Are Warranties for Home Repairs Worth your Money?

Let us say it is the fifth day of a 98-degree and over-temperature in South Carolina during the summer season with record heat. Your air conditioning unit has to keep you and your family fresh during these days. The system is still spinning, but there is no cold air coming out. 

The temperature in your home starts to rise. Now, what do you do? If you are like everyone else, you will search google for “Air Condition Repair Company” and start calling them one by one, until you find the right one for the job. But you do not want to pay the service fees to different companies just to find out what the problem is. 

That is why getting comparative estimates will not work. And besides, your family will insist that they are feeling the rising heat. You choose a company to fix your air condition and that is that. Once you are through with the air conditioning problem, you start to ponder if you can get a repair warranty insurance. 

The big question is, is the deal good? According to companies like ExpertRepairs, some warranty insurance will take homeowners at least $300 per year and a $35 fee every repair visit. And every year the premium, as well as the visit fee, will increase. But even with lower premium rates, looking at the numbers, the numbers alone do not support the wisdom of getting the warranty insurance. So why do homeowners purchase warranties?

Peace of mind

What the numbers do not show is the peace of mind these warranties can give to every homeowner. When something is destroyed or breaks, the warranty company will send a repair team to your house and try to fix it. You will pay for a repair fee every visit, but there is no cost for other repairs in your home. 

It will not save you tons of money on the repair cost, but it is good to know that someone will monitor the repair companies to make sure that you are not being ripped off. A fictional warranty can also help homeowners resolve any kind of situation with the repair company does not work correctly, handling the additional repairs and close on the customer’s behalf. 

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System and appliance repairs are usually a necessity at any homes; that is why some homeowners do not have a network of contractors that they trust and know. But warranty insurance, vets the repair companies for their clients. They resolve any issues and manage what is charged. Because of this reason, the yearly warranty cost is worth it.

The warranty gets mixed reviews

When you do your due diligence and do your research, you will find out that no consensus on home warranties are good ideas for older houses. According to Consumer Reports, avoid all warranties because of the money these contract costs. It makes more sense to purchase reliable products and maintain them as the manufacturer recommends. 

Instead, the Consumer Reports suggest that you place the money that you spend on these services into repair funds or saving accounts. But other finance experts also point to the benefit of peace of mind. It can make the warranty worth the cost of a lot of people. 

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And your risk tolerance and personality will factor in your decision making. From the risk’s standpoint, if you avoid all the risks, you will probably feel a lot more comfortable knowing your maximum outside the box yearly repair costs. Not only that, you do not know about appliance repair that much and do not what repair companies to trust that is within your area, that is why it is best to have a home warranty insurance. 

On the other hand, if you are a handy person and can do some DIY projects or you are very confident that you can find repair companies that you trust, you may forgo the warranty.

Shop around

If you are planning to get a home warranty insurance policy, you can always shop around, check every warranty insurance company in your area, and compare prices. Consumer Reports can provide a useful comparison of costs, features, as well as companies that can offer warranties. Call the companies that you think will suit your needs and ask for the price every visit and its yearly cost.

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