6 Best Home Warranty Companies in Homewood, IL

How Does a Home Warranty Work?

A home warranty is a protection policy that assists Homewood homeowners in reducing the costs of appliance and system repairs. The plans offer coverage to swap out or repair appliances and systems that malfunction due to normal wear and tear.

When something stops working, you submit a claim and pay a service fee. The home warranty provider then finds a contractor to handle the replacement or fix. Homeowners may have out-of-pocket costs only if the cost of the repair or replacement goes over the item's coverage limit. A home warranty delivers peace of mind for homeowners by helping them prevent expensive emergency repairs. They're particularly useful for those who live in older homes or ones with aging systems. Newer builds with working appliances probably don’t need a home warranty.

What Does a Home Warranty Cover?

Home warranties cover your household systems and appliances. Covered appliances normally include dryers, garbage disposals, microwaves, washers, refrigerators, dishwashers, and more. Covered systems include heating, electrical, air conditioning, and plumbing. Many home warranty providers also offer additional coverage for septic systems, central vacuums, roof leaks, and locksmiths. Homewood homeowners should know that most home warranty plans impose a 30-day waiting period before repairs are covered. Additionally, most policies only cover the cost of repairs and replacements resulting from normal wear and tear. Home warranties don't include natural disasters, cosmetic issues, pre-existing conditions, or improperly using a system or appliance. You must keep up with preventative maintenance to help make sure your next repair or replacement is covered.

Key Home Warranty Terms to Know

There are a number of home warranty terms to know before signing an agreement, including:

• Endorsements: Optional add-on coverage for systems such as pools, septic, well pumps and more. Endorsements typically come with an additional fee.
• 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.
• 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.
• Claim approval: The process by which your provider determines whether a requested repair or replacement is covered under your warranty.
• Coverage limits: Dollar limits that cap how much the warranty will pay for certain repairs or replacements. Check limits on air conditioning units, appliances, roof leaks, and similar repairs.
• Service fee: The out-of-pocket cost you pay per claim for access to a contractor and repair coverage.
• Trade call fee: An additional fee that's sometimes required to appliance-related claims.

Keeping these terms and key points in mind will help you understand pricing and pick a home warranty designed to protect your most important home systems. Make sure to 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 key factors to consider when choosing a home warranty provider:

Coverage Options

Home warranty coverage can have major differences in what's included. Most plans include protection for electrical, AC, heating, plumbing, and appliances. More comprehensive plans also cover other items such as roof leaks, well pumps, spas, and pools. Look for providers with a range of coverage choices, such as upgraded plans. Flexibility helps you tailor your protection for your needs.

Service Fees

Expect to pay a per-service fee of $60-100 for each home warranty claim. As this charge applies to every separate claim, some homeowners prefer to choose a provider with more affordable fees to maximize savings. Some companies also eliminate deductibles when customers have a claim-free period.

Reputation

A home warranty provider's reputation provides insights into factors such as contractor expertise, claim approval rates, repair speed, and customer satisfaction. Read through review sites like the Better Business Bureau (BBB), Google Reviews, or TrustPilot to learn more about providers. Positive feedback and ratings suggest a company known for quality service.

Contractor Network

Home warranty companies keep networks of local technicians to handle repairs in your area. Reach out to potential providers to learn how many repair technicians they have in Homewood and get an idea for how quickly your repairs might happen in an emergency situation. Larger networks improve the probability of getting qualified contractors to swiftly service your home.

Added Benefits

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

Is a Home Warranty Worth it in Homewood?

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Benefits of a Home Warranty

Temperatures in Homewood can vary greatly throughout the year, which means your air conditioner and heating systems are most likely going to get a decent amount of use. As a homeowner in Homewood, one benefit of having a home warranty is that these home systems and major appliances can be covered in the event they have to be repaired or replaced.

Not only can a home warranty save you money on repairs and replacements, it saves you time as well. Instead of vetting technicians yourself, home warranty providers do the work for you and send a contractor from their network right to your door when you need them. Another added benefit of having home warranty coverage is that it can raise your home’s real estate value. If you ever decide to sell your home, 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

One major drawback of a home warranty is not everything you care about may be covered. It’s important to weigh the different policies and select one that covers all the appliances, systems, and add-ons you need.

Another drawback is that home warranties may not include some repairs, such as those needed because of natural disasters. For example, if your house floods, the impacted systems and appliances probably won’t be covered by the home warranty.