How to Find and Evaluate the Best Home Warranty Insurance Providers

Every house is subject to wear and tear during its lifespan; both as a result of the normal aging process and as a result of other risks such as fires, bad weather or earthquakes, among others. Of course, home repair costs can be expensive. Worse, sometimes there isn’t enough savings to cover them. That’s why many people try to get the best home warranty insurance when they move into a new home.

Home Warranty Insurance Primer

Unlike homeowners insurance, which covers damage from fire and other hazards, home warranty insurance covers essential home appliances and systems; but the two types of insurance are complementary.

Home warranty insurance provides coverage for appliances such as washers, dryers, ice makers and garage door openers. Even better, this coverage includes reimbursement for normal wear and tear. It is also common for coverage to cover systems such as air conditioning ductwork, water heaters, doorbells and plumbing.

It is not always easy to find a reliable insurance company that will provide you with comprehensive coverage at a fair price, especially for first-time homebuyers. One way to explore reputable home warranty insurance companies is to look at online reviews to create a shortlist that suits your specific needs.

Once you have your shortlist based on the site’s professional reviews, you can call each insurer to find out more about their products. A visit to their office is highly recommended so that you can personally interact with the insurers and assess their customer service and its authenticity. Some companies may come to your home so they can assess the home and give you specific recommendations about what they will cover and how much the premiums will cost.

Knowledge is power

Also pay close attention to the terms of the insurance contract before signing it. A common mistake most homeowners make is focusing too much on negotiating lower premiums, which compromises the quality of service. As a result, some homeowners are leaving important appliances and systems out of the insurance contract to accommodate the lower rates.

Be sure to inquire about the process when filing a claim and the expected turnaround time. You don’t want your water heater not working while you wait for the insurance company to process your claim, even if it takes a month or more. Also be sure to check the terms and conditions for items not covered, and any costs to the homeowner when the insurer makes a home visit to diagnose a problem.

Once you have done your due diligence and analyzed the terms and conditions of the shortlisted companies, you can select a home warranty insurance company with confidence. To ensure a safe bet, you may need to opt for one of the leading home warranty insurance providers; Big names in the industry with a good track record and good reviews include: American Home Shield, Landmark Home, Select Home Warranty and Choice Home Warranty. Of course they all have their strengths and weaknesses. Ultimately, you have to make the final decision based on coverage, premiums, customer service, and claim processing time.

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