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What’s the biggest misconception surrounding home warranties? I’ve brought in Lisa Vizza of Fidelity Home Warranty to answer that question today.
According to Lisa, the biggest misconception is that home warranties cover everything under the home’s roof. That’s simply not true. There are limitations to what a home warranty covers. They’re more in place to offset the costs of homeownership. They’ll repair and replace the major systems and appliances in a home that fail due to normal wear and tear, but they don’t cover everything.
Still, home warranties are well worth having. I know from experience. After my family and I recently moved into our new home, our tankless water heater failed. Because we had a home warranty, though, we got it fixed instead of replacing the entire thing, which saved us about $2,000.
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The purpose of a home warranty is to offset the costs of homeownership.
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Whether you’re in the middle of escrow or you’re already a homeowner, you can and should get a home warranty to offset the costs of the deferred maintenance you’ll have down the road.
If you have any stories where having a home warranty saved you a ton of cash, we’d love to hear them. If you reply to this email or comment on the video on Youtube or Facebook and we mention you in a future video, we’ll send you a $10 gift card.
If you have any other real estate questions or you’re thinking of buying or selling a home, don’t hesitate to reach out to us as well. We’d be happy to help you.