If your HMS Home Warranty is about to expire, you have the choice to renew your service or let it lapse. You might be thinking that you don't want to renew your warranty because you haven't used it or only needed small, inexpensive repairs. However, before you cancel your service with HMS, take these three important considerations into account.
1. Do you have a safety net?
Should you choose to forgo renewing your home warranty, it's essential that you have emergency funds to fall back on. Homeowners who don't have a financial safety net often find themselves with expensive repairs bills after an appliance or home system breaks down. Before you cancel your home warranty, take a minute to do the math and figure out if you have enough cash available to handle an unexpected mechanical problem.
2. How old are your appliances?
As your home's appliances and systems get older, the likelihood that they may have a problem increases. If you own an older home and haven't upgraded your appliances in several years, chances are that one or more will break sooner rather than later. Consider the repair or replacement bills you could face if your refrigerator or stove dies after your home warranty lapses.
3. Are you willing to give up the peace of mind?
One of the major benefits of HMS warranties is the peace of mind that they afford homeowners. When your home is protected by a warranty, you don't need to worry about budgeting for home repairs or what you'll do if your appliances break. Between your home warranty and homeowners' insurance, the majority of your home will be covered when the unexpected happens. No matter if your fridge starts making noises or your dryer stops working, you'll just pay your deductible for repairs of eligible products.
Ask yourself these questions if your HMS contract renewal is coming up. Many HMS customers choose to renew their contracts year after year because they're not willing to part with the savings and peace of mind the service offers. If you have any questions about your contract, call one of our customer care representatives today.
The information in these articles is intended to provide guidance on the proper maintenance and care of systems and appliances in the home. Not all of the topics mentioned are covered by our home warranty or maintenance plans. Please review your home warranty contract carefully to understand your coverage.
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