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What to Expect This Spring PLUS the Scoop on Home Warranties!

Dated: May 13 2022

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What is a Home Warranty?

* An annual renewable service contract that helps cut the cost to repair or replace many of the systems and appliances in your home. It complements your homeowners insurance by protecting things that your insurance doesn’t.

* Good companies also provide exclusive pricing on home maintenance services, new appliances, and a variety of home services — from tech installation and setup to pre-season HVAC tune-ups, and more.

Why get one?

* It's a proactive way to cover the home systems and appliances you rely on every day.

* When a covered item breaks down due to normal wear and tear, the warranty will help with the cost to repair it, and if it can't be repaired, it will replace the item for you according to the plan terms.

* In addition, a home service plan saves you time searching for a qualified contractor.

What is covered?

* Good plans cover the home systems and appliances that you use every day, regardless their age.

* At a minimum, you will want to cover the major components of heating and cooling systems, electrical systems, plumbing systems, kitchen appliances, and laundry appliances. You can also get roof leak repair, electronics coverage and more.

* You don’t need to buy an extended warranty for appliances, because you receive more coverage and protection from a home warranty.

Why are they worth purchasing?

* The cost to repair or replace an A/C unit without a warranty can be up to $3,800*. Assuming you get a plan that covers A/C units, if a covered breakdown occurs, you will simply pay the Trade Service Call Fee you selected ($75, $100 or $150) when you purchased your plan, to have it repaired or replaced subject to the coverage limitations and exclusions in the plan.

* The cost to repair or replace a refrigerator without a warranty can be up to $1,500*. They are covered in some of the higher coverage plans.

* When you think about all of the home systems and appliances you use every day, repair and replacement costs can add up quickly. A home service plan is a great way to protect your budget and keep your home running smoothly.

* Clients of mine got a plan that covered roof, appliances, major systems, etc. for $900 for the year. They were moving into an older home and didn’t have a lot of free cash to spend on upgrades, replacement, etc. They felt much better having the warranty.

I recommend to sellers to offer a home warranty to buyers—to put it in the listing—it makes buyers feel much more secure in accepting older mechanicals.

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Thinking of selling or buying in Chicago? Contact Anne...

Anne@Rossley.com  |  773-620-5333  |  annerossley.com

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Anne Rossley

With over 25 years of distinguished real estate experience working in more than 25 Chicago neighborhoods from the South Loop to the Gold Coast, River North, West Town and Andersonville, it’s no wond....

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