Home Warranties – Are they worth it?
- Occasionally, homeowners hoping to close a deal agree to purchase home warranties to give the home buyer peace of mind. However, prospective homeowners should do their homework to make sure the policies will actually help.
- Typical home warranties cover the major mechanicals and appliances in a home for one year after the sale. Warranties range in price from $350 to $800. If purchased from reputable companies, home warranties can help homeowners deal with broken appliances, malfunctioning air conditioning, and other problems.
- The policies usually require homeowners to contact the service company when something breaks. The company then sends out a repair person who provides an evaluation for a set fee, usually about $65. Once a professional has determined what the problem is, the warranty company pays for the broken items to be repaired or replaced.
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