CONSIDERING A HOME WARRANTY? How to weigh your options (BPT) - If fire damages your house or the wind tears some shingles off the roof, your homeowners insurance will likely cover the cost of repairs. But what if your refrigerators ice-maker stops working or the door on your self-cleaning oven refuses to latch? Many homeowners turn to home warranty programs to help them protect the things insurance doesnt, like mechanical and electrical appliances or systems within the home. Not all home warranties are created equal, however. Purchasing the most expensive warranty is no guarantee of great service or broad coverage. Nor is it an assurance youll be dealing with a stable company. As with any important purchase, consumers should do their homework before choosing a home warranty company, says Victor Mandalawi of Edison, N.J.-based Choice Home Warranty, a leading supplier of residential service contracts (home warranty) across-the United States. They should thoroughly read any contract before signing so they understand whats covered - and whats not - and can be confident the warranty they choose will provide the coverage they need. Mandalawi offers some tips for evaluating and choosing a home warranty: * Know what youre buying. If you purchase a home warranty thinking a certain item will be covered, only to find out later that it isnt, youll be disappointed and angry, Mandalawi says. Carefully review the terms of any warranty youre considering so you know before enrolling what the agreement covers. * Look for an established company. The real estate boom and subsequent market collapse spawned many fly-by-night organizations. Check a companys credentials to ensure you wont be taken in by a less reputable one or one thats on shaky financial footing. Choice Home Warranty is an Inc. 5000 company with the resources and financial strength to make good on all legitimate claims. * Seek flexibility from your warranty company in terms of the plans it provides. One size does not fit all when it comes to home warranties. A warranty company that provides different plan options - like Choice Home Warranty, which offers Basic and Total plans - is more likely to have a plan that fits your needs. * Be sure the plan covers the basics, including electrical, heating and plumbing systems; water heaters; plumbing stoppages; stoves, ovens, ranges, cooktops and built-in microwaves; HVAC ductwork; exhaust and ceiling fans; appliances such as dishwashers and garbage disposals; jetted bathtubs; and garage door openers. * Look for the ability to upgrade or tailor your plan. Choice Home Warrantys Total plan covers all the basics plus refrigerators, clothes washers and dryers, and air conditioning systems. In addition, you can also purchase coverage for sump pumps, central vacuums, septic tank pumps, stand-alone freezers, well pumps, pools and spas, septic systems and second refrigerators. * Consider availability and responsiveness. If your stove stops working the day before a long weekend when youll be cooking up a storm, and your warranty company doesnt offer 24-hour service, you may find yourself without a stove for an extended period of time. * Evaluate the fee structure. A home warranty should clearly spell out what you will pay for a service call - ideally a reasonable, flat fee - and how the warrantor will compensate you if a covered item cant be repaired. Finally, look for transparency. Does the company youre considering make its standard agreement available for review online, like Choice Home Warranty? It should be easy for you to review and understand a warranty agreement, Mandalawi says. If a company balks at providing a full agreement before you sign, or offers an agreement that requires a legal expert to decipher it, take your business elsewhere.
Posted on: Tue, 12 Nov 2013 15:16:00 +0000