When can you buy a home warranty?

When can you buy a home warranty?

You can buy a home warranty at almost any time, but the most common times are during the homebuying process or soon after moving into a new home. This timing helps new homeowners manage the costs of unexpected repairs and replacements in their new property. Here’s a closer look at when you might consider buying a home warranty.

During the homebuying process

Many homebuyers choose to purchase a home warranty as part of the real estate transaction. Sometimes, sellers offer a home warranty as part of the sale to make the deal more attractive and provide peace of mind to the buyer. It can also protect the seller from post-sale disputes if something breaks soon after the new owner moves in.

After purchasing a home

If you didn’t get a home warranty during the buying process, you can still purchase one on your own. This can be a smart move, especially if you're moving into an older home with aging appliances and systems that may break down at any moment.

Even if you’ve been in your home for a while, you can buy a home warranty at any time. It’s a good idea if you notice your appliances or home systems are getting old and might soon need repairs or replacements.

When selling a home

Buying a warranty could be a good strategy to attract buyers if you plan to sell your home. It offers them protection after purchasing and can make your home stand out in a competitive market.

Renewal time

If you already have a home warranty, you’ll have the option to renew it each year. Renewal time is also a great time to shop around if you’re less than happy with your current home warranty company. You may be able to lower your home warranty costs while increasing your coverage.

What does a home warranty typically cover?

Home warranty plans are very comprehensive, so you can tailor your plan to fit your lifestyle and your home's specific needs. Home warranties typically cover a broad range of appliances like dishwashers, trash compactors, refrigerators, ovens and microwaves. They also usually take care of major systems, including your plumbing, septic systems, HVAC and electrical setup.

Here are some of the items commonly covered by home warranties:

• Refrigerators
• Ovens, ranges and cooktops
• Dishwashers
• Built-in microwaves
• Washers and dryers
• Electrical systems
• Garbage disposals
• Attic and exhaust fans
• Water heaters
• Central air conditioning
• Heating systems
• Stoppages
• Septic systems
• Plumbing features
• Ductwork
• Exterior water and sewer lines
• Garage door openers
• Roof leak repair
• Ceiling fans
• Sump pumps

Bottom line

Purchasing a home warranty can be a proactive step toward managing your home maintenance costs effectively, regardless of the stage of homeownership you’re in. While any time is a good time to buy a home warranty, most homeowners will find them the most useful when they have older appliances and systems or have just purchased a home.