Feb 10th is National Home Warranty Day. (It seems that everything has it’s “Day” nowadays…)
How should you celebrate this big day!?
Let’s be real…
I don’t know who petitioned to have this become a National Day, but let’s presume that whoever did, probably wants you to buy a home warranty.
I say maybe, maybe not.
So, what is a home warranty?
A home warranty is not the same as homeowner’s insurance. And homeowner’s insurance is not a home warranty.
Insurance is pretty much something everyone has. If you have a mortgage… you are required to carry homeowner’s insurance. Even if you don’t have a mortgage, most people have an insurance policy. Insurance covers the major catastrophe type of stuff — like fires and theft.
Warranties are not something everyone has…in addition, a home warranty is much different in the USA compared to what is offered here in Canada…in fact, it’s a fairly new service and not many people or even Realtors know about this type of home protection plan…and I’m not referring to the Tarion Home Warranty for new builds.
Are home warranties worthwhile?
I’m not going to say they aren’t good and worthwhile, but they aren’t a “fix-all”. Literally or figuratively. A home warranty or Protection Solution can cover things like furnaces, air conditioning, foundations and roofs, if they need repair or to be replaced.
They have their place. They do people some good. They can literally be a life-saver for some people, in some circumstances.
When something breaks in your home, the price tag to fix it or replace it can be way more money than you might have sitting around.
My best recommendation…
The best thing to do is reach out to me if you are curious to know more about whether a home warranty is right for you or not.
As with so many things in real estate, it depends upon your specific situation.
I certainly would love to give you my thoughts before you buy one, rather than after.
So, please, feel free to reach out to me, so I can help you make the best decision for your specific needs.