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What is a home warranty?

What is a home warranty?

A home warranty (also known as a home protection plan or home service plan) is a contract that provides repair and replacement coverage for your home’s major appliances or systems. Many homeowners define home warranty coverage as an optional or “nice to have” feature, but when one or two major appliances or systems malfunction, it can quickly change their perspective.

What is a home service warranty?

According to The National Association of Realtors, there is a 60 percent chance that at least one key home system or appliance will fail in any year — and that average repair cost will be $900. Factor in how long you plan to stay in your home, how long its appliances and systems were there before you moved in and Murphy’s law — and you’ll realize that the average cost to keep your home running can add up quickly. That’s where the insurance of home warranties come in handy.

A home service warranty from Cinch is a customizable plan that helps protect your major home systems, such as air conditioning, heating and plumbing systems. You may also protect your major appliances, such as your stove, oven, and water heater and more.

Many people make the costly mistake of believing that their insurance provider will cover these types of repair costs or replacements, but homeowners insurance instead pays for losses or damages incurred from unforeseen occurrences.

Benefits of home warranties

What are the benefits of having a home warranty?

A home warranty plan will cover the normal wear-and-tear repair or replacement of your major appliances, such as water heaters, refrigerators, dishwashers and clothes washers and dryers, and built-in systems, such as air conditioning, heating, electrical and plumbing.

Prior to closing your real estate deal, or even after the purchase of your home, researching and securing a home warranty plan will provide you with peace of mind.

Once there is a problem identified that is covered by your home warranty, as the owner of the home, you will file a claim, and an independent, approved contractor will make a house call to assess the repair.

Home warranty plans from Cinch are easy to access. Homeowners pay a monthly premium and a one-time service fee, or deductible, to the service provider anytime a covered item breaks down. The home warranty covers the rest of the cost to repair or replace the item in question.

Cinch has launched the first home warranty plan accessible to homeowners by Amazon’s Alexa. Homeowners will be able to access their account with the ease of simply using their voice with an Amazon Echo device.

When do home warranties cover pre-existing conditions? 

Home warranties will not cover pre-existing conditions if they occur as a result of neglect or maintenance issues. Most home protection plans do not cover major appliance or system failures that occur from failure to properly maintain an appliance or anything that has been installed incorrectly or modified from its proper use.

Home warranty plans will also usually not cover an appliance that has broken down due to rust, corrosion, mold or mildew due to not keeping an appliance clean.

It is very important to read your contract to understand exactly what is covered and what is not.

How to choose a home warranty

Your real estate agent may suggest a home warranty in your closing checklist along with your homeowners insurance. Choose a service provider that works best for you, offers the best customer service and has a clear contract that explains what the warranty covers. Cinch offers an easy-to-read explanation of the terms of our contract. There is no hidden fine print.

Which home warranty is best?

While a Cinch home protection plan can save you a significant amount of money when compared to the cost of repairing and replacing each malfunctioning system or appliance. The most powerful benefit is convenience. You will receive:

  1. Year-round service. You will not have any frantic night or weekend calls to find an available technician. Cinch’s customer service is available 24/7/365, and yes, that includes holidays and weekends. Cinch is always here to take your call and will send a service provider as soon as possible. 
  2. Trusted service. Every service partner in our network is pre-screened for your protection. We ensure they meet all of your state’s licensing requirements before they visit your home. In addition, we provide you with their contact information so you can schedule an appointment at your convenience.
  3. Quality service. No aggravations over substandard work quality. We stand behind our providers’ work with a six-month guarantee. No exceptions.

Costs of a home warranty

Your home warranty cost is contingent on what you want to be covered, what type of home you live in and what state and city or town you live in. You can obtain a quote prior to obtaining a warranty, and that will inform you of what you will be paying.

There may be a waiting period before your home protection plan is effective. The timeline usually ranges from 15 to 45 days. You may also be responsible for additional costs that are associated with incidental costs, such as modifications to existing systems or appliances, or equipment used to gain access to repair or replace appliances.

Your home protection plan comes second to a manufacturer’s warranty. Therefore, you will have to contact the manufacturer to have a repair or replacement within the warranty period.

Why Cinch Home Services?

Cinch covers more than other home warranty companies. We also guarantee workmanship for a period of 180 days. The claims process is easy to follow and can be done online. Your contract can be reviewed, and everything is found in the terms of your agreement.

At Cinch, we provide better and easier home care services. But don’t just take our word for it. See what our nearly 1 million customers across the country have to say about Cinch home protection plans, and start protecting your home today.

A home warranty is an annual service contract that covers the replacement of a system or appliance. Learn more by visiting our site.