When you consider the costs and benefits of an HMS® Home Warranty, you'll probably want to know how much money it can save you. The InterActive Corporation explained that home warranties protect against expensive, unforeseen repair bills. The answer to the question of savings depends on what type of appliances you have in your home and which ones will end up failing.
Costs of appliance repair
Say you don't have a home warranty and one of your expensive appliances starts having mechanical problems. You'll need to call a repairman, who will often charge a fee for conducting an on-site visit, to find out what the problem is. Here's an estimate of the various costs you might end up paying for different appliances and home systems, based on data from national independent service contractors:
- If your central air system needs repair, you could pay anywhere from $70 to $1,000 to get it up and running again.
- Repairs on your refrigerator could cost you between $70 and $545, depending on what the problem is.
- Whether it's the toilet, sink or shower, a plumbing issue will likely cost between $75 and $650 to fix.
If you have an emergency fund, you'll probably be able to cover these costs. However, if you have multiple failures in a year, you might be looking at repair costs that aren't in your budget. With an HMS Home Warranty, you simply pay a low deductible for the repair of any of your covered equipment.
Costs of appliance replacement
The cost of repairing an appliance or system is small compared to the money you'll dish out to replace a big-ticket item. The older your appliances get, the greater the chance that they'll be beyond repair. If one of your home's systems takes its final breath, this is what you could be looking at in terms of costs:
- If you need to replace your heating or central air system, you'll probably pay more than $1,500. An AC system can cost up to $6,500, and a heating system up to $4,500.
- When your water heater goes and you're stuck taking frigid showers, you'll probably dish out between $500 and $1,500 to have it replaced.
- If the washer or dryer is beyond repair, it will cost $300 to $750 to replace the appliance. If you bought them at the same time, chances are if one fails, the other won't be far behind.
Any of those costs is sure to do a number on your yearly budget. The cost of a home warranty is minimal compared to what you'll spend to replace a necessary appliance or system. HMS will help to streamline the repair process and get your home back to its former glory should the inevitable happen.
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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