According to a Forbes Home survey of 1,000 homeowners conducted in 2023, nearly 70% thought that their current home warranty coverage was worth the price. With over 23% agreeing that their policy saves them an average of $200 to $300 per repair.
Home warranties offer several potential benefits to homeowners, providing them with peace of mind and financial protection against unexpected expenses related to home maintenance and repairs. Here are some of the key benefits of home warranties
Ultimately, while there isn't a precise percentage by which homes with warranties sell faster, having a warranty can be a valuable marketing tool that may help expedite the sale process and increase the likelihood of finding a buyer sooner.
2.**Financial Protection**: One of the primary benefits of a home warranty is financial protection against the cost of repairing or replacing major home systems and appliances. Instead of paying for costly repairs out of pocket, homeowners with a warranty pay a relatively small service fee per claim, potentially saving them thousands of dollars in repair expenses.
3. **Convenience**: Home warranties offer homeowners a convenient way to address unexpected breakdowns and malfunctions of home systems and appliances. Instead of having to search for a qualified contractor and negotiate repair costs, homeowners can simply contact their warranty provider to request service, often within a short timeframe.
4. **Comprehensive Coverage**: Home warranties typically cover a wide range of home systems and appliances, including HVAC systems, electrical systems, plumbing, water heaters, refrigerators, ovens, and more. This comprehensive coverage ensures that homeowners are protected against breakdowns and malfunctions of essential components of their home.
5. **Predictable Budgeting**: By purchasing a home warranty, homeowners can better manage their budget by knowing the maximum amount they will have to pay for covered repairs or replacements during the warranty period. This predictability can be especially beneficial for homeowners on a fixed income or tight budget.
6. **Access to Qualified Service Providers**: Home warranty companies typically have a network of pre-screened and qualified service providers, including contractors and technicians. This ensures that homeowners receive prompt and professional service from experienced professionals who can diagnose and repair issues efficiently.
7. **Peace of Mind**: Perhaps the most significant benefit of a home warranty is the peace of mind it provides to homeowners. Knowing that they are protected against unexpected home repairs and maintenance issues can alleviate stress and anxiety, allowing homeowners to focus on enjoying their home without worrying about costly surprises.
Overall, home warranties offer homeowners VALUABLE FINANACIAL PROTECTION, convenience, and peace of mind, making them a worthwhile investment for many homeowners, particularly those with older homes or aging systems and appliances. However, it's essential to carefully review the terms, coverage limits, and exclusions of a home warranty policy to ensure it meets your specific needs and provides adequate protection for your home.
Home warranty plans typically cover most major components of large home systems, such as your HVAC, water heaters, plumbing and electrical. Some plans cover appliances such as washers, dryers, refrigerators and electric stoves.
You can also purchase optional add-on coverage for your spa, second refrigerator, swimming pool, pumps, septic systems and more depending on how much you can pay for a home warranty.
A home warranty is worth it for homeowners who seek peace of mind regarding their home’s appliances and systems. Whether you are buying a home or are simply concerned about the lifespan of your appliances or systems, we’ve found that home warranties are a great way to protect your investments and wallet if a significant repair is needed.
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