When you have something valuable, you want to do all you can to protect it. You’ll probably never make a bigger financial investment in something than you will with your home. Not only will you spend money on your mortgage loan itself but on upkeep and maintenance, not to mention all the items you’ll have in your home.
Eventually, appliances and systems in your house will start to sputter and wear out. It can be challenging enough to keep up with your house payments, so what happens when home repairs or replacing items becomes a big burden? Don’t let these issues lead to a choice of foregoing repairs.
A home warranty can be a smart purchase for your home in Illinois during a time of need. Though you may not think it would come in handy now, you’ll be grateful for this coverage if something stops working suddenly. As you learn more about how this plan works, you can see how beneficial and valuable the protection can be.
An Overview of What It Is and What It Does
Anyone who has a mortgage loan knows that homeowners insurance is essential. It protects you against loss and damage to your home and elements of it in a disaster or catastrophe. A home warranty is not the same, though. Some people confuse the two. With a warranty, you make the purchase voluntarily. It covers home appliances and systems that have stopped working due to wear and tear. It can also take effect if these items suddenly and unexpectedly fail.
A home warranty is an annual coverage that you can renew at any time. You pay an annual or monthly fee in exchange for service from a professional technician when something breaks down. You also must pay a fee for a service call, where the technician will diagnose the problem. Otherwise, you will pay nothing extra out of pocket to repair or replace the appliance, system, or any components or parts.
A home warranty comes with a brand-new home. Once the year passes, you can purchase another warranty. It usually costs between $300 and $700. It covers kitchen appliances, such as your dishwasher, fridge, garbage disposal, and range to other appliances, such as the washer and dryer, water heater, and your furnace and air conditioner. Your home’s HVAC, plumbing, and electrical systems have protection as well.
Items Are Bound to Wear Out
Nothing in your home will last forever, especially appliances. Even high-end models have a life span. Parts will wear out, and there will be a mechanical failure at some point. Some appliances can last up to 10 years or more, though you may get even less out of lower-end dishwashers and ranges.
Buying a home warranty prepares you for the inevitability that these conveniences will stop being efficient and effective at some point. You may not know exactly when this will be, but being ready can give you peace of mind. It may be even more important for your plumbing, HVAC, and electrical systems, which are virtually impossible to live without in good working order.
You Can Save Yourself a Significant Amount of Money
If you compare the cost between a home warranty and typical repair and replacement costs, you’ll see how dramatic the difference can be. Making small tweaks to an appliance or tuning up a system may not be much, but major repairs can set you back thousands of dollars. If you need to install a new appliance or system, you can expect to pay even more.
Imagine the feeling of stress getting the news that you need to replace the sewer line in your home or put on a new roof. Or perhaps you need an entirely new HVAC system. Some of these can cost in the $10,000 range, depending on the size of your home. Now think about what you would do if more than one of these problems occurred at once.
For around $50 a month, you can have warranty coverage on all of these important elements of your house. Instead of raiding your savings account or finding yourself in an impossible financial situation, you can tap into the warranty and take care of the repairs by paying virtually nothing.
You Don’t Need to Do the Work
If you don’t have the time or skill to fix appliances and problems with the plumbing or electrical systems, a home warranty is a welcome benefit. When issues begin, you simply make a call to the warranty company, and a professional does the rest. Not only will this approach save you money, but it can spare you a lot of time, effort, and hassles.
Home repairs are a part of every homeowner’s life. You know this will happen, but you do not have to let these problems bury you financially. With a home warranty, you can protect your home and finances.
