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DisAdvantages of Having a Home Warranty
Should you always have a home warranty? The answer to that isn't always clear. Quite often, home warranty plans have a significant amount of fine print. It's easy to misread it or not notice it. For that reason, we've created an impartial analysis of the drawbacks of purchasing a home warranty.
What Should You Look Out For?
It's Hard to Know all the Details
With home warranties, homeowners are responsible for fully understanding what their plan covers and what it all entails. Often, these plans are worded in such a way that they can be nebulous for a homeowner to really determine. This leads to a significant amount of uncertainty.
For example, "cause of failure" determines the availability of the coverage. Just because an item is listed on the policy, that does not mean it's automatically covered. It's important to know what items are covered based on the cause of failure. In most cases, when it is not possible to repair the item, The insurance company will replace it. However, this nearly always brings charges to the homeowner.
• Improper Installation. This is a common reason a warranty not to cover an item. This is a failure that occurs from installing the item incorrectly.
• Preexisting conditions. In this situation, the warranty company will find that the problem causing the failure existed prior to the new homeowner or start of the contract, therefore they do not have to cover it.
• Physical damage. This failure is caused by damage to the item that is not due to normal wear and tear. Therefore, it is not covered under the terms of the warranty.
• Exclusions. Most policies will have specific exclusions. This includes flue pipes, asbestos, Title 24 duct test, and permits. Exclusions are non-covered items. Look for these in your home warranty documents before selecting a policy.
It's essential to understand when your policy applies and when it does not.
The Type of Policy You Selected
Another common concern is the policy itself. When shopping for a home warranty plan, it's a good idea to understand both the benefits and the drawbacks of that individual policy. Most companies offer several tiers of coverage. It's particularly important to note the differences and to choose a policy that reflects your needs. Make sure you go over the HVAC terms of service with a representative. This is the best way to know what to expect from your home warranty policy.