When you own a home, you are
financially responsible for replacing or repairing a broken home appliance or
system. Search expenses are uncalled because you cannot predict when any of
your systems will go south. One intelligent way to pro wallet from such
expenses is having a home warranty policy for your major home appliances and
systems. In this article, we are going to tell you if having a home warranty
plan is worth the expense.
What is a home warranty plan?
A home warranty annual plan that
covers the repairing or replacement cost of covered home appliances and systems
That break down due to regular wire and tear. Home warranty companies also
provide additional coverage for larger systems like HVAC, automatic garage
opener, garbage disposals but customers have to pay additional money for that.
A lot of people misunderstand home
warranty policy with home insurance. the truth is both are different coverage. Home
insurance covers the structural damages to your house due to theft, burglary
fire, or any other types of natural disasters. it doesn't cover your home
appliances and systems. Home warranty policy covers the repairing or
replacement costs of the appliances and systems due to regular wear and tear.
How does a home warranty policy
work?
Once you have a home warranty
policy, you have to follow a particular process to file a claim. If any of your
covered items break down, you have to follow these processes
File a service request claim: let
your home warranty company know about the issue. Inform them how your item is
broken and the manufacturer of it.
Schedule an appointment: your home
warranty company will assign a registered service repairing professional and
you can schedule an appointment at the time when you are comfortable. They are
home rental companies that allow you to use your repairing service
professional.
Repair or replace the item: the home
warranty company will assign a professional repairing person to diagnose the
problem with your item. if it is repairable, the professional person will do
that, or if not your home warranty company will replace the item.
Pay a service fee: whenever you make a claim and once the service professional arrives at your doorstep to diagnose the issue and fix the problem, you have to pay a service fee called the deductible. The deductible amount ranges between $30 to $60 and it can be negotiated at the time of purchasing the plan.
What does a home warranty plan cover?
Different home warranty companies
offer various types of coverages and plans. The plan that you should consider
depends on your requirements and budget. Most home warranty companies offer
three types of plans-
System plans: Such plans cover
crucial home systems like electrical plumbing and air conditioning. it doesn't
cover your home appliances.
Appliances plan: this type of plan
covers your home appliances like refrigerator, ovens, washer and dryers,
dishwasher, heater, etc.
Combination plan: These types of
plans are little comprehensive ones As they cover both your home appliances and
systems.
