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They give buyers of older homes peace of mind about the major appliances and systems in the homes they're buying, and the home's seller will usually pay the cost of the home warranty for the first year.
But, many people don't realize that a home warranty can be purchased for any home, regardless of how long you've owned it.
Home warranties are purchased to provide warranty coverage on major appliances and systems that are no longer under the manufacturer's warranty.
Homeowners are free to purchase such coverage on their homes even when they're not trying to sell and even when they're not new homeowners.
If you have several systems or major appliances that are getting older, a home warranty is a great way to minimize the out of pocket expense you can incur in a year, regardless of how many systems or appliances need repair in that year.
Once you've paid for the warranty itself, you may pay a small deductible on each repair, but you won't have to bear the full cost of the repair.
Your savings could be very significant, particularly if you have several appliances or systems fail in the same year.
Home warranties are great for any homeowner who simply wants to ensure that they won't incur an inordinate number of repairs in a single year.
This can be particularly helpful when cash is tight.
You have the peace of mind that comes with knowing that all the major systems in your home will be taken care of in the event of a problem, and knowing that the repairs won't cost you an arm and a leg.
Home warranties are typically sold for one year periods, but homeowners can renew them year after year.
The first year typically costs a bit more than the renewal, but even the first years charge is very reasonable for the protection you'll gain.
Home warranties are a great benefit to every homeowner, regardless of whether you're just buying your home, or you've been in it for years.
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