3 Ways a Home Warranty Will Ease Your Mind

Written By Mary Beth Eastman
Last updated February 14, 2020

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buying a house
Insurance
January 9, 2019

Simple. Thrifty. Living.

Quality homeowners insurance is an important part of homeownership. It provides protection against several situations, such as covering the replacement value of your home in the case of property damage from an unintentional fire. Or it can safeguard you from liability in the event a neighbor falls on your property and gets an injury. But a home warranty company can also extend that peace of mind since they are designed to cover the aspects that homeowners insurance leaves out. Here’s how:

Appliance warranties are often limited, and if you have older appliances, you’ll likely have to pay for those repairs out of pocket. However, home warranties help provide coverage for older appliances, too.

Home warranties work like service contracts. They help you cover the expenses associated with repairing or replacing various items in your home that cease working, including plumbing and your appliances. That means you can worry less about an older appliance breaking down and resulting in an expensive repair or replacement. This becomes especially handy when you make a new home purchase but aren’t sure about the condition or age of the appliances in the home.

Whether you’re just building your emergency fund or it’s running low, an unexpected home repair can take a huge chunk out of your savings. However, you can have peace of mind when you have a home warranty protecting you. Home warranties make it simple to pay for repairs since they provide coverage that you subscribe to in monthly installments. That means you won’t have to dip into your emergency fund for a large amount to cover unexpected expenses for replacing or repairing items in your home.

Unless you have experience and feel comfortable with repairing appliances, you’ll likely need to find a contractor to fix broken appliances when they’re in need of repair. Moreover, appliances that stop working altogether may need to be replaced, and that means you’ll need to dedicate time to finding quality replacements. But home warranties help put your worries at ease by streamlining the repair process. That’s because a home warranty takes care of the need to find a quality contractor and appliances for the repair or replacement of items in your home. To learn more, check out our HomeServe review to get an idea of how the process works.

While homeowners insurance is crucial for protecting you and your home in a variety of situations, it’s important to remember that it doesn’t cover everything. That’s where home warranties can come in handy. Consider getting the peace of mind beyond the protection homeowners insurance provides with the help of extra coverage from home warranties.

About the Author

Mary Beth Eastman

Mary Beth Eastman serves as the content manager for Simple. Thrifty. Living, where she is dedicated to helping readers use money and credit wisely. Mary Beth believes that access to the right financial information paired with a growth mindset are essential tools for getting out of debt and building wealth. Mary Beth has a degree in Journalism from Bowling Green State University and has focused her 20-year journalism career on putting readers front and center, carefully considering their concerns and presenting information that will help them in their everyday lives. She has won numerous statewide journalism awards. Her writing on personal finance as been featured on numerous websites in addition to Simple. Thrifty. Living, including Huffington Post and Lexington Law blog. Mary Beth resides in Pittsburgh, Pa., with her family and two rescue dogs.

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