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6 Benefits a Home Warranty Program Can Provide
Many new homeowners invest in an insurance policy and assume that they’ve covered all of their liabilities. Unfortunately, a homeowner’s policy usually doesn’t cover appliance breakdowns, plumbing issues, or electrical failure. A home warranty, on the other hand, provides coverage for major systems and appliances in your home. Frugal Gurru explains how a home warranty program can provide solutions to these and other unexpected events.
1. Avoid Exorbitant Out-of-Pocket Costs
According to Bankrate, most people in the U.S. are unable to cover an emergency that costs $1,000. This is concerning, but it’s especially alarming for homeowners. Fixing a burst pipe, for example, can cost up to $1,000 on average. If you don’t have the cash on hand to cover this, you’re in dire straits. A home warranty can cover this risk and save you from paying for costly repairs.
If you live in or are considering purchasing an older home, a home warranty is a great investment because the systems and appliances are likely older. However, if you have purchased new construction, you will need to weigh out your options. The benefit is that no one has lived in the home or used the appliances before you, but that doesn’t guarantee that something cannot break. Be realistic about your situation before investing in – or declining to get – a home warranty.
2. Save Time Spent Searching for a Repair Provider
Ally notes that a home warranty works by covering specific home-related expenses in exchange for a monthly fee. This can save you considerable time when it comes to finding the right repair personnel. You could easily spend hours searching online, reading reviews, and looking for a trustworthy provider. Home warranties save you from this expense by simply scheduling service from one of the company’s approved professionals.
3. Minimize Paperwork From Multiple Contractors
If you’ve ever had to deal with contractors directly, you know that these dealings often come with an array of paperwork. Contracts, estimates, and agreements might be overwhelming when you’re juggling multiple providers. A home warranty program can reduce the paperwork burden, and you can further streamline your files by digitizing them. If they are PDFs, and if your goal is separating the PDF pages, this will help. A PDF splitter tool allows you to separate a document, download it, and then send it.
4. Enjoy Responsive Assistance Throughout Repairs
Yet another benefit of a home warranty program is the responsive assistance you can take advantage of throughout the repair process. When something goes wrong with your home, it can be stressful and alienating. The right home warranty provider will alleviate this stress, though, by guiding you through the repair process and providing excellent customer service.
5. Partner With a Company That Has a Great Track Record
It’s understandable if you are still wary about the potential benefits of a home warranty program when compared to its cost. This hesitance might be exacerbated by tepid reviews for some companies. Reviews can help you find a great company, though, so that you’re confident in your purchase and comfortable with the contract. As you’re looking into working with companies in your area, research a company’s reputation to ensure they’re a safe bet.
6. Experience the Security of Home Ownership
Perhaps the greatest benefit of a home warranty plan is the sense of security that it can offer to homeowners. Many people buy a house because they want to invest in their future and achieve financial stability. When costly repairs constantly recur, this stability is disrupted. A home warranty can restore it and help you feel secure.
If you run a business out of your home, also look into the coverage that business insurance can provide. Although your insurance offers liability coverage for you, it may not provide any coverage for your home. And your personal homeowner’s insurance will only cover so much. It’s best to check with your insurance agent to learn exactly what is covered so you can make an informed decision about additional coverage.
Enjoy the Benefits of a Home Warranty Agreement
Home warranties are one of the best investments that homeowners can make. Whether you recently purchased your first home or you’re amassing a portfolio of investment properties, this type of program offers solutions to handle the most common repair and maintenance concerns. This can save you time, money, and energy.
Are you looking for resources to help you live a frugal lifestyle? Then visit Frugal Gurru for tips that will save you money and increase your financial stability.
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