What to know when buying a Home Warranty

Consumers must be knowledgeable about home warranties in order to make an informed choice when buying a property in Las Vegas or anyplace else. By covering the price of major home systems and appliances, a home warranty can provide you with peace of mind.  Here's what consumers need to know when buying a home warranty in Las Vegas:

1. What Does a Home Warranty Cover?
Home warranties often cover large appliances like refrigerators, ovens, and washing machines as well as key systems like HVAC, electrical, and plumbing. However, coverage can vary between different plans and companies. It's crucial to read the contract thoroughly to understand what is included and what is not.

2. Research Reputable Companies
The level of service provided by different home warranty companies varies. Investigate and read reviews of various Las Vegas businesses. Choose service providers who have a solid reputation for rapid claim processing and excellent customer service. Consumer review systems and websites like the Better Business Bureau can be useful in this regard.

3. Understand the Costs
A service fee (also known as a trade call fee) is charged for each service visit as part of the fees associated with home warranties. Recognize these costs and how they relate to the plan you have selected. Be mindful of any deductibles or uninsured expenses for particular repairs or replacements.

4. Pre-Existing Conditions and Maintenance Requirements
Most home warranties do not cover pre-existing conditions, so it's essential to understand the state of your home's systems and appliances before purchasing a warranty. Additionally, some warranties might require proof of maintenance, such as annual HVAC servicing. Failing to meet these requirements might void your warranty.

5. Coverage Limits and Exclusions
Home warranties often come with coverage limits, meaning there is a maximum amount the warranty will pay for repairs or replacements. Also, be aware of the exclusions – certain parts or components of the covered systems might not be included in the warranty. Understanding these limits and exclusions is crucial to avoiding unexpected costs.

6. Renewal and Transfer Policies
Check the renewal policies of the warranty. Some plans auto-renew, while others require manual renewal. Additionally, if you plan to sell your home, understand the warranty's transfer policy. Some warranties can be transferred to the new homeowner, providing an added benefit during a home sale.

7. Read the Fine Print
The terms and conditions of a home warranty are detailed in the contract's fine print. It's tedious to read and understand but beneficial.  This includes understanding the process for filing a claim, what documentation is required, and how long it takes for a claim to be processed.

8. Evaluate the Need
Consider the age of your home and its appliances and systems. If your home and its components are relatively new, a home warranty might not be necessary as many appliances and systems might still be under the manufacturer's warranty.

​By being well-informed about these aspects, consumers can make educated decisions when purchasing a home warranty in Las Vegas. It's an investment that can provide significant financial and emotional relief, but only if the terms and conditions align with your specific needs and expectations.