Home warranties offer valuable peace of mind, but many people don’t know when to buy them or how they work. Here’s the truth behind some common home warranty misconceptions.
Home warranties and homeowners’ insurance are the same.
False. Both help safeguard your home, but they cover different risks. Homeowners’ insurance generally covers damage from disasters, fires and theft. Home warranties help pay to repair or replace plumbing, HVAC systems and major appliances when they break down from normal wear and tear.
Home warranties are only for older homes.
False. Buyers of newer and older homes can benefit from a home warranty. Unexpected problems with appliances and home systems can arise regardless of a home’s age, and a new owner’s usage habits may place different demands on them.
You can only get a home warranty when you first buy your home.
False. Existing homeowners can purchase coverage at any time, protecting their investment for the long term. Home sellers can buy warranties for prospective buyers, increasing the home’s marketability.
It’s easier to pay for repairs as they happen.
False. Unexpected home repairs don’t happen at a convenient time. A single covered repair, such as an HVAC system, electrical issue or major appliance, can cost far more than the annual price of a home warranty. A home warranty protects homeowners’ budgets for the unexpected instead of absorbing large repair bills all at once.
Home warranties only help when an issue arises.
False. Many home warranty providers have networks of qualified contractors and service professionals who can help you maintain your home regularly, not just support you when an issue occurs.
These are just a few of the common misconceptions our team hears about home warranties. Whether you’re buying, selling or simply want to keep your house in tip-top shape, a home warranty could be right for you. Contact your local Long & Foster Real Estate office today to learn more about coverage from our partners at Cinch and Super and find the right choice for your home.