Anything can go wrong in a home, sometimes due to poor handling, wear and tear or lack of knowledge of how to handle such. To eliminate expensive outcomes in terms of time and money, one should take up a home warranty plan to protect their home and its items. Read on to find out more info about home warranty insurance companies.
What’s A Home Warranty?
What exactly is a home warranty plan? That is a commonly asked question by home owners and buyers. A home warranty plan is an insurance contract that is set at replacing or repairing covered items that may undergo damage or normal wear and tear. This contract saves the home owner from impromptu costs of repairs that tend to be expensive and unplanned for. It also eliminates the process of looking for experts to carry out any particular repairs or replacements since the cover provides all this. This warranty is provided by home warranty insurance companies.
The costs of home warranty plans vary from one company to the next but on average, the premium falls at $250 to $600. One might be lucky to stumble upon a discount or sale that companies offer to attract clients. Also, one should seek to find out the mode of payment for coverage. It could be in lump-sum or monthly installments.
How Does It Work?
A home warranty plan is aimed at repairing any broken appliances that are covered in the particular contract. When a certain home appliance gets damaged or wears out and stops functioning properly or completely, the home owner contacts his/ her warranty providers and notifies them of this problem. The warranty company calls a service provider who will in turn contact the home owner to make an appointment. On the particular set date or time, the service provider comes to the home owner’s house and fixes the problem. The home owner is supposed to pay a trade fee which is usually specified in the contract. The trade fee is a fee charged when the service provider makes a visit and fixes a particular problem. In the event that a particular malfunction can not be fixed, the warranty company will replace such an item, if the contract dictates so.
Types Of Plans
Warranty plans depend on what the company offers though the most common warranties are provided to home owners, buyers and sellers. Each plan has its own distinct coverage items and costs.
What’s NOT covered:
· Outdoor appliances
· Repairs for faucets
· Haul always
· Permit fees
These items are not usually covered unless in a special warranty plan.
How To File A Claim
In the event of malfunctioning of a home appliance, one should contact their warranty providers and notify them in order to get it fixed. One should first make sure that the particular item is under the contract. They should then proceed to write a written document that notifies the company of the problem, this could be an e-mail or even fax, just for future reference. The company will then provide you with an appropriate service provider for repairs or replacement. If the company rejects the claim, contact your house agent and seek further help. Note that one should only make a claim when the contract is still in existence.
Causes Of Denial Of Payment
Some instances result in non-payment of compensation probably due to certain irregularities in the malfunction or loop holes in the contract; such as:
· Malfunction due to improper installation of an appliance yet the guidelines are clearly outlined.
· Irregular wear and tear brought about by human effort such as improper handling or storage.
· In-existence of such a claim in the contract.
· Breach of contract through certain practices.
Home Warranty Insurance Companies – Recommendations
There are several insurance companies that offer home warranty plans. The difference comes in on the items covered, items not covered, cost, deductible and trade fee charged. Here is a list of the top 10 most eligible home warranty insurance companies:
1) American Home Shield
Mail: Box 849, Caroll IA 51401-9901
Phone: 800 776 4663.
Web address: www.ahs.com
Coverage premium: $249-$600
What’s Covered: Ovens, refrigerators, plumbing, pools, water heater, dish washer, air conditioner, electrical systems, clothes washer, clothes dryer and microwave. Coverage starts 15 days after enrollment.
2) Home Warranty of America
Mail: Box 850, Lincolnshire, Illinois 60069-0850
Web address: www.hwahomewarranty.com
Coverage premium: $420
What’s covered: Ovens, plumbing, , garbage disposal, cooktop, ductwork, pool/spa, dishwasher, water heater, air conditioning, heating system, electrical system, clothes washer and dryer. Coverage is effective on the day of order or closing date.
3) Old Republic Home Warranty
Mail: Box 5017, San Ramon, CA 94583-0917
Phone: 800 445-6999
Web address: www.orhp.com
Coverage premium: $375-$600
It is effective 30 days after enrollment or on the closing date.
4) 2-10 Home Buyers Warranty
Phone: (800) 795-9595
Web address: www.2-10.com
Coverage premium: $390
What’s Covered: Thermal protection, electrical components, dish washer, ovens, refrigerator, microwave, garage doors, garbage disposal and clothes washer.
5) HSA Home Warranty
Mail: 1861 Ludden Drive Cross Plains, WI 53528
Web address: www.onlinehsa.com
It is effective on closing date or 30 days after enrollment date.
6) Choice Home Warranty
Mail: 1090 King Georges Post Rd Edison, NJ 08837
Web address: www.choicehomewarranty.com
Coverage premium: $350
Effective 30 days after enrollment.
7) Certified Warranties Corporation
Phone: 800 369 5096
Web address: www.homecertifiedwarranties.com
Coverage premium: $420
What’s covered: Dish washer, oven, plumbing, fans, water heater, refrigerator, air conditioner, clothes washer and dryer. It is effective immediately.
8) Stanley Warranty
Mail: 120 Sylvan Avenue Suite # 200 Englewood Cliffs, NJ 07632
Phone: 1-(888)-STANLEY (888-782-6539) Press 1
Web address: www.hmsnational.com
Coverage premium: $320
What’s covered: Furnace and heating, telephone wiring, hot water dispenser, interior electric, stand alone freezer, duct work, stove, air conditioning, oven, dishwasher, trash compactor, built-in microwave, clothes washer and dryer. It is effective 30 days from enrollment.
9) The Home Service Club
Mail: 305 Broadway 9th Floor New York N.Y. 10007
Phone: 800 601 1009
Web address: http://www.hscwarranty.com
Coverage premium: $400
What’s covered: Air conditioning, garbage disposal, plumbing systems, central vacuums, built-in microwave, refrigerators, dish washer, clothes washer and dryer, ice makers, electrical systems and ceiling fans. The policy determines when it will be effective.
Each warranty plan has its own terms and conditions and one should scrutinize such before signing up for one.