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What type of warranty for your luxury home?

Home Warranty paper and pen

Your luxury home in Williamsburg, VA deserves the best real estate warranty that you can afford. If your appliances or home systems unexpectedly break down, a home warranty plan ensures that you’re covered for what can sometimes be hefty repairs.

What is home warranty?

Home warranties differ from homeowners insurance in that they protect appliances and home systems. These will run into problems and faults as they age, and issues can arise from normal wear and tear. Homeowners insurance covers liabilities, housing costs and repairs or anything that may be considered property loss.

If you’re looking for real estate warranties for luxury homes, there are a number of things you should consider, such as the different prices, various plans, and optional add-ons. Customer service and speed of response should also factor in who you decide to get warranties from.

There are 3 types of home warranty to choose from:

Appliance plans:
As the name suggests, this warranty looks after your electrical and gas items and includes appliances such as freezers, stoves, and clothes washing and drying machines.

System plans:
This type of plan is more geared towards protecting the plumbing, and electrical system of a house. You can consider your ductwork and plumbing as part of this plan.

A Combination:
Ideally, you want to be covered for both individual appliances and for home systems. That way whether your actual appliance or your system goes down, you’re covered.

Cost of home warranties:

The cost will depend on what type of warranty you opt for. At the low end of the spectrum you could go for a basic package which only looks at repairs on household systems, a system plan. This could set you back as little as $300 dollars a year. For a luxury home that’s likely to have more comprehensive heating and plumbing systems, this could be well worth it.

However, a luxury home is also likely to have higher end appliances, which are not immune from wear and tear. At around the $600 dollar mark you could get coverage on both home systems and appliances, a combination plan.

Are warranties worth it?

If you’ve bought a home where many of the appliances are new or almost new, a warranty plan that covers appliances may not be worth it. This is because most appliances come with at least a year’s warranty, in many higher end appliances, the warranty could stretch out to 3-5 years. If you’ve specifically refurbished a house then you’ll know which items have existing warranties and how long they have to run.

If you’ve bought a house, it can be trickier as most of the time you’ll only see if appliances are in good condition and not necessarily know if they have existing warranties on them. In this case it may be a better idea to go with a package that includes coverage for appliances.

Bear in mind that warranties only cover repairs, they do not help with any replacement of any appliance. So if your appliance decides to just give up and is beyond repair, that will be a large cost out of your own pocket. Another point to consider is that, as well as the package you buy, you’ll almost certainly have to pay for a service fee when you need some work done. This can range from anything between $65 to $125.

So is it worth it? A warranty provides peace of mind. And yes, you can save big. Instead of paying maybe over $1000 on a replacement appliance you could possibly repair it for a quarter of that with a warranty. So if you are buying a luxury home, the extra cost of warranties, although not inconsiderate, is not too expensive to have reassurance. As stated before, it depends on multiple conditions.

Choosing a provider

There are multiple companies providing home warranties and your choice will depend largely upon the various packages and prices they offer. However do look through the feedback of customers to let you know how customer oriented these providers are. Transparency in all their documentation is a good sign and have a look through testimonials, either on their site or better, on independent ones.

Are you looking for luxury home ideas, luxury home decor ideas, or luxury homes for sale in Williamsburg, VA? You’ve come to the right place. Coldwell Banker Traditions can help you find some of the best luxury homes. Speak with our top real estate agents by calling us at 757.229.9595 or sending an email to info(at)cbtraditions(dotted)com.