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The Importance of a Home Warranty

unnamed-1Appliances can break anytime, not just when they are old. While some appliances can last a very long time, others simply have problems and, like cars, should be recalled, but they are not.

My current home was built in 2010 and the appliances are original which makes them only five years old. I have heard the house was used as a second home by one owner and the kitchen was used once, at the holidays, for cooking by the second homeowner. If this is true, the appliances, the plumbing and the electrical in the house hasn’t had much use. If you think about it, my house should be good for many years to come. Surely, if my mother’s washer and dryer, bought in 1976, still operates without problems, then all the appliances in my house should be fine, too.

But, my refrigerator’s compressor just quit and my trash compactor is jammed. I was smart enough to get a home warranty when I bought the house. My warranty is paying for new replacements. But if I didn’t have the home warranty, I’d be out over $2,000.

Home warranties are not expensive and come with a variety of payment plans. There are many companies to choose from which cover basic things like the regular appliances in your home (washer, dryer and large kitchen items), plumbing and electrical. Some include extra items like the second refrigerator in the garage, the HVAC and additional units and upgrades can even cover your pool.

Prices are based on the age of your home. My mother’s 50+ year old home was recently warrantied. Her cost is a little higher per year than what I pay because her house is older. But, she has peace of mind now that she knows the washer and dryer will be serviced for a low price or replaced if they ever do break down. Any plumbing or electrical issues in her older home will get the same repairs that I would get in my newer home, if needed.

Whether you are buying a home or staying where you are, look into a home warranty. Buyers can negotiate with sellers to provide a home warranty in the contract on a house. Sellers can also purchase a warranty through their real estate agent when listing their house for sale which can help the seller pay for unexpected repairs during the sales process. How does this work? Let’s say you have a contract on your house and there is an issue during the inspection with the HVAC system and it requires a lot of expensive repairs. With the warranty you pay one service fee and that’s it. The warranty company will arrange a professional to service the system. Anything extra is covered in that fee. Without the warranty, you may be repairing or replacing with funds from your bank account. It makes sense to have a home warranty.

There are just too many great companies to recommend so I’ll let you shop around on your own. You can always talk to your real estate agent for his or her recommendations, too.

List reprinted with permission courtesy of Eileen Saunders, REALTOR® with Tommy Morgan
2092 Old Taylor Road, Suite 101, Oxford, MS 38655
662-404-0816 | 662-234-5344
copyright 2015

Adam Brown
Adam Brown
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