Deciding rather or not to purchase a warranty can be a tricky decision.  Many homeowners decide to purchase a warranty after an unforeseen and costly maintenance issue has arisen.  Our hope is to give you some guidance in making that decision prior to a potential costly repair. 

What is a warranty? 

A home warranty is a product that protects your home systems or appliances in the event of emergency or repair.  So in other words, instead of coming out of pocket for the full cost, you may just be responsible for any deductible or service charge and uncovered items. 

Pros

One of the pros of getting a home warranty is that you have coverage over some home systems and appliances in the event they break down.  Having such coverage can help to remain in budget and not have to locate financing in the event of costly maintenance or repairs. 

Another pro of having a home warranty is that you may have high service levels offered by the warranty company versus using your neighborhood service repair company.  As many of us know, this can be either very pleasant or super stressful!

Cons

One of the cons of having a home warranty is that you may pay into it for months and potentially years without having the benefit of using the service.  However, we all know that one day you will need it. 

Another con is that the service needed is not covered by the home warranty.  This can be a very frustrating experience especially after paying religiously for a service only to not have coverage. 

In the event you decide to get a home warranty, the company that I recommend is Elite Home Warranty.  This company has some of the best reviews out of all of the warranty companies that I have researched.  They maintain an A+ grade with the Better Business Bureau (BBB), they have stellar consumeraffairs.com reviews and Forbes ranked them as one of the best home warranty companies.

In conclusion, if you decide not to get a home warranty my advice is to always have either available funds saved for the home or some sort of line of credit for repairs.  On the other hand, if you decide to purchase a home warranty, I advise you to take the time and understand what is covered versus what isn’t.  Furthermore, thoroughly investigate the warranty company to ensure that the services promised will be delivered when necessary.