When it’s time to choose a home warranty company in Ohio, It’s important to find one that offers a plan that fits your needs and budget. Home warranty protection is quite different from homeowner’s insurance in terms of what items are protected and how they’re covered. Make sure that a home warranty is worth it to you for your situation by considering the following factors.
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Your Coverage Needs
Your homeowner’s insurance policy coverages, the age of your home and appliances and the overall condition of your home’s systems, will determine how much home warranty coverage would be most beneficial, and what items would be best to protect.
To decide what level of coverage you may need, take a detailed inventory of the systems and appliances in the house, noting their ages, condition and whether or not they’re still under a purchase warranty. Keep in mind that many home warranty companies don’t offer protection for pre-existing conditions on some items.
Homeowners who’ve purchased maintenance plans with their utility company may find that many of their HVAC components are already protected. When choosing your warranty plan, opt to cover items that have outlived their manufacturer’s warranty, aren’t covered under another policy or are items that need regular maintenance. Focus on plans that meet those needs.
Your Budget
Home warranty prices vary depending on what items are covered in a given plan and how much of a service fee you’re willing to part with for each claim request. Generally, the highest priced plans range from about $50 to $75 per month and have the lowest service fees.
Lower priced plans can be purchased for well under $50 per month, but are often accompanied by service fees of $100 or more. Your budget may be better suited to a lower or higher monthly cost depending on your risk tolerance of emergency out-of-pocket expenses.
For many of us, choosing a plan that balances risk against monthly cost makes the most sense.
Contracts and Terms
As with any contract, before signing it, be aware of the small print. Each home warranty company has their own policies in place. Check to see that everything you need covered is present in the contract and that you’re comfortable with any coverage limits, replacement policies or service frequency limits.