If you’re buying a home, whether it’s a beachfront condo on Marco Island, a luxury estate on the edge of the island, or a Tigertail Beach home with a swimming pool, you might be thinking about buying a home warranty (or asking the seller to include one with your purchase).
But what is a home warranty, and what can you use it for?
What is a Home Warranty?
A home warranty is coverage you can buy—sort-of like insurance—to pay for repairs or replacements on your home’s systems that break down because of normal wear and tear. It doesn’t cover you the same way insurance does, though, which means you can’t use your home warranty to pay for replacements from a natural disaster or other damage.
It’s more like the warranty on your car.
How Does a Home Warranty Work?
If you have a home warranty, you’ll pay a premium—usually by way of an annual fee—and you’ll be covered when something breaks. However, your home warranty won’t pay for 100 percent of your costs (and make sure you read the fine print before you buy, too; some home warranties don’t cover much at all).
When something goes wrong, you call your home warranty company; the company then connects with a local expert who specializes in the issue you’re having. The warranty company will set up your appointment and you’ll pay a “trade call fee.” In most home warranty plans, that’s the only fee you’ll pay—they’ll cover repairs, parts, and labor, or a replacement if it’s necessary.
How Much Does a Home Warranty Cost?
A typical home warranty costs between $400 and $700, but that varies by company. You can shop around for the best coverage, terms, and cost. If you’re not sure which companies are reputable, it’s always okay to ask your Marco Island REALTOR®® for recommendations.
Are You Buying a Home on Marco Island?
If you’re thinking about buying a home on Marco Island, we’d love to help you find one that’s just right for your needs.
Call us at 239.821.7926 or get in touch with us online to let us know what you’re looking for. We’ll start searching right away. In the meantime, please explore our:
- Marco Island homes for sale from $100k to $200k
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