Unless you've purchased a home warranty before, you probably know little about why one is beneficial and what exactly it covers. If you're considering a home warranty, check out these five facts so you can make an informed decision.
1. They're affordable
Even hearing the words "home" and "warranty" might make you head for the hills, unwilling to shell out money for yet another bill. But contrary to this fight-or-flight response, you should look into getting one because a home warranty keeps money in your piggy bank. If you don't have a home warranty and your dishwasher breaks down, you'll need to pay out of pocket for a repair or replacement, which could cost an upward of a few thousand dollars - unless you're covered by a warranty.
2. They're not homeowner's insurance
Because homeowner's insurance and a home warranty both pertain to your residence, some people tend to interchange the two terms. But it's important to note that they aren't the same.
According to the Consumer Financial Protection Bureau, homeowner's insurance covers damage and losses if something like a fire or burglary occurs. But it does nothing when it comes to appliances breaking down. Invest in homeowner's insurance and an HMS home warranty to cover all your ground.
3. They're leverage for sellers
If you've put property on the market, then you understand how frustrating it can be to sell a house or apartment. You'd probably do anything to lure more buyers, which is why you should consider a home warranty. Investing in one can make your home stand out among the sea of listings.
The benefits of a warranty carry on through the closing process. With an HMS home warranty, you're less likely to run into trouble over faulty appliances.
4. They're not all the same
Shopping for a home warranty is no different than looking for a car insurance provider. You'll need to weigh the costs with the benefits, knowing that each company offers different perks. For instance, an HMS home warranty comes with an incentives package that gives you discounts on new appliances.
5. They're easy to obtain
It may be hard to believe, but you don't have to spend hours riffling through paperwork to get an HMS home warranty. You can fill out a form online and follow-up with representative if you have any questions.
The information in these articles is intended to provide guidance on the proper maintenance and care of systems and appliances in the home. Not all of the topics mentioned are covered by our home warranty or maintenance plans. Please review your home warranty contract carefully to understand your coverage.
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