How Could a Home Warranty Save Me Money?

These days more and more homes are being sold as-is. It’s a hot market across the country, and sellers recognize that they don’t have to do much maintenance or upgrades to put their homes up for sale. Buying a home is an expensive endeavor, and you may run into even more costs after the ink on the paperwork dries. Beyond the mortgage and escrow, insurance and utility bills, what happens when you have to repair or replace a major appliance or home system? The expense could be devastating…unless you have a home warranty or protection plan.

While your homeowners insurance policy covers the house itself, a home warranty protects the systems and appliances inside. Repair/replacement of things like plumbing, HVAC systems, water heater, electrical systems or appliances can be really pricey. Take, for example, repair/replacement costs* of the following:

  • Furnace: $762/$2,250 – $3,800
  • A/C: $385/$4,425 – $6,025
  • Water heater: $570/$750 – $1,300
  • Washer: $296/$350 – $1,000
  • Dryer: $271/$400 – $1,000
  • Refrigerator: $230/$900 – $8,000
  • Range/oven: $240/$650 – $2,000
  • Dishwasher: $215/$400 – $700
  • *Repair/Replacement estimates are a combination of actual claim data and Angie’s List.

A home warranty can protect your budget when something goes wrong with these essential items and systems. Here’s one potential scenario: your 20-year-old furnace goes belly up in late November. According to estimates, the average initial service cost is $200 to tell you what’s wrong. On top of that, furnace repair jobs are averaging $300, while a new furnace installation will run from $2,000 up to $5,500 (or more). With a home warranty, you could cut those out-of-pocket expenses by as much as 60-75%.

And if time is money, then a home warranty can save you there as well. You could spend hours trying to get estimates from busy service providers like plumbers, electricians, HVAC specialists or appliance technicians. It could even take days to get a call back. But with a home warranty, you simply submit a claim and a licensed contractor will be assigned to your job. Oftentimes, the repair can be made within 24-48 hours, which will save you some stress and aggravation.

To ensure your home warranty will be a true money-saver, be sure to research what different plans include before you commit. From basic to premium, home warranties vary and come with a range of price points. You can expect, however, to spend about $350 a year on a base-level plan, then from a $75 to $125 fee for each service call. Be sure you have a full understanding of what a plan does and does not cover when you are shopping for the right home warranty. Our Aegis team is always happy to answer questions and go over our Home Protection Plan with you. To contact us or get a free quote, call 855-883-7200, Monday to Friday from 7 a.m. to 7 p.m. CT, and Saturdays from 9 a.m. to 2 p.m. CT.

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