This questions comes all the time from my clients. Whether it’s good to buy/have home warranty or it’s just waste of money. See the Pro’s and Con’s below.
Like any form of insurance, when you have it and you don’t need it, it’s frustrating, but when you need it and you don’t have it, it’s even worse. But Home warranty is not like Home insurance, there are lots of companies which are there for namesake but some companies which really try to do the right thing. Some really take care of the client by not giving excuses to pay for the repairs and just do it. Many just find excuses like code violation and client has to pay half of it and they will cover the rest. Don’t fall for it. That half you pay might be the full cost for the repair. Alternatively, you could take the money you would have spent on a home warranty and put it in a rainy-day fund dedicated solely to the repair and replacement costs of your appliances and systems.
One of the best things a home warranty can provide for you is peace of mind. New homeowners and long-time homeowners alike can take comfort in the fact that surprise breakdowns could be taken care of with just a small cash outlay and a lot less hassle than hunting up a repair or replacement provider on your own. Yes, it is only for smaller repairs not for bigger ones. Don’t depend on them fully!!
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