What Is A Home Warranty And Is It Worth It?
Whenever you purchase a new home, your real estate agent will more than likely offer you a way to buy a home warranty policy. This warranty is supposed to be a way for you to cover all of your home appliances and large things so that if something breaks, gets old and dies, or needs a new part it can be replaced at no cost to you. However, getting a home warranty can be expensive and many new homeowners often wonder if it is even worth the cost in the end.
The cost of a basic home warranty colorado plan usually ranges between $300 and $600 a year and goes up from there getting more expensive the more comprehensive the plan is. It also gets more expensive if you have a house that is larger than usual as a larger home means that you have more that could break or go wrong. While this can be a pretty expensive thing to pay if you get the right coverage then that few hundred dollars could potentially save you several thousands of dollars in the future. If something in your home breaks or needs to be repaired or replaced, having it covered under your warrant policy could mean that you have to pay very little to nothing out of pocket to get the issue resolved. However, if you have a policy that does not cover the repairs you need to be done or if your policy expires before you need things repaired, then it can feel as though you wasted a lot of money for no reason. Before getting a home warranty policy, consider the following things to decide if it is worth the cost for you or not.
Home warranties typically cover your electrical, plumbing, and heating and air systems throughout the home as well as any of your appliances. Having a home warranty can save you a lot of money, especially if you own an older home that needs a lot of repairs done. The home warranty will cover this and will actually save you money that you would otherwise spend on repairs.
On the other hand, if you have a home that is updated and has all new appliances and get a home warranty policy, then you still have to pay for the policy whether you use it or not and it may be cheaper to pay for the repair itself then to pay for the warranty policy.
Your home warranty will not cover all of the costs of home repairs that you need done, so it is important to read through your contract and your policy carefully to see exactly what is covered and what is not so you can save that money!
