Home warranties are a little-known secret to easily maintaining a home. Suppose a home is not newly constructed with brand-new systems and appliances. In that case, a home warranty helps to cover the cost of common house repairs that can happen throughout the year, such as leaky faucets, broken appliances, or a broken air conditioning unit. They also protect critical systems that your homeowner’s insurance doesn’t.
Inevitably, the systems and appliances in the home will eventually break. As the house and appliances age, these repairs can become more frequent. These typical repair costs can skyrocket as the need for these repairs will persist over time.
For older adults living at home, a home warranty is an extra layer of protection and peace of mind to make sure that the house is being taken care of and repairs are getting done. This allows them to be more budget-conscious and also helps them keep their independence for longer so that they can continue to live at home. These factors increase an older adult’s overall quality of life so they can enjoy their time in retirement instead of dealing with the stress and hassle of home repairs. Here are the top six benefits of home warranties to consider for older adults.
1. No Surprise Expenses
One of the most significant benefits of a home warranty for older adults is fixed monthly pricing. Since they are very all-inclusive with their offering, there is more peace of mind for those living on a fixed income. Surprise expenses can be devastating for older individuals who are living on a specific monthly budget, so it allows for easier financial planning without having to worry about surprise expenses.
2. Extra Coverage
Even if a homeowners insurance policy is already being paid for, keep in mind that homeowner’s insurance coverage is completely different from what a home warranty will cover. Homeowners insurance covers damage to the house’s structure or personal property that was out of the homeowner’s control, such as fire or theft. A home warranty covers the systems and appliances inside the home that can break, even from old age. They complement each other so that there is extra coverage beyond what each can offer individually.
Instead of taking the time to research and schedule a company to come out and do a repair, home warranty companies have their own network of vetted professionals they work with and will schedule them to do the repair. For older adults who have difficulties with researching or keeping track of scheduling, it is a convenient solution to make sure repairs get done with quality professionals and on time.
Our home protection plans at Everything Breaks make it incredibly easy for anyone to file a claim. All you have to do is use our app, give us a call, or go online to get your repair scheduled the same day.
4. Protect Retirement Funds
The cost of a home warranty will vary depending on the coverage. However, you can expect it to cost significantly less than paying for individual repairs out-of-pocket. Instead of needing to dip into retirement savings to pay for house repairs, it protects from depleting retirement funds to cover the cost of a surprise repair.
5. Live at Home for Longer
Older adults who do not want to move into an assisted living facility or nursing home can live in their home longer, thanks to a home warranty. Since it does the legwork of getting repairs done, older adults can stay independent to continue living at home. Increasing an older adult’s quality of life is an essential factor to consider.
6. Maintain the Value of the Home
The value of a home will naturally increase if it is properly maintained over time. Getting repairs done to systems and appliances will preserve the overall value of the home should the home be sold later. It can be easy for older adults to let repairs slide and not get them done, so home warranties aid in maintaining the home for their comfort and the value of the house itself.