Home Warranties - Consider The Cost

HOME WARRANTIES

It’s not typically a surprise when we discuss home insurance with first time home buyers, but oftentimes they’re unaware that there is an additional layer of protection available. Home insurance is designed for cases of major damage such as natural disasters and fire. However, home warranties are designed to cover items that endure wear and tear within the home and impact daily life. The warranty does not change based on the age of the home, making it invaluable for both new construction and older homes. Here are some reasons to consider when deciding whether or not the investment is worth it.

1. Save money. Home warranties cover problems that insurance does not. For example, if the HVAC system breaks down or has problems, the home warranty provider will send someone to review and repair or replace the unit. Generally, the warranty will cover the majority of the cost, leaving you only  responsible for a service fee. In Hampton Roads and North Eastern Carolina, buyers can expect warranties to cost about $500. When considering the cost of a water heater can range from $800 to $2,200 and HVAC systems start at $4,500, the policy can pay for itself and still save you money.
   
   
2. Increased Appliance Lifespan. Home warranty providers have a team of service technicians to service and repair appliances. Many warranties have unlimited claim visits as they would rather fix the problem to avoid long term damage and ultimately replace the unit. This is a scenario where the provider wants to keep things running smoothly. 
   
   
3. Peace of Mind. There is a lot of fear around the cost of being a homeowner, so having a home warranty soothes those anxieties. When something goes wrong, instead of calling a landlord that may or may not be responsive, the homeowner simply calls their provider or submits a form online. Plus, warranties can be transferable so the new owner has seamless coverage. 

Home warranties are an incredible tool for homeowners. Murray Realty Group is dedicated to addressing concerns of our clients and providing solutions based on their needs. If you’re interested in learning more about how we can help and providers we’ve worked with, contact us today.