words Al Woods
When you purchase a home, you’re required to maintain homeowner’s insurance to cover potential damage and other developments. Many people believe homeowner’s insurance applies to all possible damages and repair or replacement needs.
Unfortunately, they often end up disappointed when they discover that’s not the case. Having a home warranty can help bridge the gap, though. If you’re curious about home warranties, read on to find the answers to some of the common questions about home warranties and their coverage extents.
1) What Is a Home Warranty?
A home warranty is basically an extra line of defense against many of the expenses you could face as a homeowner. Home warranty companies offer coverage for many of the repairs and replacements your homeowner’s insurance won’t pay for.
2) How Do Home Warranties Work?
You can purchase a home warranty from a company that offers this type of coverage. Then, when something goes wrong that your homeowner’s insurance won’t cover, simply call the warranty provider for help. They’ll send out repair technicians or other service providers to take care of issues covered by the home warranty.
3) When Should I Purchase a Home Warranty?
You can purchase a home warranty at any point. In most cases, experts recommend purchasing a warranty as soon as you buy a home. Doing so will ensure you’re covered right from the start.
4) Does a Home Warranty Cover Appliances?
Yes, home warranties generally cover household appliances as long as you’ve kept up with any preventative maintenance needs the appliance may have. Some appliances don’t have specific maintenance needs. In such cases, the warranty should take care of repairs or replacements.
5) Will a Home Warranty Cover Electronics?
Some home warranties cover electronics repairs and replacements. In other cases, you may need to purchase an add-on to the home warranty to cover electronic devices. This depends largely on the warranty provider and the types of coverage the company offers.
6) Does a Home Warranty Apply to the Heating and Air Conditioning System?
Heating and air conditioning systems are covered by home warranties under certain circumstances. Again, it’s important to keep up with preventative maintenance needs. Otherwise, the warranty may not pay for repairs or system replacement.
7) Will a Home Warranty Cover Anything Outside the Home?
Yes. Depending on the type of warranty and add-ons you purchase, you could be covered for a pool, spa, storage shed, guest house, pool house, well, septic tank, and other structures on your property that aren’t part of the house itself.
8) Do Home Warranties Cover Basement Flooding?
Some home warranties cover certain types of basement flooding. This kind of coverage is available as an add-on for other warranties. Either way, a home warranty can help thwart the costs of basement flooding and all the repairs and remediation services it entails.
9) Will a Home Warranty Pay for Roof Repairs or Replacement?
In general, home warranties don’t apply to roof damage or replacement. That being said, you may be able to purchase additional coverage for your roof to pay for damages that aren’t covered by your homeowner’s insurance.
10) How Much Does a Home Warranty Cost?
Home warranty costs vary by provider and coverage type. Purchasing add-ons to extend your coverage will further increase the price of a home warranty. Of course, it’s also important to understand how much you’d pay for repairs and replacements if you didn’t have a warranty.
All Things Considered
Homeowner’s insurance is essential, and it can help reduce the added and unexpected expenses of homeownership. Still, it won’t cover everything that might happen. Having a home warranty gives you an added layer of protection for things that aren’t covered by insurance. It’ll also give you extra peace of mind in knowing that you’re better prepared for almost any eventuality.