6 Best Home Warranty Companies in Round Lake, IL

How Does a Home Warranty Work?

A home warranty is a protection plan that assists Round Lake homeowners lower the high costs of household repairs. These plans provide financial coverage to repair or swap out 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 provider then arranges a contractor to make the fix 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 security for homeowners by helping them prevent expensive emergency fixes. They're particularly valuable for those who own older homes or ones with outdated systems. Newer builds with functional appliances probably don’t need a home warranty.

What Does a Home Warranty Cover?

Home warranties protect your home systems and appliances. Common appliances covered include dryers, dishwashers, microwaves, washers, garbage disposals, refrigerators, and more. Covered systems are usually electrical, air conditioning, heating, and plumbing. Many home warranty providers offer add-on coverage for septic systems, central vacuums, roof leaks, and locksmiths. It's important for Round Lake homeowners to know that most home warranty policies have a 30-day period you must wait before they will cover the cost of any repairs. Additionally, policies typically only cover repairs and replacements needed due to normal wear and tear. Home warranties don't cover problems such as pre-existing conditions, natural disasters, cosmetic issues, or damage caused by improperly using a system or appliance. It's important to keep up with preventative maintenance to ensure that your next repair or replacement will be covered by the policy.

Key Home Warranty Terms to Know

Home warranties use several terms that you'll want to understand before signing a contract, such as:

• 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.
• Claim approval: The process providers use to determine whether a requested repair or replacement is covered under a home warranty plan.
• 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.
• 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 some companies charge for appliance-related claims.
• Endorsements: Optional add-ons that expand coverage for additional systems like pools, septic, well pumps, and more. Endorsements typically cost an additional fee.
• Coverage limits: How much money your warranty provider will pay for specific repairs or replacements. Check limits on repairs for things like roof leaks, appliances, and air conditioning units.

Keeping these important details in mind will help you understand costs and select a home warranty that's tailored to protect your most important home systems. Be sure to discuss specifics of coverage with potential providers during the quote process, so you can avoid unexpected 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 plans differ significantly in terms of coverage. Most plans cover electrical, AC, heating, plumbing, and appliances. More robust plans also include coverage for other items such as spas, well pumps, roof leaks, and pools. Look for companies with varied coverage options, including upgraded plans. This helps you tailor protection to your home's needs.

Service Fees

Homeowners should anticipate paying a $60–100 service fee when filing home warranty claims. These per-repair charges can potentially accumulate over time, so some homeowners prefer using companies with lower service fees to maximize savings. Some providers also offer disappearing deductibles when a homeowner goes a defined period without any repair requests.

Reputation

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

Contractor Network

Home warranty companies maintain networks of local professionals to handle repairs in your area. Contact potential providers to learn how many repair technicians they have in Round Lake and get an idea for how quickly your repairs might happen in an emergency situation. More extensive networks improve the probability of getting qualified contractors to swiftly service your home.

Added Benefits

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

Is a Home Warranty Worth it in Round Lake?

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Benefits of a Home Warranty

Home warranty policies are an inexpensive way to guard your home systems and appliances from normal wear and tear. With temperatures in Round Lake hitting an average high of 56℃F, you may find that some appliances, such as your A.C., get a lot of use. A home warranty can considerably lower out-of-pocket expenses should your HVAC system break down.

A home warranty also can also save you time and energy. Instead of spending hours finding and selecting a technician 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 instance, some policies can be transferred between owners when you sell your home.

Downsides of a Home Warranty

Home warranties also have some cons. While it can be convenient that the home warranty sends out a contractor who handles the repair for you, some homeowners may not like this, and they would rather select their own contractor. If that’s the case for you, some home warranty plans allow you to choose a contractor.

Another stipulation is that home warranties typically only cover malfunctions due to normal wear and tear. They often won’t cover systems or appliances that need repairs or replacements due to animal infestations, natural disasters, improper maintenance, etc.