What is a Home Warranty Plan?
Filed under: Home Tips
Whether you are buying an existing home or investing in a new-build, you need to ask questions about a home warranty plan to cover potential repairs after you move in. Here is a quick overview to help you understand how a warranty works for your new home:
When to Buy a Home Protection Plan
The most common time to buy a warranty, also known as a home protection plan, is when you are closing on the property. But, you can buy this plan at any time. Even if you have owned a home for twenty years, you could call today and buy a home protection plan.
Length of a Warranty
In most situations, the home protection plan will last for a year. This coverage can vary depending on the type of plan that you choose as well as the insurance company.
What is Covered under a Home Warranty?
This plan is designed to cover most of the main systems in your home, including:
- Electrical
- Plumbing
- Appliances
If you want more coverage for things like your refrigerator or roof, then you might have additional costs. So, make sure that you check with your carrier to understand the full coverage that is available.
Should You Buy a Home Warranty Plan?
As a real estate agent, I often recommend a home warranty plan when you are purchasing a home that is aging. Plumbing systems and other home features aren’t designed to last forever. So, a warranty can protect your financial interests after you move into your new home.
Some people who own homes that are over 20 years old might choose to carry the home protection plan year after year until they need to cash it in for repairs. This strategy can be beneficial to protect your financial interests and cover the cost of repairs if anything goes wrong.
Are you interested in other tips that can improve your experience when buying a home? I am an experienced real estate agent in Temecula, and I am here to help with your home purchase. You are invited to call, text, or email me anytime for more information: (951) 473-0390 or [email protected]