What is Home Warranty and Why All Property Owners Should Get One

What is Home Warranty and Why All Property Owners Should Get One

A home warranty is primarily designed for domestic users, but you can get versions of this service for your commercial property as well. A lot of people think that if they have home insurance, they don’t need a home warranty, but they are both important if you want comprehensive coverage. Read on to find out more.

What Is Home Warranty?

A home warranty protects the main appliances and systems in your home from theft, damage, and wear and tear as they age. The product warranty you get from the manufacturer does not offer the same kind of coverage you get from a third party. A home warranty is different from home insurance in a lot of ways; neither can substitute the other. The former can save you thousands of dollars in the case something goes wrong. Certain appliances in your home, for instance, the HVAC system or the solar panel setup you have, can cost thousands of dollars in upkeep. With a home warranty, you are fully protected from any kind of damage. In the best-case scenario, your provider will replace the damaged system with a brand new one completely free of charge.

Below are some main benefits of getting a home warranty.

Better Money Management

A lot of appliance repairs and replacements can cost a lot of money. When you are already working with a finely tuned monthly budget, the last thing you need is an expensive, unexpected appliance failure. People in different regions are exposed to different risks. For instance, with Arizona’s year-round hot climate, the HVAC system is used more extensively and a breakdown can make the living conditions very uncomfortable. To save yourself from these common hassles, a home warranty in Arizona will cover issues specific to your local climate. With a reliable home warranty, you don’t have to worry about the expenses or the repair job itself. Your provider will handle the breakdown without you having to set aside a budget.

Extra Protection

Many of the products in your home such as the oven or dishwasher come with a manufacturer’s warranty, but that doesn’t mean you can’t have a home warranty as well. The reason it’s often best to secure a separate warranty is because the manufacturer’s option has a lot of requirements and a strict criterion when it comes to servicing the warranties they provide. This results in a lot of consumers not getting compensated for the problem they have with the appliance. Therefore, purchasing a third-party service gives you an additional layer of protection and the criteria for home warranty claims are more relaxed.

Better Savings

If you have a home warranty, you can use this to get better deals on home appliance purchases. A lot of home warranty providers work with different companies, in which the appliance company offers a better price to those with said provider. The savings can be quite significant when you are getting discounts of 30%-50%. This is because you are less of a risk for the appliance manufacturer.
As is the case with life insurance or any other kind of insurance service, there are different kinds of home warranties in the market. Choosing the right one depends on the size of your home, the number of appliances you own, the value of the assets, and various other factors. Before purchasing a home warranty, look into what is available to make sure you are getting the best possible coverage.