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The primary purpose of a home warranty policy is to provide home maintenance services and appliance repair at an affordable cost. If the total home warranty cost year over year exceeds what the homeowner would have otherwise spent by personally hiring independent contractors, the warranty is almost useless.
Consumers need to know the ins and outs of home warranty prices to make an informed decision when shopping for a plan. This means being aware of hidden or indirect expenses as well. In this article, we’ll break down the costs associated with home warranty plans. We’ll also review the average home warranty cost to help you see how the right warranty policy can save you money.
There are two main costs associated with the average home warranty plan: the premium and the service fee.
While these two costs comprise your main out-of-pocket expenses, there are also some less obvious costs to consider.
It’s important to consider these potential expenses when calculating your potential total home warranty cost per year.
Home warranties come in all shapes and sizes, and their prices reflect that. There are plenty of home warranty policies with low premiums, though these plans are typically more limited in coverage and have high deductibles and low coverage limits. Conversely, policies with high premiums usually have comprehensive coverage, lower deductibles, and higher coverage limits.
On average, homeowners in the United States spend between $300 and $600 per year on home warranty premiums. The premium cost can easily exceed $600 if the plan includes luxury appliances and optional add ons.
The average service fee is between $75 and $150, but remember this is due whenever you submit a claim.
Coverage limits can vary significantly, but the average limit is between $1,500 and $3,000 per year.
Now that we understand the average costs that factor into a home warranty, let’s explore how these costs add up in practice.
Suppose a homeowner has a policy with a yearly premium of $500. The homeowner submits three claims throughout the year, paying $100 each time. This brings the yearly total to $800.
If those service calls were for inexpensive repairs, such as replacing a filter or other cheap part, the warranty would not have saved the homeowner much, if any, money.
If, however, one of those service calls entailed repairing or replacing a refrigerator, the warranty would have possibly saved the homeowner thousands, even if the coverage limit was reached.
Bear in mind, too, that a home warranty may save money in the long term, even if it fails to save the homeowner money during one particular year. In other words, there may be one or two years in which a homeowner spends more money on a warranty than he or she would have spent on home repairs, but the marked savings of replacing an expensive appliance in just one year can result in net savings over a multiyear period.
Ensuring that our home warranty policies save our customers money requires a personalized approach. We recently achieved an A+ rating from the Better Business Bureau—something no other home warranty company can claim—because of our customer-focused practices.
We can help you weigh the potential costs of a home warranty against average appliance repair costs so you can find the plan that works for your home and budget. Get started by requesting a free quote through our website, or call our team at (866)-526-1752.
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