In many cases, your home is one of the largest investments you will ever make. Your home’s structure and your belongings are typically covered by your homeowner’s insurance. But what about the unexpected costs of a mechanical failure of a major system or appliance? A home warranty is an affordable option that may help safeguard you and your family against these surprise, out-of-pocket expenses. Statistically, home warranties absorb an average of 90 percent of the cost of repairing or replacing covered systems and appliances. That is peace of mind.
- Reassurance that you can move into your home without worrying about large expenses associated with unexpected repairs/replacements for covered appliances and components
- Customized plans to fit your needs and the unique characteristics of your home
- Access to a network of licensed and insured contractors
- Ability to control your budget
- Offering a warranty on your home can help your home sell more quickly and closer to the asking price by boosting a buyer’s confidence in your property
- May reduce or eliminate price negotiations
- May reduce seller liability in post-closing disputes
- May provide low or no-cost repairs or replacements for covered systems during the listing period and home inspection process. Seller’s coverage offers you the same peace of mind you are offering your buyer.
Length of the Warranty
A home warranty is a service contract that typically covers a one-year period. To maintain coverage, it must be renewed by the property owner each year.
Home Warranty Cost
A home warranty is an optional purchase. The average cost of basic coverage ranges between $500-$700 per year; however there are several factors, such as the plan coverage, square footage of the property, property type (single-family vs. condo) and number of units (single or multi-family), that will impact the price. Plans can frequently be customized to include luxury items, such as a pool or spa. Repairs made through the home warranty company require a minimal deductible payment.
A home warranty is only as good as the company that stands behind it. We strongly encourage you to do your due diligence through research and by reading the detailed coverage terms before you select a home warranty. To help with your choice, Bellator has done the legwork and is proud to recommend the following home warranty companies based on their reputation, accessibility in our area, coverage options, and past homeowner experience.
American Home Shield® helps keep your home up and running. And your budget on track. With super flexible plans, American Home Shield® can help find a plan that’s right for you. For more than 45 years, their members have counted on their American Home Shield® home warranties to help them plan for the inevitable.
Since 1974, Old Republic Home Warranty has provided uncompromised home warranty protection. Because home is where the heart is, they offer customizable home warranty plans to meet the specific needs of home sellers and home buyers.