If you’re like many people, you’ve heard of home warranties – but what are they, and are they worth the cost?
Here are the basics about home warranties so you can make an informed decision.
What is a Home Warranty?
A home warranty is a type of policy that a homeowner (or a seller) pays for to cover the cost of repairing a wide range of home appliances if they break down.
In some cases, home sellers buy a year-long home warranty for the people who purchase their home.
How Does a Home Warranty Work?
A home warranty is different from homeowners insurance, which covers your house in the event of a disaster. A warranty only covers systems and appliances, and those vary by company – so what one company covers, another might not. Usually, these warranties cover things like:
- Basic home systems (think electrical and plumbing)
- Heating and cooling systems
- Water heaters
- Washers and dryers
- Kitchen appliances built into the home, like the oven, garbage disposal and, in some cases, the refrigerator
Should You Get a Home Warranty?
On average, a home warranty costs between $300 and $600 per year, and you can purchase add-ons for home systems and appliances that aren’t normally covered. If it makes financial sense – or if it’s the one thing that’s going to seal the deal with your buyers, by all means, get one.
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