4 reasons to buy a home repair plan or home warranty
Your home is one of the most expensive - and important - purchases you'll ever make. It makes sense that you'll want to protect such a valuable asset.
Keep in mind that a home repair plan is not the same as homeowners insurance. While insurance is usually mandatory, a home repair plan and home warranty are optional for those looking for additional coverage.
Here are four reasons why home repair plans and home warranties are worth considering:
1. Be prepared for unexpected issues.
Unfortunately, your home won't always give you a warning before something breaks down. That means your air conditioning unit may give out during the hottest week of July - and of course it will be the day before your in-laws are expected to come for an extended visit. If your system needs replacing, it can cost thousands to install a new one.
With a home repair plan, you'll pay a flat fee for the plan, and the plan will cover the costs of covered repairs up to a certain amount. Simply call your company, and they will send a local, licensed technician to handle the covered repairs. You’ll feel good knowing that your unit is being serviced by a trustworthy professional.
It's also a good idea to buy a home warranty or home repair plan when you close on a home, as it’s a good idea to be prepared for unexpected expenses. A plan can help you handle repair costs for covered inconveniences, such as a broken water heater or malfunctioning electrical system, so you can continue settling into your new home without worrying about such financial burdens.
2. Buy protection.
Additional coverage is important for everyone to consider, regardless of the age of your home. However, with expected wear and tear, an older home can be more likely to need system repairs or replacements. If your home was built in the 1900s or 2000s, a home repair plan or home warranty can help you deal with the covered costs. Think of it being like roadside assistance for your home.
3. Help motivate your buyer.
When it's time to sell, buyers will see your home repair plan as a bonus. According to Realtor.com, many home sellers offer to cover the first year of a buyer's home warranty as an additional incentive. This protection gives buyers a boost of confidence when making their decision, which means you may sell your home faster.
Much like how home warranties are beneficial for covering potential surprise repairs when moving into a home, they can be a good idea even if you're considering selling. Your plumbing, electrical and HVAC systems will need to be in top shape to make your home more attractive to potential buyers. Therefore, buying a home repair plan can help you cover the costs of repairs so you aren't hit with hefty bills before purchasing your next home.
4. Relax with peace of mind.
If you tend to shy away from risk, the better-safe-than-sorry benefits of a home repair plan or home warranty may be worth the money. When you are prepared with a plan, you won't have to hesitate to call a professional because of not having the money to pay. The costs of covered repairs will be taken care of.
Plans from HomeServe can help cover the cost of emergency home repairs. This can range from expensive plumbing, heating and cooling repairs to normal wear and tear that are not usually covered by your basic homeowners insurance or local utility company. Enter your zip code to see what plans are available in your area.