There’s a kind of people who can have good sleep at night if their home appliances are protected. And, there are those who never concern about any home warranties or extended warranties.
There’s a continuous debate going on whether you should buy extended warranties, total home protection, or not. For some people, they aren’t worth the cost and some consider it with different standpoints. Time is changed and now we have more appliances in our home than family members. More and more equipment occupies our homes and we have to look after maintenance things to keep those in tip-top shape.
Extended warranties are kind of insurance policies that cover your assets after the manufacturer’s or retailer’s guarantees are expired. There’s no doubt that it gives you a high level of protection but there is a mass of people who believe they’re not worth the cost.
When talk comes to appliance extended warranty or home warranty, here are some points to consider:
- Most manufacturers or retailers offer warranties for appliances with a validity of 3 months to one year.
- After the original warranty is expired, a manufacturer or retailer hold no accountability if your unit damages or breaks down.
- Extended warranties, on the other hand, can be cost-effective if purchased for a longer period of time.
- When you consider the cost of appliances and its average maintenance, extended warranties are worthwhile as it offers the coverage for any form of breakdowns and damages.
Are Extended Warranties a Good Investment for Home Appliances?
First, let us explain the difference between home warranty and appliance extended warranty.
What Is Home Warranty?
A home warranty is usually offered by the third party and have coverage plans to protect your entire home. These warranties cover your home including plumbing, electrical appliances, HVAC systems, and other items of the home. The cost may vary based on the items and plans you opt for.
This warranty is beneficial to the real-estate dealers, sellers, and builders when selling their properties. It is advisable to read the policies carefully before you buy home warranties for your home.
What Is Appliance Extended Warranty?
Appliance extended warranty offer the repair, replacement, and other services for the majority of the home appliances and systems. These warranties are provided by the dealer, manufacturer, or the third party.
These companies generally have the authorized professionals who possess the experience to fix any kind of issues. They have a trained team who are experienced to deal with a range of company models.
Now, coming back to the point whether extended warranties for appliances is a good investment or not; let’s consider some of the points,
Our homes are equipped with many appliances such as microwaves, hoods, gas range, dishwashers, washers, refrigerators, ice makers, and so on. Now, some of them may cost you high for repairs and damages if any breakdown or accidental damage occurs. Appliances become expensive and it is not worthy to replace those often in case of minor repair and damage.
If you are spending $1000-1500 or more than that on appliances, then it is surely worth buying an extended warranty.
However, for some reliable appliances such as dishwashers and disposers, extended warranties can’t be a good investment as they need only a few repairs provided they are maintained and installed correctly.
Here are some appliances for which appliance extended warranty is a worthy investment:
Gas Range/Electric Range:
Majority of the gas ranges are now equipped with the electronic control panel. Parts of these ranges are not hard to replace but cost you high. For such equipment, an extended warranty is a cost-savvy option.
For electric ranges, these warranties are always recommended as repair costs as well element costs are usually expensive. Also, these units are must be repaired by skilled technicians as it can be a real trouble if not handled properly.
Washers are generally pricey to repair. They often need repairs as washers are one of the majorly-used equipment of our home.
More and more people are shifting towards energy-efficient appliances. If your refrigerator breaks down, then the repairing cost can be high for your pockets. Well, if you have an appliance extended warranty for your fridge in such case, repairing cost can be covered and at the same time, you are also assured that you will be getting services from the expert technicians.
This same happens with electronic models and built-in models in your home.
Do you want to opt for appliance extended warranty? Here’s the checklist:
Look around: there are many companies and plans; select one which best suits your needs.
Are they offering a service agreement or a warranty?
You must have to double check that they are authorized and giving you authorized services.
Read policies very carefully: Whenever you buy extended warranties, they have mentioned terms and conditions and it is advisable to read it carefully to avoid disputes.
Is there any limit to the number of claims?
This is very important. Do they have a limit to the number of claims you make or the amount you claim for? Do they have mentioned this anywhere?
Check for exclusions: read everything in detail and look for exclusions and loopholes.
Check the service period: check how long it will last and other terms associated with it.
Do they provide a replacement?
Is there any provision they have mentioned about a replacement if the item can’t be repaired?
Be careful about payment: Whether you pay monthly or yearly, be very careful of extended warranties and quality of services.
You can always research for better deals and think wisely when you select appliance extended warranty for your assets. You can also compare various plans and features of extended warranties from leading providers and then choose one according to your needs.
If you are armed with the correct information and precise plans, to select extended warranty plan becomes easier. There’s a comprehensive package available which covers all the appliance in your home or you can go for individual appliance extended warranty.
With that said, buying an extended warranty can save you money and time provided you select leading and trustworthy warranty provider.