Have you ever had an appliance break and needed to take money out of your rainy day fund to get it fixed? It's bound to happen at some point, especially if you're not budgeting for home maintenance and repairs.
The good news is that you can avoid this type of headache with the help of a Cinch home protection plan. When a covered appliance or major home system — like your heating, cooling, plumbing or electrical system — breaks down, Cinch helps pay for the repair or replacement of it, leaving more cash in your pocket to care for other things in life.
To put the savings in perspective, here are eight purchases you could make with the money you save on an appliance repair.
1. Spa day
If your washer and dryer ever break down, we estimate that you'll be looking at repair costs somewhere between $330 and $825 without a home protection plan. That’s hundreds of dollars you could be spending on something better than home repairs — like yourself or a friend — somewhere nice, like a spa.
2. New flat-screen TV
A nice 30 or 40-inch flat screen TV at your local electronics store runs you somewhere around $400. That means you could buy up to two of them for the price of one repair.
3. Gourmet coffee at home
As repair costs go, washer and dryer problems amount to relatively small bills. On average, refrigerator problems generally cost between $605 and $1,650. If your bill is on the low end of this range, you're missing out on an item that all coffee lovers covet: a high-end espresso and coffee machine. For around $700, your family could make their favorite lattes, cappuccinos and other caffeinated treats at home.
4. Designer goods
If your fridge repairs are more extensive, you'll have to do without accessories of a different kind. Designer handbags can cost between $700 and $1,000, but that money you've been saving up will just barely cover your appliance repairs. With a home protection plan, you can save an arm and a leg on repairs and adorn yours in the process (boots anyone?).
5. Romantic cruise
Your home is a special place. But sometimes it’s nice to get away from it. Like when your furnace breaks down. We estimate that the average cost to repair one is between $1,605 and $4,821 — an amount that could've scored you a romantic getaway on a cruise ship. You could likely get a great room with a balcony for $1,000. That would still leave you $500 to spend on food, drinks, activities and shopping while you sail the seas.
6. New decor
Sometimes your older appliances and systems aren’t the only thing that need replacing in your home. If you saved $3,000 or more from having your furnace replaced, you could likely buy a whole new living room set. Retailers like Overstock.com have some great options that are sure to fit your style and your budget.
7. Family vacation
It might be hard to believe that appliance repairs can cost more than $4,000, but if your air conditioning system has a mechanical problem, you could be looking at up to $7,000 in expenses. That's a big bill for any family to foot. The good news is that if you invest in a Cinch Built-in Systems or Complete Home Plan, you can put that money toward a great family vacation. With moderately priced airfare and accommodations, a family of four could likely spend four or five days at Disney World for around $4,000.
8. Used car
If your current set of wheels isn't getting you where you need to go, it might be time to invest in a new car. The money you save by having Cinch replace your air conditioning unit could likely purchase a decent used car or serve as an impressive down payment on a shiny new vehicle. Both of which would look great in front of a Cinch-protected home.
The information in this article is intended to provide guidance on the proper maintenance and care of systems and appliances in the home. Not all of the topics mentioned are covered by our home warranty or maintenance plans. Please review your home warranty contract carefully to understand your coverage.