Home Warranty: To Renew or Not Renew

So a year has gone by and you didn’t need the home warranty you bought. When you purchased your home, the real estate agent gave you a free year on the home warranty. This was an added bonus but you didn’t really know at the time if it was useful or just an easy house-warming gift on the agent’s side. Now that you are thinking about dishing out the money to renew your home warranty, you begin to read the brochure and policy you were given. The policy clearly outlines what is covered and for how much. As you read it, you realize that you were given some great coverage. But do you need to spend the money on a warranty or just put some money aside for those emergencies. What if you did both? A home warranty covers some of the major things in your house. It covers major appliances and the systems in your house such as the cooling, heating, and plumbing. There are any numbers of problems that can arise from these items and even with proper care, you cannot be assured they will last. The wise homeowner will realize the important of setting aside money for those emergencies that cannot be controlled. But how do you prepare for more than one emergency at any given time? You may not be able to set aside enough money to replace the cooling system in your house and replace the refrigerator when it goes out. Both of those items together could cost well over several thousand dollars and while you may have set aside enough for one repair, repairing both may be a stretch. As a homeowner, it is always a good idea to have money set aside for repairs yet choosing to renew your home warranty can also be a smart idea. You will be able to fix the problems as they come up. Many home warranty programs will require you to pay a deductible or some sort of service fee so having the money set aside can give you the peace of mind you’ll need to be able to fix it at any given time. Choosing to renew your home warranty should be one you carefully consider. Even if you’ve had no repairs done in the last year of which you couldn’t pay for, this year may be different. Your house has aged and sometimes with age comes problems. Maybe your area had severe weather, which will always affect even the well-cared for home. Not only should take these factors into consideration, you should examine your coverage. If there are appliances in your home that you’ve noticed running erratically or even the major systems in your home seem to run roughly, you can cover those when you renew your home warranty. The added price you may pay monthly or in a yearly sum will be worth the peace of mind and the ability you will have to make the repairs. Your home should not be without the major systems working properly nor should you have appliances not working when you need them. You never know when they will stop working and you don’t want that to be an added worry.]]>