How Long Does a Home Warranty Last?, Building Design Tips, Online Advice
How Long Does a Home Warranty Last?
1 Nov 2021
A home warranty is an agreement that takes care of the home’s appliances. It gives homeowners some relief from the stress of expenses on the repair and replacement of home appliances. Homeowners have the option of selecting the appliances which they want to include in the home warranty. In case an appliance is damaged, the homeowner will contact the home warranty service. The warranty providers will then resolve the issue with the help of a plumber or an electrician. These services will cost you no money.
How long does a home warranty last is an important question? This will assist homeowners in calculating their budget and estimating the cost of expenses on repairing home appliances. This article will give you an idea of the duration of the home warranty.
1. Duration of home warranty coverage
The most important thing that the homeowners must be aware of is “what is the duration of a home warranty coverage.” Generally, the duration of home warranty coverage is one year. At year-end, homeowners need to renew their policy. Some companies will renew it until the owner cancels it. Duration of coverage is usually one year with renewal not depending upon the company. Homeowners can pay for the warranty every month, twice a year, or every year. It depends upon the specific company. It is up to the homeowner whether they find it easier to pay monthly or yearly according to their budget. Mostly these agreements are annual.
2. Waiting period
When the homeowners sign up for, there is a waiting period. Generally, this waiting period is thirty days before the activation of the policy. While calculating how long is the policy good for, the homeowner should not consider the first month in which the policy is being activated. No doubt homeowners are paying for twelve months, but they can get the benefits of only eleven months.
Reason for the waiting period
Homeowners should be aware of the waiting period of a home warranty. It can be very beneficial to know the duration of coverage, the waiting period, and other conditions of a policy. The duration can vary for which the appliances are covered in the policy. The reason for the waiting period is apparent. It avoids homeowners claiming coverage on an appliance that was already damaged the next day after signing a contract.
Homeowners cannot receive coverage for an item in working order when the home warranty is purchased. Therefore, the waiting period is to ensure that the damage occurred after buying the coverage. It may offend homeowners if some appliance breaks after fifteen days after signing up for a policy as they may not get the twelve-month duration of coverage. However, there are different waiting periods for some warranty companies. This should not be the sole reason for which homeowners sign up for a specific policy. Consider how long is the policy good for. A company with a short waiting period may cost more, charge a greater service fee, or may not provide good coverage.
3. Renewing your home warranty
What is the duration of a home warranty coverage, and when I have to renew is a common question asked by homeowners? Mostly the duration of coverage is one year, with the auto-renewal facility at the end of the year.
Renewal means that the homeowners can renew their policy at the year-end, giving them relief as it will avoid any expenses on repair of appliances. How long it lasts is the primary factor in thinking about renewing a policy. It renews automatically as soon as the payment for the first month of next year is done. To cancel the policy, homeowners should inform the company a month before its renewal.
Signing a home warranty agreement is a wise way to protect your savings and budget from the expenses of repair and replacement of appliances. You can yourself choose the appliances which you want to cover in the agreement. A policy is active only for a specified period, after which you have to renew it. What is the duration of coverage is an essential question for you to ask. The duration of coverage is generally a year, after which it should be renewed. You should ensure the renewal of your policy every year to avoid any inconvenience. Visit completecarehomewarranty.com to clear your doubts regarding the duration of a policy.
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Stanyard’s Cottage, Surrey, southeast England
Design: Alter & Company
photograph : Jim Stephenson
Stanyard’s Cottage in Surrey
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