Home Warranties are Worth the Investment!
You’re considering purchasing a home warranty service agreement, but is it worth the investment? Depending on the company, a home warranty service agreement covers the cost of repairing or replacing of a home’s eligible systems and appliances. Recent research shows that the average homeowner with a home warranty places 1.4 claims per year. The average home has 68% chance of a system or appliance failing within a year. Do you have the money on hand to cover an emergency in your home? In 2015 only 53% of homeowners said they could cover an emergency home repair cost without borrowing money.
Protect Your Property with Home Warranty Coverage
A home warranty service agreement can help protect your pocketbook from the unexpected cost of a systems or appliances failure or malfunction. On average, home warranties cost $400-$600 per year and can be paid for in monthly increments. When a failure does occur within the home, the homeowner merely submits a service request to the company and pays a small service fee (similar to paying an insurance copay when visiting the doctor’s office).
Home Warranties Can Lower Stress
Home warranties can take the stress and frustration out of a system or appliance malfunction. After the homeowner requests service, the warranty company takes over. The home warranty company will dispatch the contractor, who will make an appointment with the homeowner.
The contractor will then investigate the malfunction and, if it qualifies, will either repair or replace the defective piece. The homeowner is only responsible for paying the service fee and any remaining cost outside of the repair cap. To understand exactly how much a home warranty can save you, consider the following average replacement costs for common systems and appliances:
|Appliance||Average Replacement Cost|
|Central Air Conditioning Unit||$3,698|
|Hot Water Heater||$1,650|
Without a home warranty service agreement, the homeowner is responsible for the entirety of the replacement cost. With a home warranty agreement, the homeowner pays the service fee which usually ranges between $60 and $100.
Home warranty service agreements are a good fit for any demographic, but are particularly helpful to first time homeowners who may not have the money or the expertise to fix a malfunction alone or the money to hire a contractor. Home warranty service agreements are also beneficial to busy families who don’t have time to personally repair or replace a system or appliance, or for empty-nesters who don’t want to deal with repairs.
Help a Property Sell with Home Warranty Coverage
Home warranty service agreements are attractive to current homeowners as well as home buyers. Research has shown that homes with a warranty sell on average for $2,300 more and are on the market for 11 fewer days than homes without a service agreement. To keep your property and systems and appliances in top shape, and increase its desirability in the real estate market, make sure to purchase a home warranty service agreement.
Different Types of Homes Require Different Coverage
When selecting a home warranty service agreement it is important to keep in mind that different homes have different warranty needs. That’s why 2-10 Home Buyers Warranty® (2-10 HBW®) provides a wide variety of coverage options. With different tiers of coverage and additional buyer options, 2-10 HBW ensures that their customers will have the specific coverage they will need.
To learn more about 2-10 Home Buyers Warranty and how they can help you select a home warranty service agreement that will help you invest in your home call 800.743.4210.or visit 2-10.com.