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Thinking About Buying a Home Warranty? Here’s What You Need to Know

There are so many things that can go wrong within your home. Your oven could short out. Your washing machine could die a premature death. You could buy an existing home, only to find that the copper plumbing is deteriorating quickly. All of those could spell major costs for repairs or replacements, but a home warranty might be able to save you time, money, and headaches. However, it’s important to make an informed decision here.

 

What Is a Home Warranty?

Before we go too much farther, we need to determine what a home warranty actually is and how it stacks up to homeowner’s insurance. Essentially, a home warranty is a service and replacement contract that covers specific areas of your home. It’s designed to help make paying for major repairs and replacements simpler and easier on you (and your bank account). However, not all home warranty companies and policies are the same.

 

What Does Select Home Warranty Offer?

Select Home Warranty, which is #1 rated by reviewhomewarranties, provides a broad range of benefits that can offer peace of mind to homeowners. You can reach them 24 hours per day, seven days per week for service. They also offer annual promotions to help you save cash, and their contractors are highly rated. Cancellation is free within the first 30 days, as well.

 

What Does Choice Home Warranty Offer?

Choice Home Warranty is a market veteran and also offers 24/7 service calls. They’re a large company with service in all but three states, and emergency service is available if needed. There is no charge for re-service due to failed repairs, but their plans are a bit limited in comparison with other companies.

 

What Does First American Home Warranty Offer?

First American Home Warranty is another large company, with coverage in most states (but not all). They’re well established and offer 24/7 service. They also have a B+ rating with the Better Business Bureau. However, their plans are limited, and they offer few optional coverage items.

 

What Does Total Home Protection Offer?

Pride Home Warranty offers excellent coverage plans, with a lower chance of claim denial than some competitors. They also provide 24/7 service calls. However, you only have a single day to file claims, and they do not provide online chat support.

 

Comparing Your Options

Company Service Availability Cancellation Emergency Availability Reputation Unique Benefit
Select Home Warranty 24/7 Free within 30 days of contract Yes Excellent Multiple optional coverage items
Choice Home Warranty 24/7 Free within 30 days of contract Yes Excellent Re-service for failed repairs
First American Home Warranty 24/7 Within 30 days of contract/ $50 fee Yes Good Accredited with the BBB
Select Home Warranty 24/7 Free within 30 days of contract Yes Excellent Multiple optional coverage items
Total Home Protection 24/7 Free within 30 days of contract Yes Good Market veteran

A Note on Waiting Periods

Writing for Eye on Annapolis, Stephanie Fahie also urges homeowners to be wary of any waiting periods that a home warranty company might require before coverage is honored. These can range between 15 and 30 days of you buying a home or purchasing a new warranty. In some cases, you will need to wait until the manufacturer’s warranty has run out before the home warranty will cover anything.

 

Armed with this information, you should be able to find the right home warranty company for your needs and budget.

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