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How a home warranty works
Here’s how a home warranty works in a nutshell:
- The homeowner will file a claim with the home warranty company via phone or online.
- The home warranty company will approve the claim if the item is A) covered under the home warranty plan and B) has broken from normal wear and tear.
- After approving the service request, the home warranty provider will schedule an appointment with a certified technician within its pre-approved network on behalf of the homeowner.
- The technician will assess the problem to decide whether the item should be repaired or replaced.
- The homeowner will pay a service fee to the technician. If the home warranty plan does not cover the full cost of a repair or replacement, the homeowner will also pay the remaining balance. Read your contract for full details on the exclusions and limits of your plan.
- The homeowner will file a claim with the home warranty company via phone or online.
- The home warranty company will approve the claim if the item is A) covered under the home warranty plan and B) has broken from normal wear and tear.
- After approving the service request, the home warranty provider will schedule an appointment with a certified technician within its pre-approved network on behalf of the homeowner.
- The technician will assess the problem to decide whether the item should be repaired or replaced.
- The homeowner will pay a service fee to the technician. If the home warranty plan does not cover the full cost of a repair or replacement, the homeowner will also pay the remaining balance. Read your contract for full details on the exclusions and limits of your plan.
Frequently Asked Questions
What is a home warranty?
A home warranty is an optional service contract that covers the cost to repair or replace an appliance or system when it breaks down over time from normal wear and tear. With a home warranty plan, you’ll enjoy peace of mind knowing that the cost of unexpected home repairs will be limited. Most often, all you’ll pay is a relatively small service fee.
Are home warranties worth it?
Yes, home warranties are well worth the cost. You’ll trade costly repairs for as little as $29 per month. A home warranty is especially worthwhile in times when your budget is thin and your nerves are shot, i.e. during the holiday season or when you close on a new house. Second, don’t overlook the peace of mind you’ll feel when your major home systems and appliances are protected. And finally, the best home warranty providers give you access to a network of licensed professionals in your area. You won’t have to read plumber reviews or ask your neighbors for a referral ever again.
Should I get a home warranty plan?
Yes, you should get a home warranty plan if you want to avoid paying full price for expensive home repair and replacement costs. House Method suggests home warranties to all homeowners including home buyers—especially first-time home buyers—and sellers, realtors, and rental property owners. A home warranty may not be necessary if you have a brand new house that’s still protected under a builder’s warranty or if your home is larger than 5,000 square foot.
How much is a one-year home warranty?
Most home warranties cost $25–$67 per month, but we consider premiums lower than $50 to be an affordable home warranty. We found that companies that offer custom coverage or build-your-own plans are the cheapest home warranties. We’ve heard several complaints about providers raising their prices year after year. Unfortunately, this is common as the demand for home warranties increase. You can always ask if you can lock in a price at the time of signing. Sometimes home warranty companies will guarantee your rate if you pay for a three- or five-year plan. This is a large sum of money upfront, but you can usually cancel any time and receive a refund for the amount you don’t use. Ask the company about cancellation policies and fees. We’ve seen fees range from $50 to $75.
Who pays for a home warranty?
Home buyers and sellers, realtors, and rental property owners can all buy a home warranty and benefit from a home protection plan. Home buyers will pay for home warranty coverage if they purchase the plan after closing. However, it’s becoming more common for the seller to pay for a one-year home warranty if they offer it as part of the home sale. Real estate agents sometimes pay for a home warranty for the seller in order to cover potential repairs that crop up while the home is listed. Realtors may also offer a home warranty to the buyers they’re representing as a kind of thank-you gift and a way to ease anxious buyers’ minds. Rental property owners can bake the cost of a home warranty into the tenant’s monthly rent.
Our Home Warranty Reviews Process
Tophomewarranties.com takes an unbiased approach to our recommendations. Designed to help users make confident decisions online, this website contains information about the best home warranty companies on the market. Certain details, including but not limited to prices and special offers, are provided to us directly from our partners and are dynamic and subject to change at any time without prior notice. Though based on meticulous research, the information we share does not constitute legal or professional advice or forecast, and should not be treated as such.
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