Home warranties can provide peace of mind for homeowners by covering unexpected repairs. They also allow sellers to increase the value of their homes by reassuring buyers about potential repair costs.
1. Check Your Policy for Exclusions
Home warranty companies are not all the same and you should look into what will benefit you most. Because every company does not apply the same coverages, do not rely on just what you hear to be true. The detail in every home warranty is important because then you can analyze what truly is covered and what is not. Some people fear purchasing home warranties because they don’t have all the information. Most homeowners who have it are happy that they do purchase it. For those who lack education in what home warranties offer, it is a good idea to look at sites like https://www.cinchhomeservices.com/homeowners/services/protection-plans that detail their services.
2. Schedule Regular Inspections
Most home warranty providers have a network of third party service providers. When something breaks down, the home warranty company may call the service provider and have them repair or replace the item.
Some people don’t have the money saved for a repair or replacement, and so they use a home warranty to cover the cost. This can be a good idea if the warranty company is reliable, but it’s also important to keep up with regular inspections of your own.
Use a recurring schedule to set up weekly or monthly inspections. Choose a frequency that fits your needs and select the inspection form you want to use.
3. Have Your System and Appliance Serviced Regularly
Home warranties can be a smart financial move for new homeowners or those looking to protect their older systems and appliances. However, it is important to understand the limitations of these plans and know what they don’t cover.
Having your appliances and systems serviced regularly can save you money in the long run. This is because a service professional can check for dirt, grease, and grime that can lead to malfunctions and reduced lifespan.
It is also important to note that many home warranty companies consider routine
maintenance to be a repair and not a claim. This is why following the manufacturer’s maintenance schedule and adhering to a maintenance plan can help avoid claim denials.
4. Take Care of Your System and Appliances
Home warranties aren’t perfect, but reputable providers do their best to uphold their promises. If you do happen to run into a bad experience, remember not to get surprised or angry.
When deciding which provider is right for you, begin by assessing your home’s systems and appliances. Note their model numbers, maintenance history and current condition. This will help you narrow down a list of providers who may be able to provide your family with the protection and value you’re seeking.
5. Keep a Close Eye on Your System and Appliances
If you buy a home with old appliances and systems, or if you are renovating a house that needs new systems, a home warranty makes sense. These service contracts pay for repairs and replacements that would otherwise deplete your emergency fund.
When shopping for a provider, consider the cost of replacing your most expensive home items and what types of repairs you want to be covered. Many providers split their plans by systems and appliances, so you can get exactly the coverage you need. Some companies even allow you to select your own contractors to perform the repairs. However, DIY fixes may be subject to a deductible, and you could void your warranty if the repair is not performed properly.
6. Don’t Be Surprised or Angry
There are legitimate reasons that home warranty claims get denied, but there are steps homeowners can take to prevent them. Understanding your contract, providing routine maintenance and practicing good record keeping go a long way.
When a repair or replacement is requested, home warranty companies typically provide a list of service contractors. If you don’t want to use the company-approved technicians, or you think the cost of a repair is going to exceed your coverage limit, consider filing an appeal.
Homeowners can also hire a third-party contractor to perform an inspection and write a competing inspection report, which can help when an appeal is filed.