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Your Guide to Home Warranties

Posted by Ron Neal on Wednesday, September 12th, 2018 at 11:51am.

Your Best Home Warranty GuideOwning a Westshore home comes with a lot of joy, but also a lot of responsibility. One of the most responsible things a homeowner can do is protect their investment, and a home warranty is part of the way to do that. These warranties cover some of the issues and items that home insurance policies typically do not protect against, which can help a homeowner reduce their financial burden when something goes wrong. While these kinds of warranties will not cover everything that could be a problem for a homeowner, they are still good ways to have a higher level of peace of mind when owning a home.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

What is a Home Warranty?

A home warranty is designed to be a supplement to insurance, in a way. This kind of warranty does not protect the actual house structure the way insurance does. Instead, it protects the things inside the home such as the appliances, the HVAC, and similar things. If the air conditioner stops working or the refrigerator quits, the homeowner can then use the warranty to get these things fixed or replaced. There may be a deductible that has to be paid first, and whether that is the case and how large that deductible is will vary with the kind of warranty, the cost of it, and the company that offers it.

Occasionally, and depending on which state allows it, some home sellers may offer a home warranty as an enticement in selling a home. That way, home buyers can have a bit of comfort and assurance that many of the appliances and systems of their home are covered for a period of time.

How Much Does a Warranty Cover?

There are different options for warranties and their coverage. Some homeowners may only want a warranty that addresses all of the major systems of the home, while others may want something more comprehensive. Both can be good options, and both are good choices. The cost of the warranty could matter more to some people than others, and if that is the case the warranty may not offer as much because the price is lower. A warranty that addresses much more of what could go wrong with the home will be a higher price. But the price can vary by company, too, so it is good to check around to get a good value.

How to Choose a Good Home Warranty Company

Selecting the right company for a home warranty matters. Not only should a homeowner get a company that they can rely on and trust, but they also want a company that is responsive and that will offer them a good value for their money. Shopping around for home warranty companies and comparing what each company has to offer is a great way to be sure that the value is there when a company and a warranty are chosen. Checking out companies and making sure they have good reviews and ratings can also help, in order to avoid those that might have more serious problems or not honor their warranties properly.

Understanding the Cost and Value of a Home Warranty

The cost of a home warranty is what most people look at, but the value of the warranty is what matters most. Value is what the homeowner gets for the money they pay, and in order to have good value they should be paying for the things they really want and need. If a warranty covers all kinds of things they are not worried about, or if it does not cover what is most important to them, it is not a good value no matter how inexpensive it might be. That is something every homeowner should take the time to consider before they choose a home warranty and a company to provide that warranty.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

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The Neal Estate Team

The Neal Estate Team is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 4,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Team have the industry experience and market knowledge to help you make smart and informed buying or selling decisions. 


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