A home warranty is a smart solution that will make every homeowner feel more peaceful. Important appliances and systems can fail anytime, which brings huge costs for you. A home warranty is here to have you protected from unexpected costs. If you haven’t obtained your plan, you might have to face costs that can range from a few hundred to a few thousand dollars. We know that it can save you a lot of money on costly repairs, but really how much?
Average repair costs
Unexpected malfunctions are very common. Without a home warranty, you will face high repair costs for your home systems and appliances. And you can’t postpone the repair for later. Imagine finding out that your fridge isn’t working. For individual repair, you can pay around $600. If your fridge is too old and needs to be replaced, you will need to divide about $1,500 from your budget. If the dishwasher fails, then you will need around $200 for a repair or around $600 for replacement. But, the madness doesn’t stop here. You are expected to pay even more if crucial home systems fail. For example, a replacement for a water heater can cost as much as $850. If you find out that the furnace isn’t working, you can pay around $500 for a repair. If the system needs to be changed, then it can climb up to $6,000.
We know that not every household has an emergency budget specially dedicated for home repairs. Another thing that you should have on your mind is the fact that a few appliances or systems can fail during the year. When you add the costs up, you will get to a high sum of money.
The cost of a home warranty
The average cost for a home warranty plan ranges between $350 and $600 for a year, depending on the coverage. Basic plans will cost around $350, while advanced plans have extended coverage. Some will include the roof, spa, pool, or septic systems. These bring high costs for repairs, so it is better to have them included in your home warranty plan. Having the costs for individual repairs in mind, this is a feasible option.
The best home warranty plan for you is the one that offers proper coverage. Keep in mind that a plan that covers only cheap appliances is not feasible. Check and compare different plans to find the most convenient one for you.
Keep in mind that each service call is starting from $75. Despite paying the yearly or monthly fee, you will pay for each service call too. But when you do the math, it is feasible. Even if you include the service call, you will save money for the whole year. Another thing that you should have in mind is that you can experience a few fails of different appliances and systems during the year. When you sum it all up, a home warranty will definitely pay off.
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