How to Buy the Home Warranty That Suits Your Needs

The key to finding the best home warranty is research. By browsing the internet, making a couple of phone calls and asking the right questions, you can track down the most effective home warranty which that fits both your needs and your budget.

Check Out the Better Business Bureau to Find a Reliable Company

The first step to your research is to find several reliable companies in your area that you can compare and contrast. How can you categorize a company as reliable? You can start by checking out the Better Business Bureau for a report on the company's profile. If a government agency regulates home warranty providers in your state, also check their records. If regulation is practically non-existent, make sure the provider has a long track record and strong financial results. You can also ask for an annual report and verify that the company is making a profit. Visiting discussion boards is another strategy to check out negative company reviews for home warranty providers.

Ask a Variety of Questions to Find the Ideal Home Warranty

Once you have found several companies that are trustworthy, it is time to give them a call and ask about their policies. A key question to keep in mind is what their annual premium is, so as to make sure it does not exceed your budget. The cost of their deductible is also relevant because you'll have to pay this cost each time a home appliance covered in the policy has a malfunction.  Some companies require you pay a set service fee each time they send someone out.

Another important question to ask is what appliances are included in the basic coverage. Generally, major appliances such as dishwashers and refrigerators are included as well as the electrical, heating and plumbing system. Do not forget to ask about extra coverage. Many basic plans exclude washers and driers, roof and pool equipment. Get a home inspection report on your house to have an idea of the condition of your appliances and the coverage you need.

Also, remember to ask about the percentage of claims they pay out a year. This way you will find out how many claims were denied. Once you have finished calling all potential companies, take a step back, compare your notes and choose the one that matches your needs and your wallet.

Make Sure You Read the Small Print Thoroughly Before Signing

Now that you have chosen your home warranty provider, read the contract thoroughly. Take some extra time to read the agreement carefully because many times it comes with loopholes and clauses which may affect you. For instance, if coverage for plumbing ends at your house's foundation, any leak beyond that limit is your responsibility. Also, an agreement may ask for you to upgrade a system to current building code standards before agreeing to repair anything.

Last but not least, ask your real estate agent and your friends to suggest some reliable providers in your area. Surprisingly enough, in this technological era, word of mouth is one of the most powerful means of communication. Ask around and listen to what people have to say.

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