Home warranties are annual or monthly service contracts that cover the repairing or replacement costs of broken home appliances and systems due to regular wear and tear. Although home warranty plans are still popular, there are misconceptions about home warranty plans that often create confusion for homeowners. Now, in this article, we are going to address those confusions for you-
Misconception #1: A Home Warranty Covers Everything in My Home
This is not true. Home warranties typically cover major home systems and appliances, but not everything in your home. For example, a home warranty may cover your air conditioning system but may not cover a leaky faucet or a broken window.
Misconception #2: A Home Warranty Will Replace My Appliances with Brand New Ones
While a home warranty may cover the repair or replacement of your appliances, it does not guarantee that you'll receive a brand-new appliance. The warranty provider may offer a refurbished or reconditioned appliance instead, if it meets the same specifications as the original one.
Misconception #3: A Home Warranty Will Cover Pre-Existing Conditions
Home warranty plans don’t cover items with pre-existing conditions or that have not been maintained properly. It's important to note that home warranty providers may require an inspection before providing coverage, to ensure that items are in good working condition.
Misconception #4: A Home Warranty is the Same as Homeowners Insurance
Home warranties and homeowners’ insurance are not the same things. They are totally different investment plans. Home insurance only covers the structural damages to your property due to fire, theft, hailstorms, floods, or any natural disasters. Like a home warranty plan, home insurance doesn’t cover your home appliances and systems.
On the other hand, having home insurance is a must if you have a mortgage but a home warranty plan is an entirely optional investment plan.
Misconception #5: A Home Warranty is Expensive
The cost of a home warranty can vary depending on the provider and the plan. However, in most cases, a home warranty is not expensive. The cost of a home warranty may be less than the cost of repairing or replacing a home system or appliance. Additionally, many providers offer flexible payment options to make it more affordable for homeowners.
In conclusion, home warranties are an important investment for homeowners who want to protect their major home systems and appliances. If you are planning to purchase a home warranty plan, it’s important to go through the contact thoroughly to know what it covers and doesn’t. If you are looking forward to purchasing the best home warranty plan at the most competitive price, ServicePlus Home Warranty is your perfect shopping destination.