Factors You Should Consider Before Buying a Home Warranty Plan

Planning to purchase/sell a property in the near future? Worried about unanticipated property damage that may occur after you’ve finalized the deal? This is why it is recommended for you to acquire the home warranty before signing the deal!

There are different companies offering home warranty plans on the market. Even though the core product is the same, these companies tweak with the finer details in order to create differentiated packages for their customers. It is therefore imperative for you to compare and contrast your alternatives before buying a home warranty plan.

Here are some of the factors that affect your home warranty coverage down the line.

Is the Insurer Legitimate?

This may be a little tricky to establish. The best way to figure out whether the warranty company is operating within the legal jurisdiction of law is to look for customer reviews. However, here’s the catch; most home warranty plan sellers resort to fake reviews in order to gain recognition and appreciation in the target audience. It isn’t easy to distinguish between authentic and fake reviews. Make sure you probe the insurer to share customer details of previous clients. A legitimate service provider will never shy away from such a requirement.

Do You Need a Home Warranty Plan?

It is not ordained by law for you to buy a home warranty plan for you property. It is solely upon your discretion whether you decide for or against it. Admittedly, the home warranty plan adds value to your property and may help you sell off your property quicker. Regardless of this, you may opt not to purchase the home warranty plan, possibly because you’ve invested heavily in home renovations or because you simply don’t mind receiving a slightly lesser value for your property. Be clear about your purpose behind the sale/purchase of property. It might help you benefit significantly down the line!

Budget Limitations

It is a good idea to optimize your insurance coverage and costs in line with your budget constraints. Everything does not require the home warranty coverage. If you are planning to sell your property and require home warranty coverage in order to protect the prospective buyer against damages, you know very well about the parts of your property that may or may not be at risk. If there are any recent installations you acquired or any major renovations you opt for, it makes logical sense to exclude these from the home warranty coverage. It’ll enable you to bring your insurance cost down while ensuring the next buyer is appropriately covered for potential property risks!

It is the same way with most insurance plans; there is always the possibility you might not need the coverage within the specified time period. However, it does give you the peace of mind you need when shifting into a new home (both from buyers’ and sellers’ perspective).

Looking for the best deals and services for home warranty plans? Contact Bonfe; we offer the best home warranty coverage for our esteemed customers!

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