The Truth About Home Warranty Companies 2022

 A Miami-area dad with two young kids had to end up paying almost $600 out of pocket to repair the air-conditioning unit one hot day this summer. Unfortunately, his home warranty provider failed to send a contractor to repair the Air-conditioning system quickly.

Most home warranty companies in the US charge a moderately hefty amount of monthly or yearly fees for providing their customers with the peace of mind that if anything goes wrong with the covered appliances or systems, the company will get them repaired or replaced. 

 

Recently, a top Arizona-based newspaper reported that a very popular home warranty company didn’t live up to its promise in its contract to provide proper service in extreme temperatures.

The home warranty company defined extreme temperature in an impossible way- 24 hours of temperature above 100 degrees and according to the National Weather Service, Arizona is never that hot for a long period.

Most home warranty companies have so many nice marketing materials and ways to allure the customers but when it comes to providing real-time service, unfortunately, they fail miserably to do so.

Consumer Reports advises against purchasing a home warranty plan as they use multiple loopholes to deny your claim.

Furthermore, Consumer Reports suggest that instead of purchasing a home warranty plan that costs between $15 to $65 monthly, you should save the equivalent amount in your savings account for the potential appliance or system repairing or replacement costs.

 

If you are seriously looking forward to buying a home warranty plan, you should follow these effective tips-

 

Credit card protection: Ask your credit card company if they have an extended manufacturer’s warranty for the items that you purchased with the credit card.

 

Decide the type of coverage that you need: Usually, home warranty companies offer three types of plans- a plan that covers the appliances, another plan that covers the systems like electrical, plumbing, HVAC, and finally, a comprehensive and costly plan that covers both the critical appliances and systems. Always remember one thing the more coverage you want, the more yearly or monthly premium you have to pay.

 

Service fee: You will have to pay a service fee or deductible for each repair. Usually, the service fee ranges from $30 to $60 but you can negotiate the amount at the time of purchasing the plan.

 

Read the contract: The contract tells you about the things that your home warranty company will provide or not. For example, your home warranty company may cover the refrigerator and may not provide you with the coverage for its ice maker. This is the reason, you should go through the fine print very carefully. It is always advisable to read the contract before purchasing a plan.

 

Maintain the appliances properly: Most home warranty companies don’t provide coverage for items that have not been maintained properly. You should take care of your appliances and make sure that you are not mishandling them.

 

Check the reviews: When it comes to choosing a home warranty company, you should always check the reviews online. See what other customers are saying about the company. If you find the number of negative reviews is higher than positive ones, you should not shortlist the company.

 

If you want to learn more about the best home warranty company in the US market, click here.

 

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