Close your eyes and picture this situation. You have gone through the entire home-buying process, which included investing a lot of time and money. Now that you have moved in and want to relax, bang, the refrigerator just malfunctioned. As you were going to assess the damage, you slipped. Turns out the water is leaking from the plumbing pipes.
What this means is more money going to home repairs and maintenance.
But is that the only way where you need to bear these expenses? Can't you bring down the home expenses? Well, yes, you can, and it is called a home warranty.
If you are new to real estate investing, you not only want to know about home warranties but would also want to figure out "How to buy a home warranty." We won't leave you high and dry.
You are about to discover what general home warranty policy offers and how to find your next home warranty company.
Here we go.
Explore: The Recent Home Listings Near YouMoving into a new home attracts various repair and maintenance expenses. You would not want your daily schedule to have, "Contact the plumber to fix the microwave oven." And "Negotiate the right price with the electrician to fix the electricity outlets."
A home warranty policy can relieve you of all these worries. This is a contract with one of the home warranty companies to take care of your home components.
If things like HVAC, Refrigerator, or other components malfunction and need repairs or regular maintenance, the home warranty company takes care of it.
Remember, home warranty policy is not the same as home insurance. In-home insurance, you can claim damage caused by unexpected occurrences like natural disasters, thievery, or similar others.
A home warranty policy, on the other hand, covers damages and malfunctions caused due to normal wear and tear.
All home warranty companies have their own coverage terms and specifications. Let's look at the list of the top home warranty companies that can take care of your home repairs and maintenance.
A Memphis, Tennessee-based home warranty company that offers coverage services for systems and appliances. They have a service fee ranging from $75 to $125.
The American Home Shield is one of those home warranty companies where you can hire your own service professional after approval from them.
2-10 Home Buyers Warranty is based in Aurora, Colorado. It offers coverages for systems and appliances, with a specialization in kitchen coverages. This home warranty company has coverage available for single-family homes and condominiums.
Currently, the starting service fee of 2-10 Home Buyers Warrant is $65.
With four unique coverages offered across 49+ states across the US, American First Choice Home Club offers contracts of one year or three years. The service fee of AFC Home Club ranges from $75 to $125.
AFC Home Club gives you the flexibility of choosing a service professional. If you think it is a hassle, they can also provide a licensed professional for the job.
One of the unique things about Liberty Home Guard LLC is that it offers all coverages at the same service fee. This reduces your confusion and makes the packages easier to understand.
Liberty Home Guard LLC is available in 50+ states, along with having a strong network of over 10,000 reliable service professionals. This is also one of those home warranty companies that enables you to hire your own service professional after approval.
Choice Home Warranty offers two plans to cover essential appliances and systems. Currently, their service fee stands at $85 per claim. Additionally, if you cancel the contract after 30 days, there is a $50 cancellation fee.
This is one of the few home warranty companies offering military and veteran discounts. So, if you are active or retired in the forces, going for the Choice Home Warranty can be a financially fruitful decision.
It is likely that you won't want to go for the home warranty companies that we have mentioned. One of the possible reasons is that everyone has different preferences and expectations.
So, here are some steps for you to choose the right provider among a large number of home warranty companies out there.
Everyone wants to live a different lifestyle, which means there are different home components coverage. Take the age of your home components into account to determine the right home warranty coverage for them.
At the end of the day, the home warranty policy is to reduce your repair and maintenance expenses with a fixed cost. That is why you have to compare the pricing schedule and total costs offered by different home warranty companies.
It is not only about the home warranty policy being expensive. You also need to check out the coverage package and whether it meets your preferences or not.
What was the experience of the previous clients and customers? That should give you a good idea about what to expect from the home warranty company you are going for.
You can explore this feedback on digital platforms like social media and other review websites or ask around in your neighborhood.
A home warranty policy is not a one-time thing. The contract expires after a specific period, which is usually a month or a year. Before choosing a provider from the list of home warranty companies, make sure you understand their process for renewal.
This can save you from a lot of hassle and uncertainty when it is time to renew.
Home warranty policies by different providers are like burgers from KFC and McDonald'. Even though they are both the same things, they will taste differently. Similarly, home warranty companies might have different terms for their services.
Before you sign that dotted line, make sure you understand the nitty gritty of the home warranty policy and if there is something you want changed.
A reliable home warranty policy acts like a fire extinguisher against home repairs and maintenance. You will move one step closer to achieving your goal of living a desired lifestyle.
Are you ready to buy a home to achieve your goal of living a desired lifestyle?
If you are, a home warranty policy comes next. If you want to start a home hunt, HAR.com is your destination. We have different types of properties listed on our website to find the one that suits your specifications.
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