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When you buy a home, even if it’s not brand new, there’s a good chance you’ll be given a home warranty as a safety net against costly and unexpected repairs. The purpose of a home warranty is to protect the buyer from paying for this type of maintenance.
While this may seem like a good measure of financial protection, one must question whether it provides the safety net that homeowners expect. In this article, we’ll go over all the elements of a home warranty.
How much is the home warranty?
A typical home warranty is only one year, but some warranties can last three years for each coverage period. As these extended service warranty contracts expire, you often have the option to renew your coverage without it affecting your life in any way. As such, you won’t have to worry about anything breaking as long as the policy is in place.
As long as you are satisfied with the benefits of your home warranty coverage, there is no reason why your policy should ever expire.
What does a home warranty cover?
“What does a home warranty cover?” many are surprised. Home warranties are designed to work in conjunction with your existing home owner’s insurance.
Most warranty contracts cover the main systems in your home, although this can vary depending on the service provider and the type of cover you buy. These consist of your water heater as well as the heating and cooling systems, electrical systems and plumbing.
In most cases, additional coverage can be purchased as an add-on for later features. You can get coverage for a variety of home appliances, including washers and dryers, stoves, and more. Whether you have a pool, spa or hot tub, you can find coverage options for it. Another common addition is a septic tank cover.
Warranties will only cover items that were in working order when purchased and will not cover anything damaged through improper use.
Do home warranties reduce taxes?
If you purchase a home warranty for your primary residence, the value of the warranty is not deductible on your federal tax return. The same can be said for home owner insurance.
If, on the other hand, you run a business out of your home, you may be eligible for a discount on your home warranty. Furthermore, if the home is rented out, the homeowner can deduct the cost of the home warranty from their taxes.
How are home warranties and insurance different?
Most of the damage that a home warranty covers is caused by normal wear and tear on very important appliances and systems.
Homeowners insurance, on the other hand, pays to fix the home and its contents if they are damaged by perils covered by the policy.
What are the main benefits of a home warranty?
“Are home warranties worth it?” some may ponder. There are several advantages to getting a home warranty. Your peace of mind is definitely one of the most important. Therefore, we have put together a list of benefits of having a home warranty that you should be aware of.
· They protect the budget
Getting a home warranty can help you save a lot of money. This makes budgeting easier because you don’t have to consider potential disasters. Although you will pay up front, you will save a lot in the long run.
A warranty protects your investment from unexpected, costly repairs and replacements. Home warranties come with a variety of plans and no waiting period. Your home warranty should serve as an emergency fund.
· Timing is everything
Buying a home warranty saves you time. Once the problem appears, you will spend some time looking for a skilled and reliable professional to fix your home problems.
There is a home warranty that covers everything described above. When you contact your home warranty provider, they will send a technician to your home. This is a huge comfort to those of you who are short on time.
· Service calls are unlimited
There are several reasons why you might want to start a service inquiry. Here are some examples of these problems. strange noises are coming from your refrigerator and you have no idea what is happening; your toilet is clogged and you have no idea how to fix it; your water heater broke while you were in the shower; Your basement has flooded for no apparent reason and you suspect a gas leak and many other problems.
The warranty allows for an unlimited number of service calls in each of these cases. Since you can call your service provider an endless number of times, you never have to worry about whether or not someone will come to help you with the problems you are currently experiencing.
· Peace of mind
When all is said and done, knowing that your property is covered will give you peace of mind and a sense of security. When you have a home warranty, you can rest easy knowing that any expensive repairs, such as fixing a broken dishwasher or heating system, will be taken care of by the provider. Relax and enjoy your time at home without always worrying about what might go wrong next.
If you have a home warranty and something breaks in your home, you simply call the company and they will send someone to your home to fix it. It’s as simple as that.
· Security
You want to make sure your home is safe, especially when it comes to gas and electrical systems. Your home warranty covers these and other safety features in your home, as well as safety equipment such as smoke alarms and carbon monoxide detectors.
If any of these safety features fail, a technician will be sent to your home as part of your home warranty to help you repair the problem.
You can guarantee that safety is the top priority for home warranty companies, which means you can feel some peace of mind knowing that your safety is in excellent hands.
Did this help you decide if getting a home warranty is for you? Maybe you’ve learned more about home warranties to help you with your next home move. Let me know in the comments below
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