Your home insurance policy covers you for water damage or if a fire burns down your house, but for rare occurrences like an electrical problem or a broken appliance, you will have to pay for that out of your own pocket. Does that seem fair to you?
Many homeowners purchase a home warranty policy to cover them for the little items that break down in your house. I know last year my air handler on the AC unit went haywire. I didn’t have a home warranty policy and paid nearly $500 out of my pocket for this repair. It probably would have been a smart idea to purchase this low cost insurance plan, which might have had a premium of about $200 per year. This type of policy covers you for items like AC unites, home electrical, and hot water heaters.
“It simplifies the cash management and process of getting them fixed,” says Thomas Rusin, chief executive officer at Home Serve, a home emergency insurance provider. “When you walk into the kitchen and there’s water running out of the sink most people think ‘I don’t have the time for this and how much is it going to cost?’ For around $100 we take care of all that.”
Next time something breaks down in your house you should contemplate purchasing a home warranty policy through a company like Home Serve. Most homeowners don’t understand that they are responsible for taking care of the outside line that connects many of the utilities from the street to their home. When something like a big pipe running through your yard bursts, you are for sure looking at thousands of out-of-pocket expenses. You should inquire about this added coverage for your home. It is worth the money.
Let us know what you think. Have you ever purchased a home warranty policy? If so, lets us know how it paid when push came to shove.