6 Best Home Warranty Companies in Oak Brook, IL

How Does a Home Warranty Work?

A home warranty is a protection plan that assists Oak Brook homeowners cut the high costs of household repairs. These plans provide financial coverage to fix or replace appliances and systems that stop working from normal wear and tear.

Homeowners submit a claim and pay a service fee when something breaks. The home warranty company then finds a contractor to make the repair or replacement. The only time you may pay out-of-pocket is if the repair or replacement costs exceed the item's coverage limit. A home warranty gives homeowners peace of mind by helping avoid high-priced emergency repairs. The coverage is especially helpful for those living in older houses or houses with systems near the end of their life span. However, homeowners with newer homes and modern appliances may not need a home warranty.

What Does a Home Warranty Cover?

Home warranties cover many home systems and appliances. Typical covered appliances include microwaves, refrigerators, washers, dryers, garbage disposals, dishwashers, and more. Covered systems include plumbing, heating, electrical, and air conditioning. Many home warranty plans offer add-on coverage for septic systems, roof leaks, central vacuums, and even locksmiths. It's important for Oak Brook homeowners to understand most home warranty plans have a waiting period of 30 days before repair claims will be approved. The majority of policies also only cover repairs and replacements resulting from normal wear and tear. Home warranties don't include natural disasters, cosmetic issues, pre-existing conditions, or misuse of a system or appliance. Be diligent about completing preventative maintenance to ensure 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: Additional coverage for systems like well pumps, pools, and septic, which usually comes with a fee for each add-on.
• Coverage limits: Dollar limits that cap how much the warranty will pay for certain repairs or replacements. Check limits on appliances, roof leaks, air conditioning units, and similar repairs.
• Claim approval: The process a provider uses to validate that a requested repair or replacement is covered under your plan.
• Trade call fee: An additional fee that's sometimes required to appliance-related claims.
• Service fee: The amount you pay our of pocket per claim for access to a contractor and repair coverage.
• Deductible: The amount you pay toward a covered repair before the warranty covers the rest. Some plans have per-claim or yearly deductibles.
• Contract rate: A pre-negotiated rate that your home warranty provider has worked out with contractors. This rate is typically less than what you would pay retail.

If you remember these terms and key factors, it’ll help you understand costs and select a home warranty tailored to protecting your most vital 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 key things to take into account:

Coverage Options

Home warranties differ greatly in the items covered. Basic policies typically include electrical, heating, AC, plumbing, and appliances, while more comprehensive options may also cover pools, roof leaks, well pumps, and spas. Look for companies with varied coverage options, including upgraded plans. This allows you to tailor protection to your needs.

Service Fees

Expect to pay a per-service fee of $60-100 for each home warranty claim. With these per-request costs adding up over time as you file claims, you may want to choose a provider with lower service fees to maximize savings on every claim. Some companies also eliminate deductibles when customers have a claim-free period.

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 TrustPilot, Google Reviews, or the Better Business Bureau (BBB) to research providers. Good ratings and reviews indicate that a company is known for quality service.

Contractor Network

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

Added Benefits

Some home warranty companies include perks such as smart home device coverage, energy efficiency upgrades, and reduced maintenance fees. These extras can offer extra value beyond just repair coverage. Added bonuses help you enhance your home and get the most from your warranty policy.

Is a Home Warranty Worth it in Oak Brook?

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Benefits of a Home Warranty

Since temperatures in Oak Brook can be quite cold in the winter, the weather can put a lot of strain on your HVAC system. Getting a home warranty plan can help homeowners save money if one of these systems or appliances breaks suddenly.

Along with saving you money on out-of-pocket expenses, a home warranty can give you peace of mind and save you the headache of trying to find a qualified repair person to visit your home. Home warranties usually have a network of pre-vetted technicians who can handle any repair problems you may come across. Another added benefit of having a home warranty plan is that it can increase 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 provider you have your home warranty with.

Downsides of a Home Warranty

One disadvantage of buying a home warranty is that there are generally exclusions. For example, if you already have a manufacturer's warranty on one of your appliances, it may not be included in the home warranty, so it’s important to read through any contracts you’re considering thoroughly to understand what is included and what isn’t.

Another thing to consider is that some companies don’t cover pre-existing damage and may require an inspection before coverage begins. Ask the home warranty company for clarification about this if you aren’t sure or if this is an issue for you.