There is no exact price for a home warranty because it depends on many factors. However, you can still have a rough calculation on how much a home warranty is for the particular property. It is important to know the cost before you decide to get one for your house.
The Average Cost
Home warranties commonly range between $430 to $775 per year or around $35 to $65 per month for the basic package plan. This amount of money will provide coverage of up to $20,000 for the basic systems and appliances. If you extend the service with additional items, the price would be around $800 to $1,700.
While most companies will charge you monthly, some will offer an annual contract that you can renew per year. There might also be an additional cost of $5 per month for the administration fee for the monthly payment system.
Besides the main warranty cost, there is also a service call fee. It is the money you should pay every time you call to make a claim. It is usually around $50 to $100. Most companies require you to pay directly to the technicians who visit your house to perform the service. Some companies don’t charge a service call.
Factors that Determines the Cost
As mentioned before, several factors determine the price of a home warranty. Here are some of them:
The more the systems and appliances covered by your home warranty, the more expensive the contract will be. The contract usually has a basic coverage of essential things such as HVAC, plumbing, electrical, and major appliances like refrigerator, washer, and dryer. Besides, you can also extend the service with additional items such as a septic system, roofing, and hot tub.
2. Limits of Benefits
Bear in mind that there is always a limit that your home warranty is willing to pay. The more expensive your contract, the higher the limit it should provide. When the service cost is higher than the limit, you will need to pay the rest of the cost from your savings. If your appliances and systems are in premium-tier, you might need to be extra careful about this term of your contract.
3. House Size
One size doesn’t fit all in the business of home warranty. The bigger your house, the more complex and extensive your systems are. You may expect a higher price for your warranty if your house is larger than most houses in the US.
Needless to say, different companies will have different pricing for the contract. The more reputable a company, the costly it is compared to other firms. If you decide to have a home warranty, it is essential to survey some candidates and get quotes from different companies.
The only way to get an exact price of a home warranty is by requesting a quotation. The company will consider your house’s condition, including the systems and appliances in it, before giving you a quote. From this point, you can start calculating whether the contract is worth paying for or not.
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Call us at 561-295-1763 or contact our HVAC team online.