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When Is It Worth Investing In A Home Protection Plan?

July 3, 2021

Wondering if putting $600 in a home protection plan is going to reap you any rewards? Well, $600 is big and paying it every year as an annual fee does spark curiosity and dubiousness. Let’s look at the real picture and figure out if a home warranty is a worthy investment or not.

Don’t be baffled! A home warranty and a home protection plan pretty much play the same role.

From repairing a refrigerator to fixing a garage door opener and restoring the HVAC system in your home. The expenses of restoration works and replacement can undeniably cost you riches. Shelling out $600 can save you from overspending thousands of dollars if the repair works are major and labor-intensive.

Of course, not everyday the crucial mechanical system in your home breaks down. But, day-in-day-out usage of appliances could result in wear and tear. If you haven’t thought about it already, getting repairs done is a hassle. Hunting for professionals, making appointments, describing the issue and ultimately getting appliances or home systems fixed is a big fiasco. To top it up, the bills are overly expensive and lengthy.

On analyzing both sides of a coin, it is safe to say that yes, the $600 you are plowing in is guaranteed to win you benefits and big savings.

The unsaid benefits of a home protection plan

Home warranties are a boon for homeowners and their finances. Much has been said about how a home protection plan protects the funds, that might otherwise be spent in footing long bills of repairs and restoration.

How often does one speak about a home warranty and its impact on the upsurge of the property value? Surprised! Let’s break the details and find out more.

Are you more interested in investing in a property and selling it off at a higher price? Signing up for a comprehensive home warranty plan can win you better profits when putting your property up for sale or rent. A home warranty hikes up the value of the property by large.

Buyers or tenants love to secure homes that are pre-protected using a home warranty along with home insurance. In this way, they can take a breather and not stress when appliances turn faulty or systems like the plumbing of the house or electrical bust.

Other benefits:

Servicing of home systems and appliances are a phone call away

  • No need to shun off maintenance anymore. A home protection plan covers the costs of scheduling maintenance and security checks
  • Grab the attention of prospective tenants if you have bought the house to let
  • Services related to the restoration of home systems or mending of appliances are available round the clock
  • The providing company dwindles your responsibility and sends in the best and professional technicians to deal with the situation
  • If a mechanical system or an appliance is in ruins and needs replacement, you can get hands on new machines without paying a dime extra.
Does a homeowner’s warranty cover everything in a house?

The primary idea of investing in a home protection plan is to cover the costs of home repairs. It can therefore be assumed that you are looking for a comprehensive warranty that covers pretty much all appliances and mechanical systems.

If you have purchased a striking new property, a home warranty is likely to cover almost every machine in the house. Simple reason - in a new home, all appliances and home systems are brand new. On the contrary, if you have invested in a pre-owned property, most of the appliances in the home are old and stale.

In such a case, the providing company analyzes the condition of the mechanical system and the appliance first. If they are found in a decent condition and are functional, the home protection plan is valid on all appliances.

From ovens and washing machines to stoves, dishwashers and water heaters, your home warranty covers all appliances. You can sign up to secure major home systems like electrical, plumbing, HVAC, air-conditioning and everything else.

In most cases, a standard protection plan does not cover septic tanks, swimming pools or sprinkler systems. You might need to pay a little extra for an add-on coverage to protect your pool or septic tank.

To have a deeper understanding of what a home warranty covers, make sure you read the contract carefully. Keep an eye on what’s included and what’s excluded.