Purchasing a house is an expensive ordeal, where in the median price rises to a whopping 6.1% over the past year. Add that with expensive appliances to boot, and every homeowner aims to protect their property in every possible manner to avoid burning holes in their wallet from the cost of repairs. Conversely, gaining protection against spending a fortune on repairs is primarily the reason homeowners invest in a home warranty plan.
What is a Home Warranty Plan and What Does it Cover?
Home warranty plans focus on covering for any costly repairs on home systems and appliance failures. It serves more like a service contract rather than an insurance policy, so don’t mistake it for protecting your home’s structure and belongings in the unfortunate event of a fire, storm, flood, or other hazards.
Instead, a home warranty keeps homeowners from blowing their budget on repairs and replacements due to normal wear-and-tear even without suffering from any accidents or calamities. To it, home warranty generally sets up a service contract to cover for the following:
- Plumbing and electrical systems
- Heating and cooling systems
- Water heater
- Basic home appliances like the washer or dryer
- Kitchen appliances such as the oven, range, built-in microwave, and even garbage disposal
- Doorbells
- Ceiling fans
- Ductwork to code
Keep in mind that the home warranty coverage varies from state to state, so be sure to identify the protection plans of your warranty within your region and policy before moving forward.
What are the Benefits of Home Warranties for Home Buyers and Sellers?
Home warranties are a beneficial investment, especially for home buyers and sellers, as both sides of the spectrum are the most vulnerable against expensive repairs against unexpected system failures.
For sellers, it adds a competitive edge as it protects them while providing reassurance to buyers, along with the benefits such as:
- 100% transferable service contracts
- Attractive home sales at higher prices at a faster rate
- Reduced liability after closing and a better reputation
- Protection against repairs during the sales and closing process
Meanwhile, many buyers find home warranties a necessity during the first few months of purchasing a home as they are often left cash strapped. This means that they are vulnerable to unexpected expenses, which makes warranty contracts a highly favorable choice. To that it, a home warranty offers the following:
- Continuous service available for claims
- Quick dispatching of trusted licensed and insured local technicians that are qualified to handle the repairs of your home.
- Low service call fees
- Budget protection against surprise repairs and replacements
Homeowners also have the choice to include add-ons if necessary, such as extending the coverage for a swimming pool, external well, and other appliances. As for the pricing, basic coverage will range between $300 to $600.
In Conclusion
Many homeowners prefer to skimp out on a home warranty as it may seem like an additional responsibility. However, it can save you from future headaches down the road. Home repairs and replacements can take a lot out of your pocket, so if you want to keep it from burning further holes, acquiring a home warranty plan may be a wise idea for the protection of your future.
If you are looking for home warranty insurance in Las Vegas, Nevada, get in touch with us today! We’re happy to help.
