Home warranties can provide new homeowners with great peace of mind, especially if their inspection report reveals appliances or systems which will soon need replacing. But it is essential that prospective purchasers review carefully all terms of a plan before making their decision.
Premiums, deductibles and coverage caps vary considerably among insurers; so shop around. A good example of what you should get is seen here: https://www.cinchhomeservices.com/faq-library/-/faq/home-warranty-colorado
1. Know What You’re Buying
IF YOU DECIDE to purchase a warranty plan, be sure you know exactly what you are getting before deciding whether it fits into your needs or not, like extras as mattresses. Evaluate its coverage, limits, customer service history and customer support history as part of making an informed decision before buying one.
Home warranties may seem like an extra burden when buyers are already grappling with mortgage rates and home offers, but they could offer peace of mind. Potential buyers should review a property’s maintenance record to assess whether previous lapses might void its warranty coverage.
Consumer reviews and sites such as the Better Business Bureau can assist home warranty buyers in identifying home warranty providers with excellent track records and strong reputations. Be wary, however, of generic domain names appearing as “best of” lists – these could be paid listings.
2. Read the Contract Carefully
Home warranty contracts should always be read closely when considering purchasing a property that already comes covered. Home warranty companies offer various plans and prices which may significantly vary between plans.
If you are dissatisfied with one company, switching is possible. Compare pricing, Better Business Bureau ratings and consumer reviews before making your choice.
Be mindful that when replacing products under home warranty plans, the home warranty company might select which contractor or brand of appliance they repair it with; this can be frustrating if you were hoping for something specific to be repaired or replaced; generally they’ll look for the cheapest possible option available and generally try to find an agreement which meets their criteria; so read your contract carefully, understand all limitations and exclusions carefully, and ask any relevant questions to avoid disappointment or unexpected expenses.
3. Ask Questions
When choosing a home warranty company, ask plenty of questions and conduct thorough research. Get recommendations from friends and neighbors as well as read customer reviews online; additionally check to see if the business has ever been sued for unethical business practices.
Find out how claims are managed and the typical timeline for service calls to be completed. Also ask your provider if they only use licensed and bonded contractors in your state.
Ask the company whether or not they offer sample contracts to review. While this won’t necessarily reflect the finalized agreement, reviewing sample contracts can help you make up your mind on purchasing plans. Furthermore, inquire as to any extra services that can be added such as pool or hot tub coverage.
4. Do Your Research
Home buyers who are considering home warranties–or sellers looking to offer them–should do their research thoroughly. Speak with your real estate agent who can give a list of reliable companies as well as sample contracts.
Find out how long the warranty provider has been operating and their customer service capabilities by searching online reviews and ratings as well as checking with the Better Business Bureau for complaints.
Discuss how the provider procures contractors. Ideally, look for providers that have an established network of reliable repair technicians with workmanship guarantees and reliability agreements in place.
5. Look for Additional Coverage
Before selecting a home warranty plan, it’s also essential to carefully evaluate whether its coverage extends to all the appliances and systems you wish to protect. Many providers provide sample contracts which enable consumers to easily compare coverage limits and exclusions.
Consider seeking out providers offering add-ons for pools and septic systems as part of your home warranty plan, which could potentially save money over time. Although such add-ons might add more expenses up front, they could save a considerable amount over time.
No matter their complexity, modern appliances and systems still rely on basic core components that need protection. A provider that prioritizes these is essential, along with having a knowledgeable customer service team that prioritizes service excellence.