From: Zillow Porchlight

If you own a home, chances are this repair and maintenance safety net could come in handy.

First-time homeowners may be in for a shock when their water heater breaks on a cold winter morning, or their dishwasher starts to leak all over the new hardwood floors in the kitchen. The instinctive call to the landlord won’t work this time around. Welcome to the joys of homeownership. So, when this happens, what do you do?

Many homeowners aren’t equipped to perform even small repairs, particularly when they come at inopportune times. For some, a handy family member nearby could do the trick. Or a new home buyer may know a plumber or an electrician — but they likely won’t have a lot of time to get bids and figure out the cause of the problem, much less get it repaired.

What’s the next best thing to a landlord for a new homeowner? A home warranty.

What is a home warranty?

Much like insurance or the extended warranty you buy for your smartphone or flat screen television, a home warranty covers the costs of repairing or replacing almost any malfunctioning system in your home. It typically costs between $300 and $900 a year.

If you had a home warranty, you wouldn’t have to call around to get estimates for repairs when a problem occurs. You wouldn’t have to pay out of pocket to get the problem fixed or have equipment replaced, either.

Instead, you would just call your home warranty provider or submit a ticket online. The warranty company would call the appropriate tradespeople with whom it has made arrangements, and send someone to fix the problem, if possible, or replace the malfunctioning appliance with a brand new one. Your home warranty premium will cover the costs — though you’d probably be responsible for a co-pay of about $50 per incident.

Who should buy a home warranty?

Home warranties are particularly great for first-time Gen X/Y and Millennial home buyers who’ve been renters until now. They’re used to calling the landlord whenever there’s a problem, and a home warranty company takes over that role.

These homeowners are often working long hours, and might not have the time or energy to call around to find a plumber or an electrician to get quotes or bids, let alone wait until the noon-to-4 p.m. window for the repair person to show up.

Sometimes, it takes just one costly and unexpected system repair — and the drama associated with it — to realize the savings of a one-year home warranty.

But home warranties aren’t limited to Gen X, Gen Y or other first-time home buyers. Any owners of any age home can purchase a home warranty at any time.

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