Buying a home in New Mexico? Make sure you get a home warranty.
If you are buying a home in New Mexico, you know just how hard it is to find the best housing for you and your family. And with demand for home renovations increasing home repair costs on top of limited contractor availability, it is crucial to ensure you not only find the right home, but that you have access to experts who can keep your home’s systems and appliances in working order.
In the article below, we detail the costs and services you can expect through home warranty insurance and why it's important to be covered when buying a new home in New Mexico.
Why is a home warranty necessary in New Mexico?
Like home insurance, a home warranty helps homeowners protect themselves against hidden financial risk. A warranty plan covers the repair or replacement of your home's critical systems and appliances when they break down from normal daily use. A warranty plan can be added to a home at any time, no matter the home’s age.
When you experience a service issue, your warranty company will send a professional contractor to assess the problem. Whether the issue is with the HVAC system, a garbage disposal or a garage door opener, you will pay your deductible or service fee to the contractor for the assessment. If the repair or replacement is covered under your service agreement, your warranty company will pay for any additional costs.
What should you look for in a home warranty policy in New Mexico?
Your New Mexico home warranty provider should have options from a basic plan that covers most appliances to a systems plan that will cover the more expensive whole-house systems, such as plumbing, electrical, and air conditioning.
Reading and understanding your coverage from your homeowners’ insurance policy will help you better identify where you have potential financial exposure. Many homeowners’ insurance policies cover the following:
- Frozen plumbing
- Damage from fire and smoke
- Damage from wind or hail
- Fallen objects
- Water damage from plumbing, water heater, heating or air conditioner
Home insurance does not cover the everyday wear and tear you and your family put on home appliances from normal use, but a home warranty will. Your home warranty service contract should cover many of the gaps you have from homeowners insurance, giving you protection against unknown issues.
What are the pros of having a home warranty in New Mexico?
A homeowner in New Mexico can greatly benefit from home warranty insurance by having an annual service contract that includes the home’s water heater and air conditioning system. In much of the state, fiery hot days of summer with cooler desert summer nights can cause these systems to work overtime. And let’s face it, when it is 100 degrees outside, the last thing you want to get caught without is a functioning air conditioner.
While home warranty coverage for an air conditioning system may be optional for many northern areas of the United States, for New Mexico homeowners it could be the difference between life and death. Be sure to look for a systems plan or a combination plan since basic plans typically do not cover air conditioning.
How much, on average, does a home warranty cost in New Mexico?
A New Mexico home warranty costs $420-$745 a year. Coverage that includes a systems plan for air conditioning, heating and plumbing is priced higher than a basic home appliance plan. Most companies will allow you to pay for your home warranty policy by the month.
Add-on coverage for items outside of your warranty plan can be purchased separately from your home warranty policy.
Deductible costs should be between $100-$150. You will only pay a deductible when you have a service request. The higher the deductible, the lower the monthly plan cost. If you believe you will use the warranty more than three times a year, a plan with a lower deductible will give you the most reasonable annual cost.
Learn more about the cost of home warranty coverage by Cinch Home Services.
How long does it take to file a claim for a home warranty in New Mexico?
The more reputable home warranty companies offer the capability to file a claim online, though some smaller companies may only look at these claims during normal business hours.
At Cinch Home Services, you can initiate your service request online 24/7/365. Simply provide your warranty plan number and billing zip code, your phone number and property zip code or your last name, property number and billing code. We’ll take care of the rest.
Alternatively, any homeowner with an active warranty plan can file a claim 24/7 by phone at (844) 324-5688.
Where can you find the best home warranties in New Mexico?
When your water heater or trash compactor is not working properly, the last thing you want to do is search for a repair person. A home protection plan service contract with one of the best home warranty companies will make your home appliances and systems a top priority.
Before purchasing a home, do your research to find the best home warranty for your needs and budget.
Cinch Home Services is accredited by the Better Business Bureau (BBB) and maintains a top rating on ConsumerAffairs.com. With over 40 years in the home warranty industry, many New Mexico homeowners trust Cinch for our six-month workmanship guarantee on covered repairs.
Learn more about Cinch home protection plans.