![]() ![]() If you buy a newer home and have cash set aside for maintenance, you may decide to skip the home warranty. A home warranty protects your finances from the surprises found during the first year in an older home. Older homes have history that may or may not be known to the seller and may not be discoverable by an inspector. The home warranty typically covers these repairs. Later, you learn the air-conditioning ducts failed to cool parts of the home in the summer. Inspectors don't check inaccessible attics, so they didn't see the torn ductwork. For example, the home inspector checked the air conditioner on an older home in the winter. You don't know what you don't know, so having a home warranty in place for at least the first year can be a smart move while you see how the major appliances and systems hold up. Are home warranties worth it?Ī home warranty can be especially valuable when you're buying an older home. Depending on what you add and how many, add-ons can increase your annual premium and monthly payments. If you have a swimming pool, spa, well pump or other home operating systems, you can customize your coverage to include them. You may have to pay two separate fees if the issue requires more than one type of technician at your home.Īdd-on coverage. This nonrefundable charge typically ranges from $50 to $125 depending on the home warranty provider. Expect to pay a deductible or service call fee each time a service technician comes to your home. The average yearly premium ranges between $350 and $600, though some companies offer a monthly payment plan, usually from $25 to $50, so you can avoid writing a big check every year. Most companies offer multiple options for coverage and price tags. The cost of home warranties varies based on the extent of your coverage. Items covered by a manufacturer warranty.Scratches, dents or other cosmetic damage to covered appliances.Typical things not covered by a home warranty include: Pre-existing conditions that weren't disclosed on a home inspection or by the seller. ![]()
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