When it comes to home warranty insurance, you really have to decide if it's worth the price you will pay for it. As the new home buyer, you want to be able to have peace of mind after moving into the house. The last thing you need are repair bills after you first get settled.
I have done a great deal of research on this subject before putting this page up on my website.
you have browsed this site much, hopefully you can tell that I'm all
about helping you, the first time home buyer get the best possible deals
This page will help you determine if home warranty insurance is even worthy of your consideration.
First of all, exactly what is this type of insurance supposed to cover for you?
Well, in a nutshell, this kind of insurance is supposed to cover several things related to the appliances and mechanical systems (electrical, plumbing, heating/cooling) in your new home. It is not needed on brand new homes in most cases since the manufacturers warranties and the builder will cover these things in the new home for up to one year.
But if you are a first time home buyer, buying a used home, you may be looking at home warranty insurance so you can get a peace of mind as the new home buyer.
So I want to offer you the good, bad and ugly of this idea about buying it or not.
So if by now you are thinking I'm not a fan of home warranty insurance you are correct. However all is not lost. I have a few suggestions for you.
If the seller is offering it to you as a way to clinch the sale, then fine accept it and do not pay any money into it. Just know that making a claim can and will be rather hard to get done. If it comes up for renewal since most sellers will pay just the first year of premiums don't bother to renew.
If you really decide to buy this type of insurance yourself, then really do your homework before selecting a company. With my research, I cannot really find many reputable companies that have any good reviews on the internet about them. It really seems to me that most all of them have bad reputations.
My suggestion is to set up your own home warranty insurance. Just put aside a small amount each month into a savings account. My wife and I actually set aside $100 a month for upcoming repairs and changes we plan to make on the house in the next few years. It's amazing how much money you can have in this repair escrow account within just a few years. In other words, put it into your budget. As a new home buyer, you will have repairs or things needing replacement sooner or later. Just plan for it.
I hope you find this information helpful.
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