Average Cost of Home Warranty Coverage for 2024

 

Last year you may have been on the hook for repair costs. This year, you want to make a smart move and purchase a home warranty to go off the hook for unexpected costs if your appliances or systems break down.

Let’s find out the average cost of home warranty coverage for 2024 and everything you need to know regarding a policy: 

·         The cost of a home warranty policy varies depending on the service provider, type of coverage and your location.

·         Most home warranties cover a 12-month period, though some companies offer you the option to purchase a month-to-month policy.

·         There are three fees to pay attention to: the premium amount, additional coverage fees and service call fees.

·         Most providers offer a repair guarantee so you aren’t charged a service call fee more than once during a specified period if a repair isn’t successful and a contractor has to return. Look for language in a contract about the length of this period (usually 30 to 60 days).

·     The cost of a home warranty starts with the type of plan you choose. An appliance-only or home systems-only plan will be less expensive than a plan that covers both. 

·         Most home warranty companies require you to pay a service fee even if the repair can’t be completed on that visit. But Elite Home Warranty has the lowest average service fees. Elite charges flat $70 service fee in each of its plans and 27 add-ons.

·         The home warranty coverage by Elite offers flexible premiums, comprehensive add-on selection, and 90-day workmanship guarantee.

·         The plans are Elite Appliances, Elite Systems, and Elite Complete. Elite Appliances covers eight essential appliances, while the Elite Systems plan covers eight home systems. The Elite Complete plan covers all items of the Elite Appliance and Systems plan items. 

·         All our plans have an annual $15,000 home warranty coverage cap. Its Elite Appliance plan has a combined $7,000 coverage cap for appliances and an $8,000 cap for systems. The coverage for each item within these plans varies. For example, air conditioning systems have an individual item cap of $4,000, and electrical systems have a cap of $2,000.

·         Further you have the option to choose your own licensed technician and we are always available 24/7 for support.

·         A wide selection of add-ons gives policyholders more flexibility with their coverage and monthly cost.

·         Customers have the option to fully customize a plan so they’re only paying for what they need.

·         Policyholders can even extend coverage to guest units up to 800 square feet. And while many home warranty policies won’t cover maintenance, Elite’s optional annual maintenance coverage includes cleaning, inspecting, and testing for heating and cooling systems.

For many homeowners, a home warranty coverage plan is absolutely worth the money. As a homeowner, the cost of repairs and replacements to the systems and appliances in your home can quickly stack up. The financial burden of the low monthly premium for a home warranty is much easier to shoulder than a sudden $2,000+ replacement charge.