Being a homeowner is one of the most exciting achievements, as very few things beat this feeling. As much as it is an exhilarating time, there is a need to ensure your home is protected.
There are various ways to ensure you have a comfortable and secure living space. From beefing up security to purchasing a home insurance plan, the real estate industry offers a myriad of ways to make your stay in your new home worthwhile.
In this article, we are going to focus on one of the ways to protect you and your family – investing in a home protection plan.
What is a Home Protection Plan?
A home protection plan is a contract between a homeowner and a home protection company that covers the cost of maintaining and replacing household appliances.
It is not uncommon for people to confuse home protection plans for home insurance.
Home insurance is different from home protection plans. Home insurance covers the house and all its contents from unprecedented damages caused by fire, floods, or other calamities. Home protection plans, on the other hand, protect your home appliances if it malfunctions, maintaining their functionality.
There are various types of home protection plans. The best thing is that there are not many restrictions and homeowners can customize these plans according to their needs.
Why Do You Need a Home Protection Plan?
There are various reasons why you need a home protection plan.
Let us delve into specifics.
- You get maximum coverage
A home warranty is an all-inclusive coverage that covers various home appliances and systems in the house. However, since homeowners are constantly upgrading their appliances and buying newer ones to make house chores easier, some of these appliances might not receive coverage from home warranties. A home protection plan goes a long way in offering coverage for such appliances. That way, you receive maximum coverage for all your household appliances.
- Less financial risk
Home appliances can be expensive. For instance, refrigerators and washing machines cost hundreds of dollars, which is on the lower side. AC units and boilers, on the other hand, can cost thousands of dollars. When these appliances fail or malfunction, repairs can cause deep financial strain.
However, by investing in a home protection plan, your service provider caters to costs in case a covered household item needs repair. Even if the repairs costs are very high, the service provider will cater to a larger portion of the costs, leaving you to top up a few dollars.
What makes home protection plans very attractive is the fact that they offer free routine maintenance to ensure your home appliances serve you for longer periods.
- It offers convenience
Malfunctioned household electrical appliances are a source of stress. What’s even more stressful is getting a reputable handyman to repair it. Home protection plan service providers relieve these stresses as they have technicians who possess the necessary knowledge and experience to work on these items. That way, you are spared the stresses of finding a contractor or falling into the hands of untrustworthy repairmen.
- It offers an incentive to buyers
It may come a time when you want to sell your home. Considering that homebuyers are very articulate in the condition of the house before they can make a decision, having a home protection plan might help.
In some cases, home protection plans for certain items are transferrable. That way, you gain a competitive advantage against other sellers, allowing you to sell your home fast and at a better asking price.
What do home protection plans cover?
Home warranty plans cover a variety of appliances including HVAC units, refrigerators, garbage disposal, dishwashers, microwaves, ovens, water heaters, washers, dryers, and many others.
Additionally, you might have add-on options such as roof leak protection, swimming pool equipment, additional refrigeration units, and many more. However, the equipment covered in home protection plans differs from one service provider to the other. Before paying for one, you need to first understand what appliances will be covered in the plan.
How to choose the best home protection plan service provider
Deciding to go for a home protection plan is a serious decision as it involves the investment of your hard-earned money. It is for this reason that it is advisable to make careful considerations before settling for a home protection plan service provider.
Below are some of the things to consider when choosing the right plan for you.
- Is the plan worth it?
As a homeowner, you may need to re-evaluate the kind of plan you want. If you are moving to an older home, a home protection plan is definitely worth it. Additionally, since appliances tend to break down when you least expect it, even homeowners moving to newer houses need these protection plans.
- Research
Finding the right protection plan requires research. The insurance industry has a myriad of options when it comes to service providers. What you need to do is come up with a list of home protection plan companies. Call or visit them and ask for free quotes. Next, you can scrutinize these quotes to gain a solid knowledge of how much money you are required to pay.
As you look at the pricing, remember to also counter check the services they offer. If you are unsatisfied with the coverage offered, ask the company if they are open to making adjustments or including additional services.
Out of the many quotes you receive, narrow them down to two or three. To ensure you receive your ideal coverage, visit each of these companies and ask questions in regards to their service provision, customer support, the contractors they use, as well as the companies terms and conditions for the contract. Do not be afraid to ask these questions as some of the information you may receive may not be readily available on social media platforms or in the company’s brochures.
Once you have done this, you can then decide the home protection plan service provider best suited for you.
