What Is a Home Warranty, and Do You Need One?

Kimberly Bean
Published on January 18, 2016

What Is a Home Warranty, and Do You Need One?

Owning a home is a major achievement, but it comes with responsibilities. What do you have to look forward to now that you own a Southern Maryland home? Repairs and regular maintenance from top to bottom – including utilities and appliances — something that can take first-time homeowners by surprise.

For example, what do you do on a freezing winter morning when you wake up to a broken water heater? Everything in your house has a lifecycle, so it’s good to be prepared when items need to be fixed or replaced.

What do you do when these things happen?

Most homeowners don’t have the experience or knowledge they need to do some repairs, especially when they’re unexpected. If you’re lucky enough to have a knowledgeable family member or friend who is willing to help out, great! But if you’re not that lucky, you know that it takes time to find the right professional at the right price. The best thing to do as a new Southern Maryland homeowner is to have a home warranty.

What is a home warranty?

A home warranty works like the extended warranty you might buy for your new TV or smartphone. It covers the cost of replacing or repairing nearly anything in your home that may break or stop working. Payment plans typically range from $300 to $900 per year.

When something breaks, all you have to do is contact your home warranty provider. They will then contact the company or contractor they work with to solve your kind of problem, and the company will send someone to repair the problem or replace it altogether. Your home warranty premium covers the repair and replacement costs; you will only be required to make a co-payment for every incident.

Who should buy a home warranty?

Home warranties are a good idea for first-time buyers who are accustomed to renting. These new homeowners are used to calling a landlord whenever a problem arises. The home warranty provider essentially takes over the role of landlord, and if you work for long hours, you may not have the time or energy to find someone to fix the issue yourself.

But you don’t have to be a Millennial new home owner to benefit from a home warranty. Homeowners of any age will find benefit from a home warranty. If you’ve had your home inspected, you have some idea of the life expectancy and condition of the utilities in your home. Most appliances break down after 15 or 20 years; you don’t want to deal with several malfunctioning things at the same time.

But before you purchase a new home warranty, it is a good idea to shop around. Compare the premiums and coverage plans of each provider to make sure you get a good deal. Keep in mind that older homes will need more coverage.

A home warranty may also be a wise decision for investors and landlords who don’t want to spend time doing or arranging repairs for their tenants – especially if the investor doesn’t have a lot of experience with the typical amount of upkeep that a property will need. If you don’t have a network of repair professionals available to help you make the repairs, a home warranty can keep both the landlord and the tenants happy.

Hughesville MD Homes for Sale and Real Estate Services in Southern Maryland. You now have a search engine to help you with your Southern Maryland home search! And I’m ready to provide you with a custom home valuation if you’re considering selling your home. Let’s connect to discuss how I can help you. Contact Kimberly Bean at 301-440-1309

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