6 Best Home Warranty Companies in Frankfort, IL

How Does a Home Warranty Work?

A home warranty is a protection plan that helps Frankfort homeowners in reducing the expenses of appliance and system repairs. The plans offer coverage to swap out or fix appliances and systems that break down due to normal wear and tear.

When something breaks down, you submit a claim and pay a service fee. The home warranty provider then arranges a contractor to handle the replacement or fix. Homeowners may have out-of-pocket costs only if the cost of the repair or replacement exceeds the item's coverage limit. A home warranty plan gives homeowners peace of mind and can help avoid expensive emergency repairs. They can be especially helpful for buyers of older homes or homes with systems near the end of their life span. However, newer homes with modern appliances and fixtures may not need a home warranty.

What Does a Home Warranty Cover?

Home warranties help protect both your home systems and appliances. Common appliances covered under a home warranty include washers, garbage disposals, refrigerators, dryers, microwaves, dishwashers, and others. Covered systems include air conditioning, electrical, heating, and plumbing. Many home warranty plans also offer add-on coverage options for locksmiths, septic systems, central vacuums, and even roof leaks. It's important for Frankfort homeowners to know that most home warranty policies have a 30-day waiting period before they can be used to cover repairs. Additionally, policies typically only cover repairs and replacements that result from normal wear and tear. Home warranties don't cover problems such as cosmetic issues, natural disasters, pre-existing conditions, or damage caused by improperly using a system or appliance. Make sure to keep up with preventative maintenance to ensure that your next repair or replacement will be covered by your policy.

Key Home Warranty Terms to Know

Home warranty contracts use several terms that you'll want to understand before signing, such as:

• Coverage limits: The maximum dollar amount that your warranty provider will pay for certain repairs or replacements. Check your contract's limits on repairs for things like appliances, air conditioning units, and roof leaks.
• Endorsements: Optional add-on coverage for systems such as septic, well pumps, pools and more. Endorsements typically come with an additional fee.
• Trade call fee: An additional fee that some companies charge for appliance-related claims.
• Contract rate: The rate that your home warranty provider has pre-negotiated with its contractors. Normally, this rate is lower than what you'd pay retail.
• Deductible: The amount you're responsible for before your warranty covers the remainder of the cost. Deductibles apply to covered repairs and may be on a per-claim or yearly basis.
• Service fee: The out-of-pocket cost you pay per claim for access to a contractor and repair coverage.
• Claim approval: The process providers use to determine whether a requested repair or replacement is covered under a home warranty plan.

Keeping these terms and key points in mind will help you understand home warranty contracts and pricing, so you can pick the right plan and protect your most important home systems. Discuss coverage details with potential companies when you get a quote to avoid surprise fees.

Key Factors in Choosing a Home Warranty Company

There are several important factors to consider when selecting a home warranty provider:

Coverage Options

Home warranty coverage varies, although most plans cover heating, plumbing, electrical, AC, and appliances. More comprehensive options may also include extra things such as spas, roof leaks, pools, and well pumps. Look for companies with an assortment of coverage options, such as upgraded plans. You'll want to tailor your protection for your home’s needs.

Service Fees

You'll pay a repair fee, normally ranging from $60–100 for each claim filed with your home warranty provider. This fee is charged per request and can quickly add up, so you may seek out providers advertising more affordable fees to optimize savings on each repair claim. Certain companies may eliminate deductibles after a customer goes a period of time with no claims filed.

Reputation

A home warranty company's reputation can offer insight into things such as approval rates for claims, speed of repairs, contractor quality, and customer satisfaction. Use third-party review sites such as the Better Business Bureau (BBB), Google Reviews, or TrustPilot to research providers. Good ratings and reviews indicate that a company is known for top-tier service.

Contractor Network

Home warranty providers use networks of local repair professionals to manage repairs in a given area. Contact potential companies to learn the number of repair specialists they have in Frankfort and get an idea of how fast your repairs could be handled in an emergency. Wider networks improve the chance of getting qualified contractors to swiftly service your home.

Added Benefits

Home warranty providers might offer perks such as coverage for smart home devices, energy efficiency upgrades, and maintenance discounts. These extras can add value beyond basic repair coverage. Additional perks can maximize the usefulness of the home warranty.

Is a Home Warranty Worth it in Frankfort?

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Benefits of a Home Warranty

Temperatures in Frankfort can vary greatly throughout the year, which means your air conditioner and heating systems are likely to get a lot of use. As a homeowner in Frankfort, one of the benefits of having a home warranty is knowing that these home systems and major appliances can be covered in the event they need to be repaired or replaced.

A home warranty also can also save you time and energy. Instead of spending hours finding and selecting a repair person to fix your appliance or system, home warranty providers do the hard work for you and send a trusted professional to your door whenever you need them. A home warranty can also provide value in other ways. For example, some policies can be transferred to another owner during a home sale.

Downsides of a Home Warranty

There are also some negatives to buying a home warranty plan, such as the coverage exclusions. For instance, home warranties may not cover systems or appliances that are already covered under a manufacturer's warranty.

Another drawback is that home warranties may not include some repairs, like those needed because of natural disasters. For example, if your HVAC system is damaged from an animal infestation, the affected systems and appliances probably won’t be covered by the home warranty.