Emma Gutierrez: Hello, I am Emma Gutierrez with Wells Fargo and Company. Today, we are discussing the value of a home warranty plan.
Home warranty plans cover the maintenance expenses associated with household items. Unexpected repairs or replacement costs can easily strain your budget, plus, finding an approved and insured contractor to solve your problem, can be stressful and inconvenient.
While a home warranty plan can't prevent major appliances from breaking down, it can help make covered repairs or replacements easier and less costly. When you are a homeowner, there are dozens of things to worry about; your washing machine breaks, your oven doesn't work, or your water heater springs a leak. Even more importantly, you can have problems with major systems like heating, air conditioning, plumbing, and electrical.
Your homeowner's insurance policy won't generally cover the repair or replacement of your home's appliances and systems due to normal wear and tear. And while a manufacturer's warranty is typically included with the purchase of an appliance or major system, this warranty will eventually expire, leaving you with the costly burden of repairs.
With the home warranty plan, you can help protect yourself from the high cost of repairing or replacing covered home systems and appliances when they break down. A home warranty plan is a contract with the service provider that covers the repair or replacement cost of your home's appliances and major systems. Depending on the level of home warranty coverage you purchase, this type of plan can significantly reduce the cost of repairing or replacing covered appliances, regardless of their age, make, or model.
You can also buy additional home warranty coverage for things that aren't covered under a basic or essential home warranty plan, including your well pump, pool or spa, and water softener.