:
Savings on repairs and replacements: While you may be able to repair and replace your appliances and home systems with the help of technicians, the cost of doing so can be far higher than you would like. A home warranty can help you access all these services for a more reasonable price. Often, all you'll have to pay for is the agreed upon service call fee, which is far less than the cost of repairing a home system or appliance.
Access to handyman services: At American Home Protect, our home warranties go a step beyond most and provide you with access to affordable handyman services from Porch. These handyman services can help you maintain your home for a more affordable price than if you were to hire a handyman on your own.
Transferability: If you're selling your home and need a way to make it a more attractive property for a potential buyer, then a home warranty may be the answer. You can transfer your home warranty to the purchaser of your home, and provide them with the same peace of mind you receive from your existing coverage.
Peace of mind: One of the most stressful elements of home ownership is knowing something could break. Home system and appliance repairs can be expensive, and in some cases downright unaffordable. Having home warranty coverage can help you feel more confident about your home because if something goes wrong, you know exactly who to call.
Cons of Having a Home Warranty
Nothing in the world is perfect. While you're likely to see the benefits of a home warranty more than the drawbacks, there are some things you should be aware of before purchasing one. Here are a few potential cons to having a home warranty:
Potential to go unused: Just as with insurance coverage, there is always the chance that a home warranty goes unused because everything in your home continues to operate effectively. In this instance, it can feel like you spent money on nothing. But the real benefit of a home warranty is knowing that if something breaks, you're covered. Additionally, we offer benefits like handyman services to ensure that everyone gets some benefit from a home warranty plan with us, even if nothing ever needs repairs.
Short contract lengths: Many home warranty companies use yearly contracts that can lapse if you aren’t careful. If your policy lapses without your knowledge, you could be on the hook for the costs of repairs and replacements. At American Home Protect, our coverage extends for three years, helping you distribute the cost of the policy over a longer period of time and protecting you against the likelihood of a policy lapse.
Coverage options: No home warranty covers everything. The best way to combat this drawback is to look at what a home warranty covers and then compare that against the things you know you need to protect in your home. At American Home Protect, we already cover a variety of different items with our standard coverage plan. Those who are looking to expand their coverage can take advantage of our add-on coverage, where items such as spa equipment, central vacuum systems and swimming pools can be added to your home warranty plan.
American Home Protect’s Home Warranty Difference
At American Home Protect, we provide people like you with access to high quality home warranty services. Our home warranty coverage plans cover a wide variety of home appliances and systems and can even be expanded with our optional add-ons.
In addition to all of those benefits, you'll also gain access to handyman services that can help you keep your home in working order. Interested in learning more? Get a quote today to see how you can benefit from a home warranty with American Home Protect.