For a new Windsor property homeowner, it’s the worst scenario. You decline to purchase a home warranty when buying your home and the week after you close, you are faced with a sudden, unexpected and costly repair.
This prompts the question that we are always faced with by a buyer, “Should I buy a home warranty?” For many buyers, the cost of such insurance is costly. On average, you are looking at approximately $500 for a year’s warranty. But consider this: with older homes, you are purchasing a home with used items. When you are unsure of the age of the home systems or appliances, this may be a nice piece of mind. It is comforting to know that if a major repair is needed, you won’t need to spend lots of cash getting it repaired. If you desire a home warranty for your Windsor property, consider these suggestions:
1. Ask your real estate agent if they have any recommendations for a local home warranty company. Chances are, they have plenty and can tell you whom to avoid.
2. Once you have a few names, contact them and request a list of what they cover. Compare the companies as they often vary.
3. Look around your new home and make a list of what you want covered in your policy. Do they have an add-on policy?
4. What are the fees? What are the deductibles? What are the extra charges?
5. Don’t ignore the fine print. Determine the length of the coverage and if fees will rise after a certain period of time.
A warranty may not be the best deal if you are purchasing a new home. Keep in mind that most appliances have a life span of 11 years. With a new home, it doesn’t make too much sense to go to the extra-added cost of a home warranty. But the choice is always yours.