4 Reasons Why It's a Good Idea to Have Appliance Insurance

What is a home warranty, and do you need one? You may be familiar with a home warranty in the context of buying or selling a house, but did you know that you can buy one at any time? These policies cover your home appliances and systems just like a car warranty covers your engine. How do you know if a home warranty is right for you? Here are some factors to consider.

Your Financial Health
Image via Flickr by Polygon Homes
If you're living on a tight monthly budget, huge unexpected expenses can force you to run up credit card bills or even dip into your retirement savings. If you don't have enough liquid savings available to replace your furnace or refrigerator, what would you do if they broke down? What if they both broke down at once? When you take out a policy on your appliances and HVAC system, you know how much you're spending and can stay in control of your budget.

Peace of Mind
Many homeowners live with constant anxiety about their systems and appliances. If you know your refrigerator is near the end of its lifespan and you know you can't afford to replace it, every little noise and hiccup in its performance can cause you nagging worry. The same is true of your furnace, air conditioner, and expensive appliances. If you have a home warranty, you will never need to worry that your family might be stuck without heat in the middle of a bitterly cold winter or without air conditioning in a sweltering summer. 

Smart for Sellers
If you are considering putting your home on the market, a home warranty is a powerful marketing tool. It offers the seller peace of mind and reduces squabbling over price that might occur because of older appliances. In some real estate markets, a home warranty is expected above a certain price point. The warranty will also protect you from any unexpected expenses due to equipment failure during the selling period.

Some Tips for Homeowners
If your home came with a warranty, you might want to shop around before it expires to see whether you want to renew with the same company or not. Make sure you're choosing a solid policy that's accredited by the Better Business Bureau, like the home warranty from TotalProtect. Once your policy is in place, keep a file folder with all the maintenance records for your equipment, so that if something goes wrong you can prove you maintained the equipment properly. Make sure you know exactly what's covered; many policies don't include coverage for solar panels or solar-powered water heaters.

Whether to buy a home warranty or not is ultimately a question of how much risk you're willing to tolerate. If you have a lot of savings and can easily absorb the cost of replacing a furnace or water heater, then you might be perfectly relaxed without a policy. On the other hand, if a major repair or replacement would break the bank, a warranty might be right for you.

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