7 Best Home Warranty Companies in Fairmount, CO

How Does a Home Warranty Work?

A home warranty is a protection plan that helps Fairmount homeowners reduce the costs of appliance and system repairs. The plans provide financial coverage to repair or replace appliances and systems that stop working due to normal wear and tear.

When something breaks down, you file a claim and pay a service fee. The home warranty provider then finds a contractor to handle the repair or replacement. Homeowners may have out-of-pocket costs only if the repair or replacement goes over the item's coverage limit. A home warranty policy gives homeowners peace of mind and can help avoid costly emergency repairs. They can be especially helpful for buyers of older homes or homes with appliances near the end of their life span. However, newer homes with appliances and fixtures in good condition may not need a home warranty.

What Does a Home Warranty Cover?

Home warranties cover your home systems and appliances. Common covered appliances are dryers, refrigerators, garbage disposals, dishwashers, microwaves, washers, and more. Covered systems are typically heating, plumbing, air conditioning, and electrical. Many home warranty companies provide add-on coverage for septic systems, central vacuums, roof leaks, and locksmiths. Fairmount should understand that most home warranty plans have a 30-day waiting period before repairs are covered. The majority of policies also only cover repairs and replacements due to normal wear and tear. Home warranties don't include natural disasters, pre-existing conditions, cosmetic issues, or misuse of a system or appliance. Stay current with preventative maintenance to ensure your next repair or replacement is covered.

Key Home Warranty Terms to Know

Before signing a home warranty contract, you should know key terms like:

• Coverage limits: How much money your warranty provider will pay for specific repairs or replacements. Check limits on repairs for things like air conditioning units, appliances, and roof leaks.
• Contract rate: The pre-negotiated rate a home warranty company has with its contractors. This rate is usually less than typical retail costs.
• Trade call fee: An additional fee that some companies charge for appliance-related claims.
• Service fee: The out-of-pocket cost per claim that you pay for contractor access and repair coverage.
• Endorsements: Optional add-ons that expand coverage for additional systems like pools, well pumps, septic, and more. Endorsements typically cost an additional fee.
• Deductible: The amount you pay toward a covered repair before the warranty covers the rest. Some plans have per-claim or yearly deductibles.
• Claim approval: The process a provider uses to validate that a requested repair or replacement is covered under your plan.

If you remember these terms and key factors, it’ll help you choose a home warranty that's tailored to protecting your most essential home systems. Make sure to talk to companies about coverage specifics when getting a quote, so you can avoid unexpected fees.

Key Factors in Choosing a Home Warranty Company

When you're deciding on a home warranty provider, there are several important things to take into account:

Coverage Options

Home warranty policies differ significantly in terms of coverage. Most plans cover heating, AC, electrical, plumbing, and appliances. More comprehensive options also extend protection to other items such as spas, pools, well pumps, and roof leaks. Look for companies with a range of coverage choices, such as upgraded plans. You'll want to tailor your protection for your needs.

Service Fees

You'll pay a service fee, typically $60–100, for each claim filed with your home warranty provider. These per-claim charges can quickly add up, so you may look for providers advertising more affordable fees to optimize savings on each repair claim. Certain companies may waive deductibles when a homeowner submits no claims in a defined period.

Reputation

A home warranty provider's rating provides insight into things such as contractor quality, timeliness of repairs, claim approval rates, and overall customer satisfaction. Look at third-party review sites such as TrustPilot, the Better Business Bureau (BBB), or Google Reviews to research providers. Complimentary reviews and ratings indicate a provider known for stellar service.

Contractor Network

Home warranty companies maintain networks of contractors to handle covered repairs. Wider networks raise the probability of getting qualified technicians to promptly service your home. Ask potential providers how many contractors they have in Fairmount to get a sense of how quickly your repairs could happen in an emergency.

Added Benefits

Home warranty companies often include bonuses such as energy efficiency upgrades, coverage for smart home devices, and maintenance discounts. These add value beyond basic repair coverage. Additional perks help maximize the usefulness of the home warranty.

Is a Home Warranty Worth it in Fairmount?

---

Benefits of a Home Warranty

Fairmount’s cold winters can put a strain on a home’s HVAC system. Whether it’s summer or winter, a home warranty will cover your home’s appliances and systems if they need to be repaired or replaced. For example, if your air conditioner stops working in the middle of July, a home warranty can cover the necessary repairs, saving you from spending a lot of money out of pocket.

Not only can a home warranty offer some savings, but it also saves you time. If an appliance breaks, the last thing you want to do is find a technician and schedule a repair. A home warranty takes care of this process by sending trusted professionals to your door when you need them most. Another added benefit of having a home warranty policy is that it can increase your home’s real estate value. If you ever decide to sell your house, you may be able to transfer your home warranty plan to the new homebuyer depending on the company you purchased your home warranty through.

Downsides of a Home Warranty

There are also some drawbacks to purchasing a home warranty plan, like the coverage exclusions. For example, home warranties may not cover home systems or appliances that are already covered under a manufacturer's warranty.

Another thing to bear in mind is that some companies don’t cover pre-existing problems and may require an inspection before your coverage can start. Ask the home warranty company for clarification about it if you aren’t sure or if this is a problem for you.