If you’re a homebody, then chances are you use your home for everything it offers 365 days per year. That means you cook a lot, entertain often, enjoy comfortable heating and cooling systems on a constant basis along with roof that doesn’t leak. That’s likely because you also make sure to do the proper maintenance on your precious property.
It’s also possible you’ve invested in a home warranty which can cover those annoying out-of-pocket expenses that home insurance will not. Says Cinch Home Services, with regular maintenance and proper care, it’s quite possible to extend the lifespan of your homes systems and appliances.
However, there’s no way to avoid breakdowns forever. That’s why a home warranty is so important. For just a few bucks per month, you can sleep well at night knowing you don’t have to pay for system repairs and replacements which always seem to come at the wrong time.
Prior to purchasing your home warranty, you know doubt asked yourself what do home warranties cover? The answer might surprise you. According to a new report by U.S. News and World Report, generally speaking, a home warranty covers repair, service, or replacement of your home’s major systems and appliances.
Keep in mind that home warranties and homeowners’ insurance are not redundant. Homeowners insurance is engineered to provide monetary relief in the case of unexpected perils like a house fire for instance. But home warranties cover only the systems and appliances which are listed in the contract or plan.
The point of a home warranty is that it will minimize the cost of replacing or fixing big ticket items in your house that you haven’t been factored into your household budget or saved for. Your home coverage will vary. However, the National Home Service Contract Association (NHSCA) claims there are standard coverages for systems and appliances that you can naturally expect from almost any home warranty company.
Garden Variety Home Warranty Coverage Plans
When it comes to the type of home warranty you are seeking, you will typically be given several options to choose from. While every company offers plans with different coverage, most of them offer the same plan for systems and appliances.
Some companies might offer special, more comprehensive systems-only plans, or appliance-only plans. This might be the right choice for you if you only wish to cover certain items that are no longer covered by the existing maker's or installer’s warranty.
Typical coverage for both appliances and systems usually include the following:
Systems: ductwork, interior plumbing, heating, electrical, water heaters, air conditioners (HVAC), and more.
Appliances: garbage disposal, dishwasher, pool equipment, garage door and garage door opener, cooktop, oven, range, refrigerator/freezer plus ice maker, and even spa equipment (although spa equipment is usually optional)
Plans with Optional Coverage
Says U.S. News and World Report, depending on where you live in U.S., you will want to consider coverage for optional home systems such as a septic tank, well pump, or a sump pump. Be aware that some of the appliances you might assume are covered under your standard warranty like a built-in microwave or a refrigerator, might be considered optional in your contract. This means you need to add them to your plan if you feel they need coverage.
Also, if you own more than one fridge, you’ll need added coverage since home warranties almost always only cover the main kitchen refrigerator unit. Some home warranty companies will offer duplicate appliance coverage. You need to do your research to find out exactly which companies will cover you for duplicate appliances like refrigerators, microwaves, wine coolers, and more.
Plans with Robust Coverage
If you feel you require it, you can invest in comprehensive home warranty plans that will include coverage for such items as ceiling fans, free-standing ice machines, trash compactors, pest control machines, televisions (entertainment systems), plus your roof. In the case of the latter, you will most definitely need coverage if the standard 15-year warranty has expired.
It’s also possible to buy coverage for re-keying services which can come in handy if you purchase a home and wish to have the locks changed. It also will come in very handy if you lose your keys.
The important thing to remember about home warranties is that for just a few dollars per month, you can cover just about any system or appliance you own, no matter how unusual or atypical. If you own a bowling alley in your basement or a mechanic’s rack in your garage, for instance, a reputable home warranty company will likely figure out a way to cover them.