Many Americans have started reviewing their finances and making new strategic plans to save and earn more in 2024. This same idea can be beneficial for homeowners too. Knowing what expenses may incur in the future always helps one to make a future-proof plan and save costs.
Purchasing a home warranty plan can be an excellent way to cover the costs of repairing or replacing major home appliances and systems when they break down.
Unlike home insurance, which covers the structural damages to your home from perils like fire, storm, earthquake, etc, a home warranty plan covers normal home appliances and systems wear and tear.
A home warranty plan always works like an added financial protection when suddenly encountering a costly repair or replacements, therefore, it could be a smart investment option for you in 2024.
Why should you need a home warranty plan in 2024?
Here are a few reasons why you should consider a home warranty plan in 2024:
Save more money:
Just like many other homeowners, if you are not sure about the present conditions of your critical home appliances and systems like electrical, plumbing, HVAC, etc. Having a comprehensive home warranty plan enables you to stay away from costly repair or replacement of household items.
For example, what if your central system wears down? Replacing a new central AC could cost you around $2,500 to $7,000. Would you be able to shed such an amount comfortably?
Usually, a home warranty company covers the majority of the costs, while you are responsible for paying a small service fee called the deductible. The deductible amount ranges from $60 to $120. The more premium you pay, the less deductible amount it is. In rare cases, you may have to pay for non-covered out-of-pocket expenses.
Bruce Ailion, a famous realtor and attorney explained the benefits of having a home warranty plan, even in cases when a modification is also involved. According to Ailion, a person with a home warranty plan may need to pay only $700-$800 for replacing a water heater of $1,800 -$2,200. The same goes for replacing an air conditioner of $2,400. The total out-of-pocket expense is still better than paying the whole amount.
Ailion further added that the home warranty costs vary from market to market. In the Atlanta market, a home warranty plan costs $500 to $600.
Lengthy lifespan of your appliances and systems:
When you claim a home warranty service, the company will send out a repair technician to your home within 24-48 hours. The technician will inspect the issue and if the faulty or broken component is covered, they will repair or replace it. As we already mentioned all you need to pay is a small service fee or the deductible.
You can get the most out of your appliances by relying on a home warranty company. A lot of companies allow you to claim unlimited but most have specific cap coverage amounts for specific units.
Peace of mind:
When you have a home warranty plan, you won’t have to take the headache of researching and comparing different technicians to get the issue resolved. You just have to claim a service from your home warranty company and they will send a professional repair technician from their network. The best thing is that their repairing executives are incentivized well to perform their best to get your issues resolved.
With a home warranty plan, you can have the peace of mind that if anything goes wrong with any of your covered items, the company has got covered.
Home warranty plans attract potential buyers:
The majority of home sellers have admitted the fact that buyers always prefer to purchase a pre-owned home with a home warranty plan. The reason is simple- it assures them that each major item is already covered by a home warranty plan.
Home warranty plans are transferable as they work uninterrupted for new homeowners. So, if you are planning to purchase your home, your home warranty plan could work as an incentive for your potential customers.
It’s just the beginning of 2024 and it’s time to make a smart investment. Now, it’s time to say “no’ to unwanted appliances and system repairing bills with a comprehensive plan from ServicePlus Home Warranty Company.
