First let us answer the question…What is a Home Warranty? According to Wikipedia, a Home Warranty is a service contract that covers the repair and replacement costs of home appliances for a small deductible. The warranty generally covers equipment and appliances such as dishwashers, plumbing systems, electrical systems etc. that fail due to normal wear and tear.
Now let us answer the question…..Should you purchase a Home Warranty? In my opinion a Home Warranty should be considered when purchasing an existing home, at least in the first year. (New Homes normally come with a Builders Warranty). The Seller of the Home may even pay for the first year warranty if it negotiated in the contract prior to purchasing.
Typically the cost is $300-$400 dollars annually. When you report an incident, the warranty company will send a contractor to your home. Please keep in mind pre-existing conditions are not covered. The…
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