Is a Home Warranty Right for You?
Think about how warm it has been in Kentucky this summer. The old saying "the dog days of summer," actually hit Lexington in June when we had the near record temperatures. At the start of June I received a call from a past client. Their HVAC wasn't cooling. I said don't forgot about your home warranty and they called the warranty company. Fast forward over a month later and that homeowner has a working HVAC unit. They said the cost of the repair was over $1,500 and that warranty saved them because they only had to cover less than $100 for the deductible. It's common for Sellers to consider offering a home warranty or protection plan to make their home more marketable during the real estate process. But did you know a growing number of homeowners are now purchasing this type of protection for themselves to limit the unexpected expenses of repairs and replacements.
A home protection plan is a renewable service contract that covers the repair or replacement of many of the components in a home. Some homeowners especially like the convenience that it organizes a qualified service provider as well as the cost of the repairs or replacements.
There are a variety of companies that offer home warranties and the coverage may differ but the majority of things will include heating, air conditioning, most built-in and some free-standing appliances, as well as other specific items. Additional specific coverage may be available for other items like pool and spa equipment.
Some investors are even placing this coverage on their rental properties to limit the amount of repairs during the year. It is a viable way to manage the financial risk and the stress dealing with unexpected expenses.
Call me at (859) 509-8008 if you'd like a recommendation of available programs. I am always here to help! Hope everyone has a great rest of the summer!