Whether you’re buying or selling a house, a home warranty is always a good investment. Purchasing a home warranty contract for a home before you put it on the market will help sellers attract more potential buyers and negotiate a higher sale price. For buyers, a home warranty provides extra peace of mind beyond what’s offered by homeowner’s insurance.
A home warranty is an annual contract that covers unanticipated property damage for home systems and appliances. Unlike home insurance, a home warranty covers property damage beyond what results from environmental causes such as a tornado or flood. Having a home warranty is a convenience that saves you time and money on contracting home repairs yourself out of your own pocket.
However, not all home warranties are created equal, and it’s important to inspect the fine print before you sign a home warranty contract. Different contracts include variable parameters of coverage, and some will impose a price cap on your liability coverage. If you choose to proceed with repairs that exceed this cap, the difference will be up to you to pay off.
Another common issue is that when you file a claim, your home warranty company will hire a local contractor of their choosing to assess your problem. If the contractor disagrees with your assessment of the issue, your home warranty company will not cover your claim. In that situation, you can ask them to send another contractor for a second opinion, but you may end up having to pay for the repair out of pocket.
Before you sign a home warranty contract, do your homework to make sure your plan includes the coverage you’re looking for and that you are comfortable with the coverage price cap. Read the terms and conditions carefully so that you understand what is and isn’t covered.
A Bonfe home warranty provides even greater peace of mind because all claims are personally serviced by Bonfe’s team of professional plumbers and electricians—no need to bring in a third party. Our home warranty coverage plans exceed the maintenance and protection offered by homeowner’s insurance and many other home warranty service plans. A basic Bonfe warranty includes protection for all critical home systems, including heating and cooling, electrical, plumbing, and appliances.