What does a home warranty cost? Prices can vary widely from plan to plan.
Home warranty costs are primarily dependent on the extent of coverage. A cheap home warranty can cost around $375 for the year, but it may cover a limited number of home appliances or systems. More comprehensive coverage that protects all appliances and systems within a home can cost up to $800. That cost can grow still if homeowners opt to customize their home warranty plan with coverage for additional items, such as pools or central vacuum systems.
There are additional costs to consider as well. If an appliance or system in the home fails and the homeowner files a claim, the plan provider will typically charge a service fee when a technician is dispatched to the home. This fee can cost anywhere from $50 to $125.
Still, home warranty plans can save homeowners money in the long run. Even a more expensive home warranty plan can cost a homeowner less than the potential cost of repairing a broken refrigerator.
What you should pay for a home warranty depends entirely on your personal circumstances. You should consider the average repair cost of the systems and appliances in your home. You should consider the age or your home’s systems and appliances, and whether anything is covered by an existing warranty.
Whether you’re a home buyer or seller is significant, too. Home sellers may want a warranty as an incentive for buyers. Buyers may want a warranty to protect their new investment. The question of who pays for home warranty buyer or seller plans is again dependent on the specifics of the agreement.
With so much to consider, it can be helpful to speak with knowledgeable professionals. Reach out to one of us at Liberty Home Guard for more information.
