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Should You Get a Home Warranty During a Recession?

By Jamie Richardson | April 9, 2020

Obtaining a home warranty is a great decision. However, some might rethink during a recession. Paying a year fee for your plan might seem unnecessary at this moment to some. But knowing the benefits of a home warranty, we can say that obtaining your plan is crucial. It will save you from additional fees and worries later. Read on and find out more about this!


Why is a home warranty so important? 

Your important systems and appliances won’t choose the right time to break down. We simply can’t imagine our lives without a water heater or an air conditioner. And you certainly don’t want to face high fees during a recession. In normal times, some homeowners have an emergency fund for important repairs and replacements. During a recession, you might not have enough money to build up your emergency fund.  That’s why many homeowners will obtain their home warranty plan on time. 

This is especially important if your appliances and systems have already experienced wear and tear, and are expected to fail soon. You don’t want to bear those huge costs by yourself. Keep in mind that major fixes can cost up to a few thousands of dollars. Even smaller ones can drain your budget since we talk about a sum of a few hundred dollars. 

Basic plans start from $300 and go up depending on the coverage that you need. Once you have your home warranty plan, all you need to do is call the company that issued it. They will send a technician that will fix your problem. You will have to pay a small sum for the service call. 

How to get the best value for your money

A home warranty brings many benefits to the owners. But, you have to keep a few things on your mind. Make sure that you maximize the benefits of the home warranty. This means that you should take your time and review different plans. Once you analyze them completely, you will know what is included in each plan. This will allow you to choose the one that suits your needs. 

Do you have expensive home appliances? Make sure that all of them are included in the plan. Some plans for example, state that the fridge is under warranty. But, they might exclude the ice maker. And we know that this can be an expensive component as well. Read the terms and conditions well to make sure that you are clear with the coverage included. 
Some people might want to get away with getting a cheaper plan. Keep in mind that basic plans are the cheapest ones, but they have limited coverage. The best home warranty companies allow you to include additional add ons into your plan. You can pay more if you want additional coverage for the roof, pool, spa, or septic systems. These can bring high costs for repairs, so it is better to have them covered on time.

Jamie is a 5-year freelance writer who enjoys real estate. He is currently a Realty Biz News Contributor.
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