Is a home warranty worth it?

When considering what's needed to protect your home from any damages, repairs or accidents, home insurance is usually the first to come to mind. In fact, mortgage lenders require home insurance to be in place before even providing a loan.

But there are other options that can potentially save you even more time and money when it comes to your home: home warranties. A home warranty can help protect you and your family by covering the costs of household repairs and appliances. As any homeowner knows, there will be household repairs and appliances to replace. It's just a question of price and value.

Not sure about pricing or if you're in the market for a home warranty? Find out today.

As you would with any purchase, you should make sure you do your due diligence before getting a home warranty. Evaluate your situation carefully and crunch the numbers to determine if a home warranty is right for you.

Is a home warranty worth it?

The decision to purchase a home warranty (or multiple ones) comes down to your own unique circumstances. However, there are scenarios in which buying a home warranty will likely benefit you.

• Your manufacturer warranty has since expired. Many common household appliances (refrigerators, ovens, washing machines, dryers, etc.) come with a manufacturer warranty upon purchase. But they don't last forever and almost none last for the duration of the estimated lifespan of the product. This is when a home warranty could come in handy. For a small price each month (between $25-$100 approximately), you can protect yourself against the inevitable repairs that come with an aging appliance.
• Your appliances are old. Are your appliances older, significantly past the manufacturer warranty coverage period and thus more likely to need repair or replacement? Then a home warranty may be worth looking into. 
• Your appliances are used -  a lot. Some appliances get used more than others. The more wear and tear they endure, the more likely they are to require service. Do an honest evaluation of your household appliance usage. If you're living alone and doing a few loads of laundry each week then you may not need a warranty on your washer or dryer. But if you're a family of four (or more) doing laundry every day? Then it may be worth it.
• Convenience and trustworthiness. When household items break down and you need assistance it can often be a chore to contact service support. Who's trustworthy? Who's immediately available to help? And who is the least expensive? With a home warranty, these considerations are taken care of. Home warranty companies have a robust list of trained professionals who can help you quickly and efficiently. 

Do you think you'd benefit from having a home warranty in place? Act today and review highly-rated plans from a varied list of home warranty providers.

What to consider before getting a home warranty

There are, of course, some instances when a home warranty may not be worth the expense. Here are some things you should think about before getting a home warranty.

• You won't necessarily have direct input over the repair/replacement. Home warranty providers typically make the final decision. If weighing in on a repair is important to you, then this contract may not be the right fit.
• It's an extra expense. If money is tight or if you're just looking to cut corners then setting yourself up for another bill to pay may not make the most financial sense at this time.
• The full service, repair and replacement won't always be covered. That's not how home warranties work and, despite paying the monthly bill, you may still find yourself on the hook for service calls and other aspects. Read the fine print, particularly the exclusions portion, before signing on.

Bear in mind that home warranty claims can be denied for various reasons such as improper maintenance or neglect, rough handling of products or appliances, incorrect installation — the list goes on. Again, make sure you review the contract carefully to ensure you won't be held responsible if something goes wrong.

Home warranties are personal decisions and what's right for one person or family may not be right for another. But if you want peace of mind and don't want to break the bank the next time a major household repair is needed a home warranty may be for you.

Ready to get started? Home warranty providers are ready to help you today.